From UPSC perspective, the following things are important :
Prelims level : Not much
Mains level : Paper 2- Agreement on assistance in customs matters
Background of the agreement
- The Cabinet, chaired by Prime Minister has approved the signing and ratification of an Agreement with the UK on Customs Cooperation and Mutual Administrative Assistance in Customs Matters.
- The Agreement would provide a legal framework for sharing of information and intelligence between the Customs authorities of the two countries.
- It will also help in the proper application of Customs laws, prevention and investigation of Customs offences and the facilitation of legitimate trade.
- The Agreement takes care of Indian Customs’ concerns and requirements, particularly in the area of exchange of information on the correctness of the Customs value, tariff classification and origin of the goods traded between the two countries.
- The Agreement will help in the availability of relevant information for the prevention and investigation of Customs offences.
- The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between the countries.