Central Government Departments

 

Free Trade Agreement of Export Inspection Council

Between the Republic of India and the Democratic Socialist Republic of Sri Lanka

Preamble

The Government of the Republic of India and the Government of the Democratic Socialist Republic of Sri Lanka, (hereinafter referred to as the “Contracting Parties”),

CONSIDERING that the expansion of their domestic markets, through economic Integration, Is a vital prerequisite for accelerating their processes of economic development.

BEARING in mind the desire to promote mutually beneficial bilateral trade.

CONVINCED of the need to establish and promote free trade arrangements for strengthening Intra-regional economic cooperation and the development of national economies.

FURTHER RECOGNISING that progressive reductions and elimination of obstacles to bilateral trade through a bilateral free trade agreement (hereinafter referred to as “The Agreement) would contribute to the expansion of world trade.

Article-I
Objectives

1. The Contracting Parties shall establish a Free Trade Area In accordance with the provisions of this Agreement and In conformity with relevant provisions of the General Agreement on Tariffs and Trade, 1994.

2. The objectives of this Agreement are:

(i) To promote through the expansion of trade the harmonious development of the economic relations between India and Sri Lanka.

(ii) To provide fair conditions of competition for trade between India and Sri Lanka

(iii) In the implementation of this Agreement the Contracting Parties shall pay due regard to the principle of reciprocity

(iv) To contribute in this way, by the removal of barriers to trade, to the harmonious development and expansion of world trade

Article-II
Definitions

For the purpose of this Agreement:

1. “Tariffs” means basic customs duties Included In the national schedules of the Contracting Parties.

2. “Products” means all products Including manufactures and commodities In their raw, semi-processed and processed forms.

3. “Preferential Treatment” means any concession or privilege granted under this under this Agreement by a Contracting Party through the elimination of tariffs on the movement of goods.

4. “The Committee” means the Joint Committee referred to in Article XI.

5. “Serious Injury” means significant damage to domestic producers, of like or similar products resulting from a substantial Increase of preferential imports In situations which cause substantial losses in terms of earnings, production or employment unsustainable In the short term. The examination of the impact on the domestic Industry concerned shall also Include an evaluation of other relevant economic factors and Indices having a bearing on the state of the domestic industry of that product.

6. “Threat of serious Injury” means a situation In which a substantial Increase of preferential Imports is of a nature so as to cause “Serious Injury” to domestic producers, and that such injury, although not yet existing is clearly Imminent. A determination of threat of serious Injury shall be based on facts and not on mere allegation, conjecture, or remote or hypothetical possibility.

7. “Critical circumstances” moans the emergence of an exceptional situation where massive preferential imports ore causing or threatening to cause serious injury” difficult to repair and which calls for Immediate action.

Article-III
Elimination of Tariffs

The Contracting Parties hereby agree to establish a Free Trade Area for the purpose of free movement of goods between their countries through elimination of tariffs on the movement of goods In accordance with the provisions of Annexure A & B which shall form an Integral part of this Agreement.

Article-IV
General Exceptions

Nothing in this Agreement shall prevent any Contracting Party from taking action and adopting measures, which it considers necessary for the protection of its national security, the protection of public morals, the protection of human, animal or plant life and health, and the protection of articles of artistic, historic and archaeological value, as Is provided for In Articles XX and XXI of the General Agreement on Tariff and Trade, 1994.

Article-V
National Treatment
The Contracting Parties affirm their commitment to the principles enshrined In Article Ill of GATT 1994.

Article-VI
State Trading Enterprises

1. Nothing In this Agreement shall be construed to prevent a Contracting Party from maintaining or establishing a state trading enterprise as understood In Article-XVII of General Agreement on Tariff and Trade, 1994.

2. Each Contracting Party shall ensure that any state enterprise that it maintains or establishes acts in a manner that Is not inconsistent with the obligations of the Contracting Parties, under this Agreement and accords non-discriminatory treatment In the Import from and export to the other Contracting Party.

Article-VII
Rules of Origin

1. Products covered by the provisions of this Agreement shall be eligible for preferential treatment provided they satisfy the Rules of Origin as set out in Annexure C to this Agreement which shall form an Integral part of this Agreement.

2. For the development of specific sectors of the industry of either Contracting Party, lower value addition norms for the products manufactured or produced by those sectors may be considered through mutual negotiations.

Article-VIII
Safeguard Measures

1. If any product, which is the subject of preferential treatment under this Agreement. Is Imported Into the territory of a Contracting Party In such a manner or In such quantities as to cause or threaten to cause, serious injury In the Imparting Contracting Party, the Importing Contracting Party may, with prior consultations except in critical circumstances, suspend provisionally without discrimination the preferential treatment accorded under the Agreement.

2. When action has been taken by either Contracting Party In terms of paragraph I of this Article, it shall simultaneously notify the other Contracting Party and the Joint Committee established In terms of Article Xl. The Committee shall enter Into consultations with the concerned Contracting Party and endeavor to reach mutually acceptable agreement to remedy the situation. Should the consultations in the Committee fail to resolve the issue within sixty days, the party affected by such action shall have the right to withdraw the preferential treatment.

Article-IX
Domestic Legislation

The Contracting Parties shall be free to apply their domestic legislation to restrict Imports, In cases where prices are Influenced by unfair trade practices like subsidies or dumping. Subsidies and dumping shall be understood to have the same meaning as in the General Agreement on Tariff and Trade, 1q94 and the relevant WTO Agreements.

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