Safta Agreement Between India Sri Lanka

For the purposes of this agreement, “tariffs” are basic tariffs contained in the national flight plans of the contracting parties. “products”: all products including products and products in their raw, semi-finished and processing forms. “preferential treatment”: any concession or prerogative granted by a contracting party under this agreement by removing tariffs on goods. “committee,” the joint committee covered by Article XI. “serious injury” means significant damage to domestic producers of similar or similar products resulting from a significant increase in preferential imports in short-term situations resulting in significant losses of income, production or employment. The industry impact review also includes an assessment of other relevant economic factors and indices that affect the state of the domestic industry. “risk of serious harm,” a situation in which a significant increase in preferential imports is due to the fact that domestic producers cause “serious harm” and that such harm, even if it does not yet exist, is clearly imminent. The determination of the risk of serious harm is based on facts and not on other distant or hypothetical allegations, assumptions or possibilities. “Critical circumstances”: the emergence of an exceptional situation in which massive preferential imports result in or threaten to cause “serious harm” that is difficult to repair, which requires immediate action. The Government of the Republic of India and the Government of the Democratic Socialist Republic of Sri Lanka (`contracting parties`). CONSIDERING that the expansion of their domestic markets through economic integration is an essential condition for accelerating their economic development processes.

Given the desire to promote mutually beneficial bilateral trade. CONVAINCUS that free trade rules need to be defined and promoted in order to strengthen intra-regional economic cooperation and the development of economies. NOTE that the phasing out and removal of barriers to bilateral trade through a bilateral free trade agreement (the so-called “agreement”) would contribute to the expansion of world trade. IN ACCORD: When a product subject to preferential treatment under this agreement is implemented in a manner or quantity that causes or threatens to cause serious harm to the importing party, the importing party, after prior consultation, temporarily and indiscriminately suspends preferential treatment under the agreement, except in critical circumstances. Where one of the contracting parties has taken action within the meaning of paragraph 1, it simultaneously informs the other party and the joint committee established under Article XI. The committee consults with the relevant party and strives to reach an agreement acceptable to both parties in order to remedy this situation. If consultations within the committee do not resolve the matter within 60 days, the party concerned with this measure has the right to withdraw preferential treatment. “ship” refers to commercial fishing vessels (A) registered in the country of the contracting party and operated by a citizen of the contracting party or by a partnership, an entity or group duly registered in that country, of which at least sixty per cent are owned by a citizen and/or the government of that party, or to sixty-five per cent of citizens and/or governments of the contracting parties; However, the goods are confiscated by the ships. Commercial fishing under bilateral agreements providing for the charter/lease of these vessels and/or the distribution of catches between the contracting party may also benefit from preferential treatment.

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