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Multiple Choice Questions

Under the agreement mentioned in the paragraph India will be offering preferential access on over 70...........

Economic and social issues (RBI) Others

PASSAGE ON India-Australia Economic Co-operation and Trade Agreement (ECTA)

India has recently signed the Economic Co-operation and Trade Agreement (ECTA) with a developed country. The Agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two friendly countries, and covers areas like Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, Dispute Settlement, Movement of Natural Persons, Telecom, Customs Procedures, Pharmaceutical products, and Cooperation in other Areas. Eight subject specific side letters covering various aspects of bilateral economic cooperation were also concluded as part of the Agreement.

ECTA provides for an institutional mechanism to encourage and improve trade between the two countries. The ECTA covers almost all the tariff lines dealt in by the two countries respectively.

Under the agreement mentioned in the paragraph, India will be offering preferential access on over 70% of its tariff lines which will be provided under which of the following Act? (2 marks)

Statements:

1. Customs Tariff Act

2. IGST

3. Custom and Excise Act

This questions was previously asked in

RBI Grade B Phase 2 Exam (2022)

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Only 1

Both 1 & 2

Only 3

All 1, 2 & 3

Both 1 & 3

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Explanation:

- Statement 1: Customs Tariff Act

- This act deals with the imposition of tariffs on imports and exports. It is relevant when preferential tariff lines are offered.

- Statement 2: IGST (Integrated Goods and Services Tax)

- This is a part of the Goods and Services Tax system in India, applicable on interstate trade and imports. It does not directly deal with tariff lines in trade agreements.

- Statement 3: Custom and Excise Act

- This act deals with the levies on goods manufactured and produced in India. While it involves customs, it is less directly connected to offering preferential access on tariff lines.

- Option 1: Only 1

- ? This is the correct answer. The Customs Tariff Act is the most relevant legislation for offering preferential access on tariff lines.

- Option 2: Both 1 & 2

- Incorrect, IGST is not relevant for the context.

- Option 3: Only 3

- Incorrect, Custom and Excise Act is not directly linked to the tariffs in trade agreements.

- Option 4: All 1, 2 & 3

- Incorrect, as IGST and the Custom and Excise Act do not apply.

- Option 5: Both 1 & 3

- Incorrect, since Statement 3 is not directly pertinent.

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