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The Union Cabinet today approved Accession to Protocol of Amendment to the International Convention on the Simplification and Harmonization of Customs Procedures (Amended Kyoto Convention) adopted by World Customs Organization (WCO) in 1999.
It would reflect better India’s resolve to facilitate international trade and would give positive mileage at international fora. It will eventually facilitate international trade and enhance global economy, without compromising on the revenue, control and security functions of the Customs.
Accession formalities will be completed in 2005. The standards and transitional standards of General Annex will be implemented within 3 years and 5 years respectively, after the Amended Kyoto Convention comes into force.
DS/HK/LV
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