News
The Indian government has approved its accession to the UN TIR Convention, the global standard for international freight customs transit.
This decision will facilitate goods transport and transit, putting India and her neighbors at the center of efforts to boost overland trade and regional integration across South Asia and beyond.
In the light of the recent Motor Vehicles Agreement to improve cross-border transport between Bangladesh, Bhutan, India and Nepal, the government's decision on TIR will fast-track the region's potential to become a productive trade hub.
TIR will also be critical in helping India implement the World Trade Organization's Trade Facilitation Agreement, which entered into force last month.
Accession to TIR will secure customs duties and taxes and provide a robust guarantee mechanism, reducing trade transaction costs, facilitating higher growth of intra-regional and inter-regional trade.
