India and Japan have always shared a strong bond of friendship and cooperation. The two countries` bilateral trade relationship is one of the crucial parameters that underline the contemporary connections between the two nations. With competing economies and growing market prospects, India and Japan have decided to take their business ties to the next level by announcing a new trade agreement. The India-Japan Trade Agreement focuses on the reduction of tariffs and trade volume expansion between the two countries. This article will focus on the customs notification of the India-Japan Trade Agreement.

The customs notification of the India-Japan Trade Agreement is a vital aspect of the agreement. It determines the customs duties and procedures involved in the import and export of goods between the two countries. The notification aims to streamline the trade routes between India and Japan by ensuring prompt transit of goods, simplifying customs procedures, and reducing transaction costs.

The customs notification of the India-Japan Trade Agreement came into force on August 1, 2011. According to the notification, Japan eliminated customs duties on 94% of the tariff lines for Indian goods, and India reciprocated by eliminating tariffs on 90.7% of its tariff lines for Japanese products. The customs notification covers various sectors such as automobiles, electrical and electronic equipment, pharmaceuticals, iron and steel, chemicals, textiles, and garments, among others.

The customs notification also provides for simplified procedures for certifying the origin of goods. The origin of goods is a crucial factor in determining the duty levied on imports. The simplified procedures for certifying the origin of goods aim to reduce the paperwork and time required for customs clearance. The customs notification also allows the use of self-certification by the exporters to certify the origin of the goods.

The customs notification of the India-Japan Trade Agreement also includes provisions for handling trade disputes. The dispute resolution mechanism aims to resolve disputes between the two countries amicably. Any disputes arising from the trade agreement will be dealt with by the Joint Committee constituted under the Agreement.

In conclusion, the customs notification of the India-Japan Trade Agreement is a significant step towards strengthening the trade ties between the two countries. The notification aims to promote trade by simplifying customs procedures, reducing transaction costs, and providing for a dispute resolution mechanism. This agreement is expected to boost the economic growth and opportunities for both countries. As India and Japan continue to expand their bilateral trade relationship, customs notification will continue to be a crucial aspect of their trade agreements.