India-Sri Lanka FTA (ISFTA) - Process, Fees & Documents

The Governments of India and Sri Lanka signed the India-Sri Lanka Free Trade Agreement (ISFTA) in order to facilitate trade by lowering or doing away with tariffs on goods. Signed on December 28, 1998, the agreement became operative on March 1, 2000. It seeks to fortify the commercial ties between the two adjacent nations, boost trade volume, and improve economic cooperation.

Both India and Sri Lanka committed to providing duty-free and preferential access to a variety of goods under the ISFTA, which will increase the competitiveness and economy of cross-border trade. With a primary focus on lowering customs duties for qualified products under specific Rules of Origin and Product Negative Lists, this agreement covers goods but excludes services and investments.

Businesses in industries including consumer goods, chemicals, automotive components, textiles, and agriculture have benefited greatly from the ISFTA. Exporters and importers from both nations can lower trade costs, increase market access, and strengthen their bilateral economic ties by taking advantage of this agreement.

ISFTA SAMPLE REPORT

Before we dive into the registration process, let's take a look at the benefits of the ISFTA. The agreement offers the following advantages to the businesses of India

1.Duty-Free Access:

Under the ISFTA, both countries have agreed to eliminate or reduce customs duties on a wide range of goods. This means that Indian exporters can sell their products in Sri Lanka without paying any duty, and vice versa. This makes the products more affordable and competitive in the market.

2.Simplified Customs Procedures:

The ISFTA also simplifies customs procedures for the exporters and importers of both countries. The agreement provides for faster clearance of goods at the border, reducing the time and cost of trade.

3.Protection of Intellectual Property Rights:

The ISFTA includes provisions for the protection of intellectual property rights of the businesses of both countries. This provides a secure environment for innovation and creativity and encourages investment in research and development.

• Organization DSC
• IEC code certificate
• Registered email on DGFT
• Mobile no
• Commercial Invoice
• Purchase bill that has details of quantum and origin of product
• Declaration from manufacturer exporter
• Product detail
• Purchase order from importer of the product

To avail the benefits of the ISFTA, businesses need to register themselves with the respective authorities of India and Sri Lanka. Here are the steps involved in the registration process:

• Online application :- Provide all the related documents such as billing details to proceed with the online application.
• Filling up the form :- Once all the documents and details are collected, we will fill for the ISFTA registration with respective authorities.
• Upload documents :- Once the application is filled upload all the necessary documents
• Issuance of Certificate :- The certificate of origin will be issued

The ISFTA has opened up opportunities for businesses of both India and Sri Lanka to expand their trade relations. The registration process is relatively simple, and businesses can benefit from duty-free access, simplified customs procedures, and protection of intellectual property rights. By following the above steps, businesses can take advantage of the ISFTA and increase their competitiveness in the market.