India accedes to new Kyoto convention

With India becoming the 40th country to accede to the Protocol of Amendment for the Revised Kyoto Convention, the convention is set to become effective from the first week of February, 2006.

According to the terms of the protocol, the revised convention could come into force when at least 40 of the contracting parties to the convention of 1973 acceded to the protocol.

India became the 40th country to accede to the Protocol of Amendment when Dipak Chatterjee, Indian ambassador in Brussels, handed over the accession instrument to Michel Danet, Secretary-General to the World Customs Organisation, an official statement said.

The convention contains key elements, including maximum use of information technology, a partnership between customs and trade, application of risk management techniques, coordination of intervention with other agencies, and the provision of a system of appeal in customs matters.

The convention will facilitate world trade by providing more predictability to the business community and the international trading environment as a whole. Finance ministry officials said countries would be given a three-year transition period to fully comply with the revised convention.

The convention intends customs authorities to focus resources on the greatest areas of risk and threat to the country's borders. The level of transparency in laws would ensure higher rates of compliance among importers and exporters and help them meet "time-to-market" objectives.

The Revised Kyoto Convention is regarded as a benchmark for modern customs administrations. The convention will be administered by a management committee, which would ensure all provisions of the convention were kept relevant and updated, the statement added.