A cabinet note is likely to be finalised within two months to enable India become a signatory for TIR (Transports Internationaux Routiers) convention, a commerce ministry official said today.
The move would enhance and facilitate India's trade and economic basket with CIS region including that of Russia, Joint Secretary in Ministry of Commerce and Industry Sunil Kumar said.
Speaking at an interactive session on 'New Markets New Opportunities: Destination CIS', Kumar informed that nearly 70 countries are signatory to TIR agreement.
"A cabinet note is likely to be finalised within two months to enable India become a signatory for TIR agreement," industry chamber PHDCCI said quoting Kumar.
Signatories of the agreement makes trans-shipment of their goods through water routes easier and unhindered as it leads to harmonisation of system and such transshipment are not subjected to any scrutiny from their shipment until their destination.
"India if succeeded signing in the TIR agreement and becomes signatory to it, its containers carrying goods from its sea shores until CIS countries could not be halted for any inspection on their sea routes and move without any obstructions as it would save time and decrease the logistics cost of India's exports to CIS," Kumar said.
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