India's Global Trade Push: Expanding MRAs to Double Trade Alliances by Year-End

India aims to expand its network of mutual recognition agreements (MRAs) with customs authorities by adding ten more countries, promoting global trade facilitation. Currently established with nine nations, these agreements streamline customs clearance and promote bilateral trade across sectors such as petroleum, gold, automotive, pharmaceuticals, and chemicals.

India is strategically enhancing its global trade relations by planning to sign mutual recognition agreements (MRAs) with customs authorities of ten additional countries by December. This expansion comes after successful agreements with nine nations, aiming to boost two-way trade facilitation.

Akhil Kumar Khatri, Principal Commissioner at the Directorate of International Customs, highlighted the importance of these agreements during an event focused on 'Unlocking Global Trade Synergies.' The MRAs extend trade facilitation reciprocally, offering significant benefits in customs clearance procedures.

The current MRAs involve nations like South Korea, the US, and Russia, among others. The agreements are expected to invigorate sectors such as petroleum, gold, and pharmaceuticals, with the India-Russia agreement alone supporting a USD 11 billion trade value last year.

(With inputs from agencies.)