Name: ICPTA Certificate in India - corpbiz
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ICPTA Certificate

Want to enjoy the benefits of the India-Chile Preferential Trade Agreement (ICPTA)? You need to have an ICPTA Certificate. Let, Corpbiz assist you in attaining the same from the appropriate authority without hassle.

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Overview of ICPTA Certificate

India-Chile Preferential Trade Agreement or ICPTA is to promote economic co-operation between these two countries was signed on the 20th of January 2005. This framework envisaged a Preferential Trade Agreement (PTA) between both countries as its first step. A follow-up to the framework agreement, a PTA was finalised in November 2005, which has a list of products on which both countries have agreed to give fixed tariff preferences to each other under two annexes. It also has three annexes related to Rules of Origin, Preferential Safeguard Measures and Dispute Settlement Procedures.

The Cabinet approved this Agreement of India on the 23rd of February 2006, and the PTA was signed on the 8th of March 2006. The Parliament of Chile approved the same in April 2007, and the President of Chile signed it on the 16th of August 2007 there and then on the 11th of September 2007 in India. Implementation of this India -Chile Preferential Trade Agreement (ICPTA) was notified to WTO on the 13th of January, 2009. In 2016 they expanded the scope of this ICPTA and thus included more products under it.

The objective of ICPTA are as follows:

To promote the harmonious development of both countries economic relations through expansion of trade.
To provide fair conditions of competition for trade between the two countries.
To pay due in regard to principles of reciprocity in implementation of the present Agreement.
To contribute in this way by removing barriers to trade and harmonising development along with the expansion of world trade.

Products covered under ICPTA Certificate

There has been an expansion in India-Chile PTA recently, and it has offered more tariff lines. The products on which India has offered tariff concessions are as follows:

Products	Tariff lines
Meat and fish products	84 tariff lines
Rock salt	1 tariff line
Iodine	1 tariff line
Copper ore and concentrates	1 tariff line
Chemicals	13 tariff lines
Leather products	7 tariff lines
Newsprint and paper	6 tariff lines
Wood and plywood articles	42 tariff lines
Industrial products	12 tariff lines
Shorn, wool and noils of wool	3 tariff lines
others	7 tariff lines

The products on which Chile has offered tariff concessions are as follows:

Products	Tariff lines
agriculture products	7 tariff lines
chemicals and pharmaceuticals	53 tariff lines
dyes and resins	7 tariff lines
plastic, rubber and miscellaneous chemicals	14 tariff lines
leather products	12 tariff lines
textiles and clothing	106 tariff lines
footwear	10 tariff lines
industrial products	82 tariff lines
some other products	5 tariff lines

Benefits of the ICPTA Certificate

Following are the primary benefits of having an ICPTA Certificate:

Diversified exports basket with Chile
A wide array of tariff lines offered by Chile
Reduction of tariff barriers in Chile
Promotion of fair trade between both countries
Equal benefits to both the contracting countries

Documents Required for ICPTA Certificate

Following is the list of all the Documents required for the ICPTA Certificate:

Import-Export Code (IEC)
Registration Certificate of Company or organisation
Details of each director, partner or proprietor
Exporter details
Commercial Invoice
Bill with details of quantity or Origin of inputs or consumables used in export products
Declaration from the manufacturer on the letterhead
Product details
Details of Raw materials
Description of goods
Purchase order from the importer
Affidavit
DSC
Cost statements

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Procedure for ICPTA Certificate

The overall procedure to obtain the ICPTA Certificate is as follows:

Application:

The applicant files an application to the appropriate authority with DSC and an updated IEC.

Documents:

The applicant mandatorily submits all relevant information and required Documents along with the application.

Payment:

After submission of the application form, the applicant makes payment of the requisite fees to the authority.

Issuance of License:

Once all the above-mentioned steps are fulfilled, the appropriate authority issues ICPTA Certificate in the name of the applicant.

Frequently Asked Questions

A preferential Trade Agreement (PTA) is a special status given to trade by different countries.

Free Trade Agreement is a preferential arrangement under which member countries reduce tariffs or trade barriers among themselves and, at the same time, maintain their tariff rates for trade with other non-member countries.

The aim of this Agreement is to strengthen relations between both countries, promote the expansion of trade and provide the conditions and mechanisms to negotiate a Free Trade Agreement in accordance with the rules of WTO and the framework of this Agreement.

Preferential treatment under ICPTA means any concession or privilege granted under this Agreement by a party through progressive reduction or elimination of tariffs on the movement of goods.

In 2016, both India and Chile expanded the scope of this Agreement by including more products. And now, 2000 products are covered under this Agreement.

The primary products that are exported from India to Chile are transport, pharmaceuticals, yarn, tyres and tubes, metals manufacture, apparel articles, organic, inorganic and agro-chemicals, textiles, garments, plastic products/goods, leather products, engineering goods, imitation jewellery, products/goods related to sports and handicraft.

Major products imported from Chile to India include copper ore and concentrates, iodine, copper anodes and cathodes, molybdenum ores and concentrates, lithium carbonates, metal scrap, chemicals, pulp and wastewater, fruits and nuts except for cashews, fertilisers and machinery.

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ICPTA Certificate