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Trade Agreements It’s impact on Machine Tool Industry

Trade Agreements It’s impact on Machine Tool Industry. Impact of the recently concluded trade agreements between India-Korea, India-ASEAN and India-Philippines on the custom duty for machine tool industry. Now the imports are become more cheaper than before. Source: Ministry of Commerce, India.

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Trade Agreements It’s impact on Machine Tool Industry

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  1. Trade AgreementsIt’s impacton Machine Tool Industry

  2. Impact of the recently concluded trade agreements between India-Korea, India-ASEAN and India-Philippines on the custom duty for machine tool industry. Now the imports are become more cheaper than before. Source: Ministry of Commerce, India

  3. INDO-ASEAN-CUSTOM DUTY NT-1=HS Codes 8456,8457,8458,8459,8460,8461,8462,8463,8464 & 8465NT-2=HS Codes 8459,8460,8461 & 8465 Member countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam Source: Ministry of Commerce, India

  4. INDO-PHILIPPINES-CUSTOM DUTY NT-1=HS Codes 8456,8457,8458,8459,8460,8461,8462,8463,8464 & 8465NT-2=HS Codes 8459,8460,8461 & 8465 Source: Ministry of Commerce, India

  5. INDO-KOREA-CUSTOM DUTY E-0= HS Code 8456 & 8464E-5=HS Code 8457,8458 & 8462E-8=HS Code 8456,8457,8458,8459,8460,8461,8462,8463 & 8465Red=HS Code 8459,8461 & 8462 Source: Ministry of Commerce, India

  6. INDO-SINGAPORE-CUSTOM DUTY Source: Ministry of Commerce, India

  7. Impact Indo-ASEAN: Member countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand and VietnamImpact: No such major impact; however watch Singapore and Thailand.Indo-Philippines: It is part of the ASEAN Free Trade Agreement but the tariff structure is little different.Impact: No such major impactIndo-Korea: Korea is a big player for machine tools, after this trade agreement the tariff structure for machine tools will be subdivided into four categories as follows;But maximum number of machine tools will be coming under E-8 Category.Impact: Major impact

  8. Impact Indo-Singapore: It is a separate Free Trade Agreement between India and Singapore, which is already into force from 2007Impact: Watch it carefully as Singapore has got manufacture base for major machine tools companies.Indo-Mercosur: FullMember countries: Argentina, Brazil, Paraguay and UruguayApplying for full membership: VenezuelaAssociate members: Bolivia, Chile, Colombia, Ecuador and PeruObservers: MexicoImpact: No such major impactas the tariff reduction is for only few machine tools.84591000, 84596910, 84596920, 84596930, 84596940, 84596990, 84612019, 84622910, 84622920, 84622930, 84622990, 84629990, 84639090for these HS Codes there is a discount of 20%.Indo-EU: Member countries: Austria, Belgium, Bulgaria, Cyprus The Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, The United Kingdom.Impact: This treaty is in a draft stage and IMTMA has already registered it’s concern to the ministry. Impact can only be known once the draft is finalised.

  9. Agreements in the pipeline • India-China • The Joint Study Group was constituted and MEA is the nodal Ministry for the JSG. • In pursuance to the recommendations of the JSG, Six meetings of the JTF have taken place. In its sixth meeting held on 21st and 22nd October, 2007 the JTF has  finalised its draft report on issues covering Trade in Goods, Trade in Services, Bilateral Investment, Trade Facilitation and Economic Co-operation. • India-Australia • India and Australia agreed in early 2008 to set up a Joint Study Group comprising government officials and research organisations to explore the feasibility of Free Trade Agreement (FTA) between the two countries. • The JSG met twice since then and has agreed to submit the Report by mid 2009. • India-New Zealand • JSG was set up in early 2008 which met thrice and has submitted the Report in February2009. • India-Indonesia • Focusing on strengthening India’s ongoing engagement with ASEAN, the two countries could also examine the possibility of entering into a bilateral comprehensive economic cooperation arrangement in the long term. • JSG was accordingly constituted in October 2007 and 4 meetings of the JSG have been held so far. The JSG is expected to submit its Report by August 2009. Source: Ministry of Commerce, India

  10. Rank 18 Source: Gardner Publication, Inc

  11. Rank 9 Source: Gardner Publication, Inc

  12. HS CODE DESCRIPTION Machine-tools for working any material by removal of material, by laser or other light or photon 8456 beam, ultrasonic, electro-discharge, electro-chemical, electron beam, ionic-beam or plasma arc processes Machining centres, unit construction machines (single station) and multi station transfer machines 8457 for working metal 8458 Lathes (including turning centres) for removing metal Machine-tools (including way-type unit head machines) drilling, boring, milling, treading or tapping 8459 by removing metal, other than lathes (including turning centres) of heading 8458 Machine-tools for deburring, sharpening, grinding, honing,lapping, polishing or otherwise finishing 8460 metal or cermets by means of grinding stones, abrasives or polishing products, other than gear cutting, gear grinding or gear finishing machines or heading Machine-tools for planing, shaping, slotting, broaching, gear cutting, gear grinding or gear finishing, 8461 sawing, cutting-off and other machine tools working by removing metal or cermets, not elsewhere specified or included Machine-tools (including presses) for working metal by forging, hammering or die-stamping; 8462 machine-tools( including presses) for working metal by bending, folding straightening, flattening, shearing, punching or notching; Presses for working metal or meta 8463 Other machine tools for working metal or cermets without removing material Machine tools for working stone, ceramics, concrete, asbestos cement or like mineral materials or 8464 for cold working glass Machine-tools (including machines for nailing, stapling, glueing or otherwise assembling) for 8465 working wood, cork, bone, hard rubber, hard plastics or similar hard materials References:Indo-ASEAN trade agreement; Ministry of Commercehttp://commerce.nic.in/trade/international_ta_indasean.aspIndo-Philippines trade agreement; Ministry of Commercehttp://commerce.nic.in/trade/international_ta_indasean.aspIndo-Korea trade agreement; Ministry of Commercehttp://commerce.nic.in/trade/INDIA%20KOREA%20CEPA%202009.pdfAgreements in pipeline; Ministry of Commercehttp://commerce.nic.in/trade/international_ta_pipeline.asp

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