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India – US Faster Export Clearance | Positive Sign For Ease of Doing Business | GK Notes


On September 22, 2021 India and the United States of America have signed an agreement to help both countries exporters. In this,  Customs authorities of India and the US have signed an agreement to help exporters of both countries in faster clearances through customs procedures.


India - US Faster Export Clearance

India – US Faster Export Clearance | GK Top 10 Key Notes


According to the “Trading Economics” and major financial institutions, trade business between India and United States of America, below we have given the top 10 important key points you should know:

(1) During the 2020, India Exports to United States was US$49.32 Billion.

(2) India and US signed a Mutual Recognition Arrangement (MRA) on September 22, 2021 for faster export clearance.

(3) This MRA between India and US will help the exporters of both countries.

(4) According to Reserve Bank Of India, Exports to United States in India was 419.85 INR Billion in June, 2021.

(5) Exports to United States in India increased to 504.78 INR Billion in July 2021.

(6) From 1991 until 2021, Exports to United States in India has been recorded 109.32 INR Billion as an average.

(7) In July 2021, Exports to United States in India reached all time high trades.

(8) In June of 1991 the minimum exports was recorded as 4.01 INR Billion.

(9) Supply chain security and trade facilitation will be increased more effectively after this current Mutual Recognition Arrangement (MRA) between India and US.

(10) These categories are the major exports to United States in India: Pearls, precious stones, metals, coins, Pharmaceutical products, Machinery, nuclear reactors, boilers, Electrical, electronic equipment, Other made textile articles, sets, worn clothing, Vehicles other than railway, tramway, Organic chemicals, Fish, crustaceans, aquatics invertebrates, Articles of apparel and Articles of apparel.


Source of this article:

  • Trading Economics
  • The Week

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This Post Last Updated On: September 28, 2021


 

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