TIOL-DDT 442 · the untouched capture
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<html> <head> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <title>Taxindiaonline's DDT 402</title> </head> <body link=blue vlink=blue> <p> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#663399" size="3">TIOL-DDT 442</font><br> 05 09 2006<br> Tuesday</b></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> </b></font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Bangkok</font></strong><font color="#006600"><strong> agreement gives in to </strong><b>Asia-Pacific Trade Agreement – 30 year old notification superseded.</b></font></font></p> <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>The Bangkok agreement – background: </b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In 1963 the United Nations Economic Commission for Asia and the Far East (ECAFE) convened the 1st Meeting of the Council of Ministers on Asian Economic Cooperation. The aim of the meeting was to allow countries to present their views to the ECAFE secretariat on ways and means to promote regional cooperation. Subsequently, the 4th Meeting of the Council of Ministers on Economic Cooperation held in December 1970 adopted a resolution now known as the Kabul Declaration, which called upon ECAFE (now ESCAP, - United Nations Economic and Social Commission for Asia and the Pacific) to develop measures for intra-regional trade expansion and other measures for economic cooperation. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">ESCAP's International Trade Division began to identify possibilities for trade liberalization schemes in the region. An Intergovernmental Committee on Trade Expansion Programme met in 1971 and recommended the establishment of a Trade Negotiations Group (TNG), which in turn convened for the first time in February 1972, with the assistance of the United Nations Conference on Trade and Development (UNCTAD). At the 2nd TNG Session, ground rules for the TNG were adopted. In August 1973 thirteen countries attended the 3rd TNG Session which considered tariff reduction among participating States. Lists of requests submitted by participating states were examined in three TNG meetings held in 1974. In July 1975 seven countries, namely, Bangladesh, India, Lao People’s Democratic Republic, the Republic of Korea, Sri Lanka, the Philippines and Thailand, met at Bangkok and agreed to a list of products for mutual tariff reduction. This resulted in the signing the First Agreement on Trade Negotiations among Developing Member Countries of ESCAP, known as the <b>Bangkok Agreement</b>. The Agreement was ratified by five of the seven countries, excluding the Philippines and Thailand. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Objectives</b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The objectives of the Bangkok Agreement, are to promote economic development through a continuous process of trade expansion among the developing member countries of ESCAP and to further international economic cooperation through the adoption of mutually beneficial trade liberalization measures consistent with their respective present and future development and trade needs, and taking into account the trading interests of third countries, particularly those of other developing countries. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In order to achieve these objectives, the participating states agreed to establish a trade expansion programme among their respective countries on a multilateral basis within the framework of the Bangkok Agreement. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Bangkok Agreement is essentially a preferential trading arrangement designed to liberalize and expand trade progressively in the ESCAP region through such measures as the relaxation of tariff and non-tariff barriers and trade-related economic cooperation. The Agreement is not designed to divert or restrict trade from countries but to expand mutual trade through fuller exploitation of their trade potential, expansion of productive capacities and higher economic growth. The GATT Council approved the Bangkok Agreement in March 1978, "provided that any preferential treatment under the Agreement shall be designed to facilitate trade between the participating states and not to raise barriers to trade of other contracting parties". Its rules and regulations are meant, inter alia, to ensure non-discriminatory and fair trade practices and to preserve the value of the preferences including compensatory action where the value of the preference is reduced or abrogated. It also aims at cooperation in matters such as customs administration, standardization of procedures and formalities relating to mutual trade, adoption of a common tariff nomenclature and harmonization of rules of origin and of dumping. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Membership </b></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The five original members of the Bangkok Agreement are Bangladesh, India, the Republic of Korea, Lao People's Democratic Republic and Sri Lanka. Lao PDR has not issued customs notification on the tariff concessions granted, and in this respect is not an effective participating member. Some other members have however extended their concessions to include Lao PDR. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In an important event, China formally became a member of the Bangkok Agreement in 2001. China's accession has major implications for the Bangkok Agreement and for trade in the Asia-Pacific region. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Bangkok agreement became the <strong>Asia-Pacific Trade Agreement and the first Session of the Ministerial Council was held in Beijing, China. The council declared,</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">We note that the international trading system has changed considerably since the Agreement was signed in 1975, and recognize that the establishment of a rules-based multilateral trading system embodied in the World Trade Organization will benefit all countries actively participating in the system. While fully embracing the ideals of global trade liberalization, we also have a vision of region-wide cooperation on trade, investment and related issues, and, aware of the potential of the Asia-Pacific Trade Agreement in this respect, invite other countries in the region to join this unique forum, whose coverage we would like to see gradually expanding to include trade facilitation issues and trade in services. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>The second session of the council is to be hosted by India in 2007. </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>This agreement was to be in place by the 1<sup>st</sup> of July 2006. Now the Government of India has issued two notifications to notify the rules of origin and allow exemption.</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2006/cnt06_094.htm">Notification No.94/2006</a><strong> supersedes </strong>Notification No. 430/1976-Customs dated 1<sup>st</sup> November 1976 and notifies the new rules of origin.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2006/ctariff06_089.htm">Notification No. 89/2006 – cus</a><strong> amends</strong><a href="http://www.taxindiaonline.com/RC2/pdfnoti/pdfcustom/pdf2005/ctariff05_072.pdf"> Notification No. 72/2005</a><strong> to include the APTA and the rates of duty. While this notification amends</strong><a href="http://www.taxindiaonline.com/RC2/pdfnoti/pdfcustom/pdf2005/ctariff05_072.pdf"> Notification No. 72/2005</a><strong>, the note appended to the notification states </strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Note. -</strong> The principal notification No. 85/2004-Customs, dated the 31st August, 2004, was published in the Gazette of India, Extraordinary, vide number G.S.R. 560 (E), dated the 31st August, 2004 and was last amended by notification No. 69/2006-Customs, dated the 30 thJune,2006, published vide number G.S.R. 395 (E) dated the 30 thJune,2006. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>How is </strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2004/ctariff04_085.htm">Notification No. 85/2004</a><strong> relevant?</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=24&filename=notification/custom/2006/cnt06_094.htm">NOTIFICATION NO. 94/2006-Cus.(N.T.), Dated: August 31, 2006</a></u><b> and </b><u><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=23&filename=notification/custom/2006/ctariff06_089.htm">NOTIFICATION No. 89/2006-CUSTOMS,Dated: September 1, 2006</a></u></font></p> <p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Institute</font></strong><font color="#006600"><strong> of Actuaries of India – Actuaries Bill enacted.</strong></font></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The responsibilities of actuaries in life and general insurance business include designing and pricing of policies, monitoring the adequacy of funds to provide the promised benefits, recommending fair rate of bonus where applicable, violation of insurance business, ensuring solvency margin and other insurance risks like legal liability and loss of profit. Actuaries also define the risk factors, advise on the premium to be charged and re-insurance to be purchased, calculate the reserve for outstanding claims and carry on financial modelling. An actuary works as a consultant eitherindividually or in partnership with other actuaries in multi-disciplines like insurance, information technology, taxation, employees benefit, risk management and investment.</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Actuaries Bill, 2006 has been enacted. After the President signed the legislation as passed by Parliament and its gazette notification, the Act has come into force. <br> <br> Under the Act, the Institute of Actuaries of India will be set up to conduct examinations for the profession of actuaries to regulate the profession. The Institute would look into professional misconduct and create necessary facilities for the growth and training of the members of the profession. </font></p> <p align=center><font color="#006600" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IPS officer’s report sees Kerala minister out of the cabinet</strong></font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/guest/Sandhya.jpg" width="100" height="105" hspace="5" border="1" align="left">When Dr. Sandhya, the 1988 batch IPS officer was appointed to probe into the misbehaviour case against Kerala minister PJ Joseph, people did not believe that a police officer could give a report against a ruling minister. Joseph was accused of misbehaving with a woman co-passenger on a flight from Chennai to <st1:State>Cochin</st1:State> while the lights were off during take off. Joseph himself demanded probe by a senior woman IPS officer and IG Sandhya was the obvious choice. In her report, the IG said that the victim stood by her allegations and it was possible that such an act might have occurred on board. She ruled out any conspiracy theory as propounded by Joseph. And Joseph is out of the cabinet. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Dr. Sandhya is a scholarly police officer, an accomplished poet and painter; has undergone training in Human Resources Management from Wollongong University, Australia in 1998. She passed PGDBA from Pondichery University, Pondichery in 1999 and took PhD Degree from Birla Institute of Technology and Science, Pilani in 2005. The topic of research was 'Accessibility of Women to Criminal Justice System'. </font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">On a trekking to the Himalayas in her academy days, she along with her friend ate some forest fruit unable to withstand the hunger. After the hunger was satiated, they were worried whether the fruits were poisonous. If that meant death, she says, death was better than hunger. She wrote, “Even death is sweet if it appears as food”. At that moment she decided, “if at all I survive, I should be able to do something to reduce hunger; beyond that this life does not offer anything good”</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In her poem, “files”, she wrote</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In files, a hundred accounts doze</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In files, a thousand interpretations for laws</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In files what is the value for values?</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In files, who touches the questions contained?</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In files, who sees the life?</font></p> <p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Joseph is out of his job, and Sandhya must be back to her job and poetry. </font></p> <p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until tomorrow with more DDT </font></p> <p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have a nice day. </font></p> <p><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to</font> <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p> </body> </html>