New Delhi5 hours ago
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The bonded warehouse is represented by labeled and documents to be represented by the origin of a separate country.
Every year Indian goods worth more than $ 10 billion (about 85 thousand crore rupees) are reaching Pakistan by bypassing trade restrictions.
It is being transported through ports such as Dubai, Singapore and Colombo. Economic think tank Global Trade Research Initiative (GTRI) has given this information.
GTRI explained the system, saying that the Indian firm sends goods to these ports, where an independent company takes off goods and keeps the products in bonded warehouses. Here the goods can be stored without paying duty during the transit.
Indian product labels are being changed in warehouse
GTRI founder Ajay Srivastava said, “Bonded warehouse is represented by the labeled and documents and the origin of a separate country is depicted.
For example, 'Made in UAE' can be labeled on goods manufactured in India. After this change, they are sent to countries like Pakistan. “
He said that this method helps companies to ignore Indo-Pakistan trade restrictions, sell goods at high prices through the third country. This helps to avoid investigation, as it seems that trade is being done from other countries.
The trade of both countries can stop completely
In view of the Pahalgam terror attack, India has taken a step to shut down the Attari Integrated Check Post. At the same time, Pakistan has decided to stop the trade between the two countries. Exporters say that this can stop the trade of both countries completely.
The trade was already very low after the Pulwama terror attack …
- In April-January 2024-25, India's exports to Pakistan stood at $ 447.65 million, while imports stood at $ 0.42 million.
- India's exports to Pakistan in FY 2023-24 stood at $ 1.18 billion. India's imports stood at $ 2.88 million.
- In the year 2022-23, India exported $ 627.1 million to Pakistan. The import was $ 20.11 million during this period.
- In 2021-22, India exported goods worth $ 513.82 million. Imported products worth $ 2.54 million.
The main imports of India include fruits and fruits ($ 0.08 million), some oilseeds and medicinal plants (0.26 million), biological chemicals and project goods.
After the Pulwama attack, India had reduced the import duty 200%
India-Pakistan trade relations were deteriorated after the Pulwama terrorist attack in 2019. After this, India increased the import duty on all the goods imported from the neighboring country to 200 %. This includes fresh fruits, cement, petroleum products and mineral ore.
Earlier in 2017-18, Pakistan's export to India was $ 488.5 million. At that time, the two main items imported from Pakistan were fruits and cement. The imposition of 200 percent import duty means almost banning imports.
