India on Thursday acceded to the Protocol of Amendment on the Revised Kyoto Convention, becoming the 40th country to do so.
This amendment would focus on simplifying and harmonising customs procedures, an official statement said. According to the protocol, the 1973 convention would come into force only when 40 of the contracting parties accede to the protocol, it said.
These procedures would not only ensure maximum level of facilitation to goods and passengers travelling around the world but also help to improve the environment, it said.
The convention would help smoothen global trade by providing more predictability to the business community and the international trading environment as a whole. With predictable and simplified entry and customs clearance processes, trade can accurately plan their supply chain logistics and minimise inventory carrying costs, it said.
The Kyoto Convention represents the standards that customs administration is expected to implement if they are to play a meaningful role. It also encourages investment and development of industry and increases the participation of small and medium sized enterprises in international trade.
The Revised Kyoto Convention, regarded as a benchmark for modern customs administrations, would be administered by a management committee what would ensure that all provisions of the conventions are kept relevant and updated.
