Trade agreement with Romania settles payments in non-convertible rupees

This is a Trade and Payments Agreement between the Government of India and the Government of the Socialist Republic of Romania, signed in 1975 to expand and diversify bilateral trade and economic relations on a balanced basis.

The agreement involves the Governments of India and Romania, specifically their ministries of commerce and foreign trade. It affects physical and juridical persons (including state-owned organizations and authorized enterprises) in both countries engaged in import/export, as well as the Reserve Bank of India and the Romanian Bank of Foreign Trade for payment settlements.

• Trade exchange must be maintained on a balanced basis, including deferred payments and non-commercial payments.
• Both governments grant each other Most-Favoured-Nation (MFN) treatment regarding customs duties, internal taxes, and import/export licenses.
• Specific lists of goods for export are defined in Schedule A (Romania to India) and Schedule B (India to Romania), which can be altered by mutual agreement.
• All commercial and non-commercial payments are to be made in non-convertible Indian rupees.
• The agreement encourages the use of Indian and Romanian ships for shipment at world competitive freight rates.
• The agreement is valid from 1st January 1976 to 31st December 1980.
• Goods exported under this agreement are for domestic use and shall not be re-exported to other countries.

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