India thus becomes the 71st country to join the Transports internationaux routiers (TIR) convention.

India has become the latest country to ratify a UN customs convention, the International Road Transport Union (IRU) said on Monday, welcoming the move as one that would aide in cutting border red tape.India thus becomes the 71st country to join the Transports internationaux routiers (TIR) convention, which is set to boost the country's overland trade with partners in Europe and Asia by easing customs controls, the IRU said."This ratification will save considerable time and money by reducing border procedures, administrative procedures and border wait times," said Boris Blanche, director of operations of the IRU, in a statement.China ratified the convention in 2016 last year, the last country to do so before India's decision."I am delighted to welcome India into the family of TIR nations," IRU general secretary Umberto de Pretto said in the statement."It is an important step in harmonising rules and boosting transport, trade and development throughout South Asia," he added.The TIR system allows heavy goods vehicles to be exempt from customs duties when they pass through several countries by simplifying the administrative work.Duties are paid instead on arrival at their final destination.

At the same time it offers a financial guarantee to the customs authorities of the transit countries as risk of fraud is covered by an insurance company.The TIR system was set up through an international convention in 1975 and there are now some 70 countries plus the European Union signed up.