India to remove additional customs duties on eight US products
US India Trade: Following Prime Minister Narendra Modi’s recent State visit, India decided to remove additional duties on US products, including chickpeas, lentils, and apples. These duties were initially imposed in 2019 in response to increased US tariffs on specific steel and aluminum products, government sources said.
India and the US agree to end six trade disputes
Both countries have agreed to settle six World Trade Organization (WTO) disputes and end these retaliatory tariffs on certain US products. The United States, in 2018, imposed an import duty of 25 percent on steel products and 10 percent on certain aluminum products due to national security reasons. In return, India in June 2019 imposed customs duties on 28 American products.
The duties on these eight products of US origin would revert to the currently applied best national rate (MFN) after India announced the phasing out of additional duties, one of the sources said, who are aware of the development. The tariffs would end in 90 days.
India for additional duty on the following products
As part of the agreement, India will get rid of additional duty on chickpeas (10 per cent), lentils (20 per cent), fresh or dried almonds (Rs 7 per kg), shelled almonds (Rs 20 per kg), walnuts (20 percent). percent), fresh apples (20 percent), boric acid (20 percent), and Diagnostic Regents (20 percent), the added sources.
Duties on 28 US products were increased in 2019 due to the US decision to increase duties on certain steel and aluminum products. US lawmakers and industry leaders have welcomed the announcement of an agreement with India to end these duties.
US is India’s largest trading partner
The US is India’s largest trading partner. In 2022-23, bilateral goods trade increased to USD 128.8 billion compared to USD 119.5 billion in 2021-22. “India has announced that they are raising retaliatory tariffs that will close the Indian market to more than 1,400 apple growers in Washington and now our growers will once again have access to this USD 120 million market,” said Cantwell, a lawmaker the Democratic Party. in a statement. India was Washington’s second largest export market for apples.
(With PTI inputs)
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