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"India's average tariffs are still much higher compared to the United States, Japan and China," said Ajay Srivastava, founder of Global Trade Research Initiative, a think tank based in Delhi.
Internally, India's IT ministry had warned it risks losing out to China and Vietnam in the smartphone exports race if it were to not lower tariffs to lure global companies, Reuters reported last year.
India plans to impose higher trade barriers and raise import duties on around 300 products from China and elsewhere, two government officials said, as part of an effort to protect domestic businesses.
Effectively applied tariff rates at the six- and eight-digit product level are averaged for products in each commodity group. When the effectively applied rate is unavailable, the most favored nation rate is used instead. WTO: WTO indicators are based on MFN (Most Favoured Nation) tariffs applied by the reporting country/economy. Trade weighted ...
As of 2023, India is the seventh largest exporter of commercial services in the world, [12] accounting for 4.6% of global trade in services. India's service exports grew by 27%. [13] In September, India's prominent services industry experienced an acceleration in growth, buoyed by robust demand in the sector.
When the DFTP scheme was introduced in 2008, India committed to eliminating customs duties on over 85% of tariff lines (for items in the Harmonized System 6-digit level of classification), reducing duties on the basis of a prescribed margin of preference [a] for 9% of tariff lines, and maintaining duties on the remaining 6% tariff lines over a period of 5 years.
Signs of thawing ties a day after the leaders of India and China met are unlikely to deter New Delhi's plans to back tariffs on steel as they are not country-specific measures, a senior government ...
The tariffs angered trading partners, who implemented retaliatory tariffs on U.S. goods. [7] In June 2018, India planned to recoup trade penalties of $241 million on $1.2 billion worth of Indian steel and aluminum, [8] but attempted talks delayed these until June 2019 when India imposed retaliatory tariffs on $240 million worth of U.S. goods. [9]