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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.
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.
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 ...
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 ...
Tariffs have been declining in the last twenty years as the influence of the World Trade Organization has grown, but states have increased their use of non-tariff barriers. [2] According to Chad Bown and Meredith Crowley, world trade is "probably" vastly more liberal in current times than was the case historically. [2]
The purpose of the SAFTA is to encourage and elevate common contract among the countries such as medium and long-term contracts. Contracts involving trade operated by states, supply and import assurance in respect of specific products etc. It involves agreement on tariff concession like national duties concession and non-tariff concession.
India’s car market has enjoyed robust growth in recent years, first overtaking Germany in 2021 as the world’s fourth largest before edging out Japan last year for the third spot.
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.