India On Path To Lower Tariffs Via FTAs Amid Changing Global Trade Scenario: Commerce Ministry
India's recent reforms have focused on streamlining the tariff structure and facilitating trade, MoS Commerce Jitin Prasada told the Parliament.
India is moving towards lowering tariffs through pacts with major trading partners amid a changing global trade scenario, according to Minister of State for Commerce Jitin Prasada.
In a written reply to the Lok Sabha on Tuesday, Prasada said that India's recent reforms have focused on streamlining the tariff structure and facilitating trade.
"India is a member of the WTO and bound to its maximum tariff that can be applied to a given commodity line. The applied tariffs are generally below the bound tariff for a given commodity line. With the changing trade scenario, India is moving towards having Preferential/Free Trade Agreements wherein customs tariffs and non-tariff barriers are reduced or eliminated on substantial trade," he said.
At present, India is a member of 13 FTAs and 9 PTAs apart from the negotiations with the European Union, the United Kingdom, and Oman.
In another reply, the MoS Commerce added that the United States has not yet applied reciprocal tariffs on India.
"The government continues to engage with the Government of United States to achieve enhancement and broadening of bilateral trade ties in a mutually beneficial and fair manner... Both countries would focus on increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration. This is an ongoing exercise and Indian exporters are working towards diversifying trade basket and export destinations," he said.
