India Considers Major Tariff Reductions
(MENAFN) India has put forward a proposal to significantly reduce import taxes on a variety of goods in a strategic move to finalize a preliminary trade pact with the United States, according to a report by the media on Wednesday.
Nonetheless, India appears determined to preserve elevated tariffs on certain critical agricultural commodities, particularly staple foods like grains and dairy products, which are considered politically and economically sensitive.
The Indian government is aiming to clinch an agreement ahead of July 9, a deadline after which the US is expected to impose a retaliatory tariff of 26 percent on all imports from India.
Individuals with knowledge of the discussions informed the media that India has demonstrated openness to slashing duties on less sensitive agricultural imports, including almonds, which currently incur levies as high as 120 percent.
The country may also be open to lowering tariffs on energy imports like oil and gas, where current duties range from 2.5 percent to 3 percent, the article noted.
The media’s sources refrained from specifying which American products would benefit from the proposed tariff reductions, citing the “early stage” of the negotiations.
Still, Indian trade representatives have suggested that the scope of any concessions would likely mirror those in recent trade accords.
For instance, in its trade deal with the United Kingdom, India agreed to ease tariffs on a range of goods such as alcoholic beverages, automobiles – including electric models – auto components, and industrial products.
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