The News Scroll 25 February 2021  Last Updated at 10:32 pm | Source: PTI

India''s trade policy continues to rely on tariff, export taxes: WTO review report

India''s trade policy continues to rely on tariff, export taxes: WTO review report
New Delhi, Feb 25 (PTI) India''s trade policy remained largely unchanged since last review in 2015 as the country continues to rely on instruments such as tariff, export taxes, minimum import prices and licensing, according to certain members of the World Trade Organisation (WTO).

These views are part of the minutes of the meeting of India''s seventh trade policy review, which was held during January 6-8 this year. The chairperson of the review meeting was Harald Aspelund from Iceland.

In his concluding remarks, the chairperson stated "members noted that India''s trade policy had remained largely unchanged since the previous review (in 2015), with continued heavy reliance on instruments such as the tariff, export taxes, minimum import prices, import and export restrictions, and licensing".

On customs duties, it said, concerns were expressed with respect to its complexity and uncertainty, the increase in tariff rates, tariff preferences and tariff concessions.

Highlighting that India was an active user of trade remedies, members asked India to take a more cautious approach in applying anti-dumping and safeguard measures and emphasised that all relevant investigations should be conducted in conformity with WTO provisions.

It added that concerns were expressed about the alleged high level of government intervention in the agriculture sector.

"Members recognised the importance of the sector in supporting livelihoods and food security; however, they urged India to reform its agricultural policies that continued to be based on significant levels of domestic and export support for key crops, including through subsidies for certain crops such as sugar, and to inputs," according to the minutes, which are posted on WTO website.

Further, it added that the WTO members commended India on its strong economic growth during the review period, particularly in the services sector, allowing India to become one of the world''s largest economies.

"Members believed that the continuous economic reforms focussed on increasing efficiency and inclusiveness contributed to these positive developments and led to an improvement in socioeconomic indicators, such as per-capita income and life expectancy," it added. PTI RR MKJ

Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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