With India and the United States (US) resolving all their pending disputes at the World Trade Organization (WTO), the Commerce Ministry has informed that the North American nation has agreed to remove additional duties on Indian exports of Aluminium and Steel products up to a volume of at least 3.3 lakh metric tonnes (LMT) per year.
In reciprocation, India has slashed retaliatory duties imposed on eight items being imported from the US — namely apples, chickpeas, lentils, boric acid, diagnostic reagents, shelled and fresh or dried almonds. Additional duties by India will continue to be levied on 21 imported products from the US, down from 29 products earlier.
India and the US have set up a Joint Monitoring Mechanism (JMM) to reduce retaliatory duties on each other's products. The JMM will meet twice a year as per its terms of reference and review the implementation of the process.
Opposition leaders Omar Abdullah and Mehbooba Mufti have objected to the government's decision to remove additional duties, saying that domestic growers will stand to lose due to availability of cheaper American produce in the market.
However, the Commerce Ministry has assured that removal of additional import duties on American products won't impact domestic producers, adding that apples, almonds and walnuts from the US compete on a level playing field with other countries.
Also Read:Hindalco subsidiary signs deal with US-based Ball Corporation to supply aluminium beverage can sheet
First Published: Sept 12, 2023 5:27 PM IST
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