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India grants tariff concessions on 3,142 items from China, four other nations

Updated : July 03, 2018 12:54 PM IST

China too slashed import duties for over 8500 items.

The tariff cuts comes as part of the Asia Pacific Trade Agreement.

India has granted tariff concessions on 3,142 items to members of Asia Pacific Trade Agreement, including China, reported The New Indian Express.

According to the report, the development comes after the recent policies by the US prompted Asian countries including India and China to reassess their relation. The decision, the report added comes soon after China too slashed import duties for over 8500 items.

The tariff cuts comes as part of the Asia Pacific Trade Agreement (APTA) in which India and China are members along with other nations like Bangladesh, Laos, South Korea and Sri Lanka.

“The recent reduction is significant not in terms of value but in terms of gesture. In the recent dialogues they are warming up to many areas including pharma and agriculture which they were earlier closed. It is sheer economic compulsion to look for alternate market, given the current trade barriers,” an official was quoted as saying in the report.

Another aspect that makes the decision significant is the fact that it comes days before the two-plus-two bilateral dialogue between India and USA. With India facing the heat of US sanctions and questions regarding the future of imports of Iranian oil to India, the new decision could well send a message to Washington.

India grants tariff concessions on 3,142 items from China, four other nations

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