Team Blitz India
WASHINGTON: India and the United States on June 22 agreed to end six trade disputes at the World Trade Organisation(WTO) and New Delhi will also lift retaliatory customs duties on 28 American products. This is likely to shore up trade between the nations and also help Indian exporters get key tax advantages.
The decisions come amid Indian Prime Minister Narendra Modi’s State Visit to the US
In 2018, the US, had imposed 25 per cent and 10 per cent import taxes on certain steel and aluminium products, respectively, on grounds of national security.
In retaliation, India had imposed customs duties on 28 American products, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents.
United States Trade Representative Katherine Tai announced that the United States and the Republic of India have agreed to terminate six outstanding disputes. “India also agreed to remove retaliatory tariffs which it had imposed in response to the Section 232 national security measures on steel and aluminium,” Tai said on June 22
