Team Blitz India
NEW DELHI: The Customs duties of India are “very” often misconstrued to be high on most items but in reality, they are low, Commerce and Industry Minister Piyush Goyal has said.
Duties on technological items that are helping the Indian economy grow are very low, he said, according to media reports on May 18.
Actual applied rates of tariffs are lower than the agreed bound rates at WTO (World Trade Organization), Goyal told reporters after the 1st India-EU Trade & Technology Council (TTC) meeting in Brussels, Belgium.
Goyal said that the TTC is helpful as it is supplementing the free trade agreement negotiations and the agreement will make India-EU relationship the defining partnership of the century.
He also said that India and the EU are working together to find the right solution to the Carbon Border Adjustment Mechanism (CBAM) issue. On the trade agreement with the EU, he said that the negotiations are progressing well.
