No Loss to India Due to Removal of Retaliatory Customs Duties on Eight US Products: Minister – News18

The removal of retaliatory customs duties on eight American products, including apples, walnuts, and lentils, will not result in a loss to the country, Parliament was informed on Friday. India had imposed these duties on 28 US products in retaliation to America’s move to increase import duty on certain steel and aluminium goods.

During Prime Minister Narendra Modi’s recent visit to Washington, both sides decided to resolve six trade disputes at the World Trade Organisation. India also agreed to remove the duties.

The government has decided to remove retaliatory customs duties on import of almonds (fresh or dried, in shell), walnuts, chickpeas, lentils, apples, medical diagnostic reagents, and boric acid, Minister of State for Commerce and Industry Anupriya Patel said in a written reply to the Rajya Sabha.

“The removal of retaliatory tariffs or cuts in import duty with the US does not result in a loss to India,” she said.

“It simply means that the additional duties imposed as a response to the US measures are no longer applicable and the MFN (most favoured nation) tariff rates as applicable to all countries prevail,” she added.

In a separate reply, she said India’s foodgrains exports have registered a steady growth in the last few years. This, she said, is reflected in the increase in the country’s share in world foodgrains exports from 3.38 per cent in 2010 to 7.79 per cent in 2022, according to UN COMTRADE statistics.

Wheat exports declined to USD 1.52 billion in 2022-23 as compared to USD 2.12 billion in 2021-22. India has currently banned wheat exports.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)