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India now providing tariff concessions on 3,142 products to APTA members

 

With effect from July 1, India has agreed to give tariff concessions on 3,142 products to the six member nations of the Asia Pacific Trade Agreement (APTA), it said in an official statement.

 

"India has, on its part, exchanged tariff concessions on 3,142 tariff lines with all member countries and special concessions on 48 tariff lines for least developed countries (LDCs), with Bangladesh and Lao PDR," the statement read.

 

It also said that these duty concessions will be on a differential basis, with more applying for the LDCs and less for the developing countries.

 

It is a preferential trade agreement under which the basket of items as well as extent of tariff concessions are enlarged during the trade negotiating rounds launched from time-to-time.

 

India is a founding member of APTA, with the other five members being Bangladesh, China, Laos, South Korea and Sri Lanka, reports said.

 

Source : Exim News Service - New Delhi, July 10

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