India to remove additional duties on 8 American products

ENA Global 2023-06-27 12:40:34 New Delhi, June 27 (KNN) India will do away with additional duties on eight US products, including apples as both the countries have decided to resolve six outstanding World Trade Organisation (WTO) disputes through mutually agreed solutions as jointly communicated during the official state visit of the PM Modi to the USA. This will also lead to restoration of market access for Indian steel and aluminum exports to the US. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> The decision will not result in any negative impact on domestic apple producers and will result in competition in premium market segment ensuring better quality at better prices for consumers, said Ministry of Commerce & Industry on Monday. After removal of this duty, the apples from the US would compete on level playing field with other countries. The decision will ensure that only premium quality apples could be imported for which there exists a specific market segment and specific demand. An additional 20% duty was imposed on US apples in 2019 in response to USA's measure to increase tariffs on certain steel and aluminum products. There is no reduction on Most Favoured Nation (MFN) duty on apples which is still applicable on all imported apples including on USA at 50%. The import of apples from the world has been stable in the range of USD 239 305 million (except in 2021-22 when it was USD 385 million) in the last five financial years since application of these additional duties on US apples. The import of apples from US has decreased from USD 145 million (127,908 Ton) in FY 2018-19 to only USD 5.27 million (4,486 Ton) in FY 2022-23. The market share of the US apples was taken by other countries due to imposition of additional retaliatory duty on US apples. This is reflected as the import of apples from countries other than the US increased from USD 160 million in FY 2018-19 to USD 290 million in FY 2022-23. Turkey, Italy, Chile, Iran and New Zealand are other top exporters to India of apples which took the market share of the US. (KNN Bureau) 33857 https://knnindia.co.in/news/newsdetails/global/india-to-remove-additional-duties-on-8-american-products 2023-06-27 12:40:34 knnindia.co.in India to remove additional duties on 8 American products