Big step by India before the start of G20 Summit, additional duty removed on these goods coming from US
Duties on US Products: The entire country is busy preparing for the G-20 summit. Before the G-20 summit, the Indian government removed the additional duty on American products. The Finance Ministry has issued a notification regarding this. There will be a bilateral meeting between Prime Minister Narendra Modi and Biden on 8 September 2023. Let us know on which products duty has been removed.
Ahead of the G-20 summit, India has removed additional tariffs on nearly half a dozen US products, including gram, pulses, and apples. This fee was imposed after America increased the tariff. In the year 2019, the US decided to increase the tariffs on some steel and aluminum products.
After this, India imposed this duty on 28 American products in 2019, in response to America's move.
A notification has been issued by the Ministry of Finance on 5 September. According to this notification, information has been given to remove duty on products including gram, lentils, apples, walnuts in shell, and almonds fresh or dry, as well as almonds in shell. The move comes ahead of US President Joe Biden's visit to India to attend the G20 summit on September 9-10.
There will be a bilateral meeting between Prime Minister Narendra Modi and Biden on Friday.
In June this year, the Prime Minister made a state visit to the US. During this visit both the countries decided to end six WTO (World Trade Organization) disputes and remove tariffs on some US products.
In this agreement, India will remove the additional duty of 10 percent per gram, 20 percent on pulses, Rs 7 per kg on fresh or dried almonds, Rs 20 per kg on shelled almonds, and 20 percent on walnuts. Apart from this, the 20 percent duty on fresh apples was removed.
Minister of State for Commerce and Industry Anupriya Patel gave a written reply in the Rajya Sabha in July. In this written reply it was said that the government has decided to remove customs duty on import of almonds (fresh or dried, shelled), walnuts, chickpeas, and pulses. Apart from this, duty has been removed on apples, Medical Diagnostic Reagents, and Boric Acid.
With this, he had said that there was no loss to India due to the removal of counter-tariffs with the US or reduction in import duty.
America is the largest trading partner of India. Bilateral Goods Trade to increase to US$ 128.8 billion in the year 2022-23 as against US$ 119.5 billion in 2021-22.