India trims tariffs for African LDCs

India trims tariffs for African LDCs

By agencies   |   Wednesday, 26 October 2005, 07:00 Hrs
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NEW DELHI: India has unilaterally decided to trim tariffs for African least developed countries in a bid to provide market access to products of their interests.

Prime Minister Manmohan Singh's Trade and Economic Relations Committee has given its in-principle approval to the move, Union Commerce Minister Kamal Nath today said.

As part of the move, India would reduce tariffs on products of these LDCs' interest on a non-reciprocal basis. A list of the products has been prepared by UNCTAD (United Nations Conference on Trade and Development), which carried out an extensive study on these LDC's and their area of strengths.

The commerce ministry will now hold inter-ministerial consultations on the list of products prepared by UNCTAD before it is taken up for final approval, they said.

The government has also decided to give special and differential treatment to other LDCs in various Regional Trading Arrangements.

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