India, China Exchange Tariff Cut Offers Under RCEP

Plans to liberalise trade between India and China, the world’s two fastest-growing large economies, have gathered momentum with both sides exchanging offers on removal of a chunk of tariff lines on goods imports. Against India’s offer to remove 42.5% of tariff lines under the 16-country Regional Comprehensive Economic Partnership (RCEP), China has expressed its willingness to abolish equivalent amount of tariff lines for India.


Although analysts said given Beijing’s huge trade surplus (around $50 billion) with India, its offer is hardly attractive (China should have offered to eliminate a much higher number of tariff lines), what’s happened was still seen by some as a forward movement. Removal of tariff lines would mean that the import taxes on the items would be reduced to zero over a specified period of time.

Extra info:
Although a final call on the products India would like China to scrap the import duties, trade experts say India may seek duty relief for its textile exports, among others.
Regional Comprehensive Economic Partnership (RCEP)

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Source – The Hindu

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