Trade Policy India under review!
India's Trade Policy Review (TPR) has been carried out by the World Trade Organization (WTO) under the Trade Policy Review Mechanism, wherein the trade related policies of Member countries are reviewed at regular intervals by the WTO.
USA and the EU have flagged certain trade related issues, including increase in import duties, during the recently held TPR meetings.
Applied rates of customs duty in India are determined keeping in view the overall economic and other policy objectives, which include enhancing domestic value addition, creating a level playing field, ensuring availability of raw materials at competitive prices, securing economic interests of the country, ensuring supply of essential items at affordable prices.
Some Member countries, including USA and the EU, raised certain questions regarding MFN applied tariff rates, agricultural support programmes such as MSP, etc. Replies thereto have been given to the WTO. The WTO Agreement on Agriculture provides the rules for trade in agriculture.
India’s support programmes, including the support through mechanism, are consistent with India’s obligations under the Agreement and are being notified to the WTO as required therein.