Import Tariffs

The commerce ministry's investigation arm DGTR has initiated a probe to review the need to continue the anti-dumping duty on flax yarn imported from China, following complaints from the domestic industry. Grasim Industries Ltd and Sintex Industries have filed an application before the Directorate General of Trade Remedies (DGTR) for initiation of the sunset review of the anti-dumping duty imposed on imports of 'flax yarn of below 70 lea count' exported from China to India. Lea is a unit for measuring the length of yarn. Normally it is taken as 80 yards for wool, 120 yards for cotton and silk, and 300 yards for linen. Flax yarn is used to make flax fabrics, which is used in apparel and home textiles. DGTR in a notification has said prima facie there is an evidence of dumping of the product from China in spite of the existing anti-dumping duties. On the basis of the duly substantiated application of the applicants and "having satisfied itself, on the basis of the prima facie evidenc

America's National Pecan Federation has welcomed the annual budgetary proposal of Union Finance Minister Nirmala Sitharaman to reduce the import duty on pecan by 70 per cent, a move it said would benefit thousands of farmers in the country, especially in Georgia. This is great news for the pecan industry, Larry Don Womack, chairman of National Pecan Federation (NPF), said after Sitharaman in her budget proposed to reduce the import tariff on pecan from 100 per cent to just 30 per cent. The federation, in a statement on Thursday, described it as a significant positive change for the pecan industry that opens the US pecan export market to India. Pecans are grown in 15 states and have a significant impact on these rural economies. Opening the India market will be a great opportunity for our industry to expand and grow, Womack said. Over the last few years, the NPF had been working with pecan growers, lawmakers and US trade representatives asking them to urge India to reduce the tariff

India has agreed to reduce the import tariff on pecans by 70 per cent, said an influential American Senator, who has been campaigning on it for the last one year. Senator Jon Ossoff, who represents Georgia in the US Senate and met seven times with India's Ambassador to the US Taranjit Singh Sandhu over the last year, on Wednesday said that the reduction in tariff on pecans would help the farmers in his constituency. Today I can announce that after a year of painstaking diplomacy, the Indian government will cut that tariff by 70 per cent. This is a huge win for Georgia pecan farmers, and it wouldn't be possible without them, Ossoff said. Ossoff said India's high pecan tariffs have prevented Georgia pecan exports to this market of more than one billion consumers. He thanked US Trade Representative Ambassador Katherine Tai for her steadfast support, Sandhu for his constructive engagement, Senator Warnock for his teamwork, and Georgia's farmers for their perseverance to secure this ...

The country continues to pay hefty import bills year after year even as the nation is gifted with significant reserves of metals and minerals, the metals and mining magnate noted.

It would mark US President's first major policy step on trade ties between the world's two biggest economic powers

"Ukraine and the UK have legally enshrined the abolition of import duties and tariff quotas in bilateral trade by signing an agreement," the ministry was quoted as saying by Xinhua news agency

The 150% tax on imported liquor has long been a sore point for the industry, and poses a "large challenge" for Pernod Ricard, South Asia CEO Thibault Cuny said

This will be part of an early harvest agreement; officials hope to finalise the interim trade pact by end of this month

Bringing down import tariffs by at least 50 per cent holds the key to achieve competitiveness in India, Ahluwalia said

Tinkering with rates will put off investment and hurt exports

Here's a selection of Business Standard opinion pieces for the day

Union Budget must avoid failed strategy of protectionism

This includes medical equipment, raw materials for baby powders, and high-tech equipment and some commodities

Open-ended tariff protection will affect competitiveness

The Bombay Club of the 1990s had lost its battle against the Rao-Manmohan Singh duo's tariff reduction policy, but has bounced back with greater energy now, thanks to the present regime's backing

Here's a selection of Business Standard opinion pieces for the day

The domestic industry has suffered material injury due to dumping of the product by these nations, according to a notification of DGTR

Long discarded policies like deficit monetisation, loan restructuring, higher tariffs and import licensing had not yielded great results even the first time around, points out T N Ninan

The successful bidders designated as freeports will ultimately be legally outside UK customs territory, with goods imported, manufactured or re-exported without incurring national tariffs

Arvind Panagariya also pointed out that Covid-19 pandemic may lead to integration of global labour market