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India says it may offer tariff cut in goods

Staff Writer | July 16, 2016
India has agreed to show flexibility in Regional Comprehensive Economic Partnership (RCEP) negotiations and offer further tariff cuts in goods if other member countries agree to a higher level of commitment in trade.
India trade
Global trade   A pre-ministerial meeting July 18-19 in Jakarta
A pre-ministerial meeting on July 18-19 in Jakarta and a ministerial meeting on August 5 in Laos are expected to address these differences among member countries.

“We have conveyed that provided there is meaningful progress in services and investment, India is ready to show flexibility on the goods side with higher percentage of tariff lines with tariff reduction,” a commerce ministry official said, speaking under condition of anonymity.

India has little to gain in getting market access in goods in other countries due to its poor infrastructure and weak manufacturing base, but it thinks it has an upper hand in services negotiations.

India hopes to acquire market access for its burgeoning skilled professionals and easier visa regimes in the RCEP member countries.