Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

India proposes 15 pc retaliatory duties on 22 items imported from UK.


Date: 29-09-2022
Subject: India proposes 15 pc retaliatory duties on 22 items imported from UK
In retaliation to Britain's decision to impose restrictions on steel products, India has proposed additional customs duties of 15 per cent on the import of 22 products, including whiskey, cheese and diesel engine parts, from the UK.

In a communication to the World Trade Organisation (WTO), India said it is estimated that the safeguard measures taken by the UK on steel products have resulted in the decline of exports to the tune of 2,19,000 tonnes on which the duty collection would be USD 247.7 million.

Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the UK, it said.

"India hereby notifies the (WTO's) Council for Trade in Goods of its decision to suspend concessions or other obligations under the General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards that are substantially equivalent to the amount of trade affected by the measures of the UK," it added.

The other products include processed cheese, scotch, blended whiskey, gin, animal feed, liquified propane, some essential oils, beauty preparations, cosmetic and toilet preparations, unsorted diamonds, silver, platinum, semi-diesel engine parts, unwrought gold, turbo jets, and certain electric conductors.

India's average imports of semi-manufactured silver from the UK stood at USD 412.68 million. The figure stood at USD 275.22 million for certain silver goods and USD 51.03 million for blended whiskey.

The communication also said that the proposed suspension of concessions would be in the form of an increase in duty on the selected products originating in the UK.

"The suspension of concessions and other obligations will continue to apply until the safeguard measures of the UK are lifted," it said, adding "India wishes to clarify that suspension of concessions will be equivalent to the amount of trade affected by the UKs' measures".

The measures imposed by the UK consist of tariff-rate quotas imposed on 15 steel product categories with an out-of-quota duty of 25 per cent.

Both the countries held consultations on August 5 virtually to discuss the extensions of the safeguard by the UK on certain steel products, originally applied by the European Union.

On September 1, India proposed to impose retaliatory customs duties under the WTO norms on about USD 250 million worth of goods imported from the UK if no agreement is reached on compensation in a case concerning the imposition of restrictions by Britain on steel products.

India has raised concerns at the World Trade Organisation (WTO) over the UK's move.

New Delhi has stated that it has substantial trade interest in the sector.

According to an earlier communication of the WTO, India had submitted its concerns to the UK regarding the manner in which safeguard measures have been extended, which is violative of the global trade provisions and the WTO's Agreement on Safeguards.

India had requested compensation under the agreement.

The bilateral trade has increased to USD 17.5 billion in 2021-22 compared to USD 13.2 billion in 2020-21. India's exports stood at USD 10.5 billion in 2021-22, while imports were USD 7 billion.

Source Name:Economic Times
  
 
 
 
 
 
 
 
 
 
 
 
 

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 01-12-2022
Notification No. 101/2022 - Customs (N.T.)
Exchange rate Notification No. 101/2022-Cus (NT) dated 01.12.2022-reg

Date: 01-12-2022
Notification No. 40/2022-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude.

Date: 01-12-2022
Notification No. 41/2022-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel.

Date: 01-12-2022
NOTIFICATION No. 04/2022-Central Excise (N.T.)
Appointment of the Commissioner of Central Excise and Service Tax (Appeals) as Central Excise officer for the entire territorial jurisdiction of the Principal Chief Commissioner/ Chief Commissioner of Central Excise and Service Tax for the purpose of passing Orders-in-Appeal for the CX & ST appeals filed after 30.06.2017-reg.

Date: 30-11-2022
Notification No. 100/2022-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 29-11-2022
No.98 /2022-Customs (N.T.)
Amendment of notification no. 47/2022–Customs (N.T.), dated the 31st May, 2022

Date: 29-11-2022
NOTIFICATION No. 99/2022-Customs (N.T.)
Amendment of notification number 48/2022-Customs (N.T.) dated the 31st May, 2022

Date: 25-11-2022
NOTIFICATION No. 61/2022-Customs
Seeks to amend certain specific FTA/PTA notifications.

Date: 23-11-2022
NOTIFICATIONNo. 23/2022 – Central Tax
Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022.

Date: 23-11-2022
NOTIFICATION No. 24/2022 – Central Tax
Seeks to make fourth amendment (2022) to CGST Rules with effect from 01.12.2022.



Exim Guru Copyright © 1999-2022 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001