India to prevent cheap Chinese goods flooding its market
India plans to adopt a new approach to tariff cuts at the 16-country trade bloc to block China from flooding its market with cheap goods, The Economic Times.
India's commerce department is working on ways to give minimum tariff concessions to Chinese goods and delay the concessions by a long number of years even as it allows imports from other member countries at lower duties.
The move came after the increasing trade deficit India has with Beijing.
India is looking to treat Chinese products differently as part of the Regional Comprehensive Economic Partnership (RCEP) trade negotiations.
India hopes this longer phasing out of tariff concessions and differential treatment, called “deviations”, will become the basis for RCEP negotiations. The new approach comes ahead of the next ministerial meeting on November 3-4 in the Philippines.