India may offer China tariff removal on over 70% goods
Steel industry is particularly worried as China has been dumping iron and steel products in India at a much lower price than the domestic industry can supply at. Photo: Bloomberg
NEW DELHI: India plans to offer tariff elimination on more than 70% traded goods with China over an extended period of time under the ongoing negotiations for a Regional Comprehensive Economic Partnership (RCEP) agreement.
“One cannot go beyond 6% offer on either side of common concession. For example, if common concession is decided at 80% for all countries, then we cannot offer China tariff elimination of less than 74%,” a government official said, requesting anonymity.