India and US agreed to end six trade disputes at WTO
India and US agreed to end six trade disputes at WTO: India and the US have agreed to end six trade disputes at the WTO through mutually agreed solutions.
Customs tariffs on 28 American items, including almonds, walnuts, and apples, will be eliminated in India. India decided to lift retaliatory tariffs on steel and aluminium imposed in response to Section 232 national security measures. The US had imposed 25 per cent and 10 per cent import duties on certain Indian steel and aluminium products on the grounds of national security in 2018. After that, India had imposed customs duties on 28 American products in 2019. Now, US has agreed to provide market access to certain Indian steel and aluminium products.
Both countries have agreed to terminate six outstanding disputes at the WTO. The six cases are as follows:
- Countervailing measures on certain hot-rolled carbon steel flat products from India
- Certain measures relating to solar cells and modules
- Measures relating to the renewable energy sector
- Export-related measures
- Certain measures on steel and aluminium products
- Additional duties on some products from the US
The US is the largest trading partner of India. In 2022-23, the bilateral goods trade increased to USD 128.8 billion as compared to USD 119.5 billion in 2021-22.