India Withdraws Retaliatory Duties on Boric Acid and Seven Other US Products
NEW DELHI: In a significant trade move, India has retracted its retaliatory customs duties on eight US imports, including boric acid, chickpeas, lentils, almonds, walnuts, apples, and diagnostic reagents, as confirmed by Peeyush Kumar, the Additional Secretary in the Department of Commerce. This decision comes following India's imposition of these duties in 2019 as a countermeasure to US tariffs on certain Indian steel and aluminium products.
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In the fiscal year 2022-23, the value of these imports from the US amounted to USD 1.08 billion. As part of this trade relaxation, India secured extended market access into the US, with commitments from the latter to approve between 70 to 80 percent of exclusion requests for Indian steel and aluminium products. This approval equates to 3.36 lakh MT, valued at USD 1.01 billion.
Kumar further informed that the prevailing Basic Customs Duty (BCD) rates, along with other applicable charges like surcharge, cess, and IGST, would remain unchanged for these eight products, applicable to imports from all countries, including the US.
In a move to protect domestic apple producers, the government has also established a Minimum Import Price (MIP) of Rs 50 per kilogramme for apple imports from all countries, with the exception of Bhutan, to counteract the potential dumping of low-quality produce and predatory pricing.
To provide clarity on the specific changes: The retracted retaliatory duties include 10% on chickpeas, 20% on lentils, Rs 7-20 per kg on almonds, and 20% each on walnuts, apples, boric acid, and diagnostic reagents. The standing BCD rates for these products range from 7.5% for boric acid to a hefty 100% for walnuts.
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According to the article by Procurement Resource, India has rolled back retaliatory customs duties on eight US products, including boric acid, almonds, and apples, as confirmed by the Department of Commerce's Peeyush Kumar. Initially imposed in 2019 in response to US tariffs on Indian steel and aluminium, the move sees India gaining extended US market access. Current Basic Customs Duty rates on these products remain unchanged, and a protective Minimum Import Price has been set for apple imports.
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