About 85 per cent of about 11,000 products offered at zero tariff by India to least developed countries (LDCs) under the duty-free quota-free (DFQF) scheme of the World Trade Organisation (WTO) remains unutilised, according to a report by the LDC Group at the multilateral trade body.
The decision to provide duty-free quota-free (DFQF) access for LDCs was first taken at the WTO Hong Kong Ministerial Meeting in 2005. The decision requires all developed and developing country members declaring themselves in a position to do so, to provide preferential market access for all products originating from all LDCs. India became the first developing country to extend this facility to LDCs in 2008, providing market access on 85 per cent of India’s total tariff lines to better integrate LDCs into the global trading system and improve their trading opportunities.
This story is from the June 03, 2023 edition of Business Standard.
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This story is from the June 03, 2023 edition of Business Standard.
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