India announces duty free market access scheme for LDCs
India on Tuesday announced duty free preferential market access to exports from Least Developed Countries, including 34 such nations in mineral and oil-rich Africa where New Delhi seeks to expand the level of its engagement.
By PTI |
NEW DELHI: India on Tuesday announced duty free preferential market access to exports from Least Developed Countries, including 34 such nations in mineral and oil-rich Africa where New Delhi seeks to expand the level of its engagement.
Under the Duty Free Tariff Preference Scheme for LDCs, India will unilaterally provide preferential market access for exports from all the 50 such nations, Singh said, inaugurating the first India-Africa Forum Summit here.
The scheme will cover 94 per cent of India's total tariff lines, specifically providing preferential market access on tariff lines that comprise 92.5 per cent of global exports of all LDCs, he said.
The products covered include cotton, cocoa, aluminium ores, copper ores, cashew nets, cane sugar, ready made garments, fish fillets and non-industrial diamonds.
He said the initiative was being announced as India recognises the crucial importance of market access in ensuring the development dimension of international trade.
Heads of States and Governments of the African countries appreciated the announcement and said it would boost the much-desired engagement between the sides.
Declaring India's intention to reach out to "mother- continent" Africa, the Prime Minister also announced a number of initiatives for it, including increase in India's Lines of Credit to 5.4 billion dollars over the next five years from 2.15 billion dollars extended between 2003 and 2008.
He emphasised India's commitment to partner Africa in its developmental objectives while announcing decision to undertake projects against grants in excess of 500 million dollars over the next five to six years.
Under the Duty Free Tariff Preference Scheme for LDCs, India will unilaterally provide preferential market access for exports from all the 50 such nations, Singh said, inaugurating the first India-Africa Forum Summit here.
The scheme will cover 94 per cent of India's total tariff lines, specifically providing preferential market access on tariff lines that comprise 92.5 per cent of global exports of all LDCs, he said.
The products covered include cotton, cocoa, aluminium ores, copper ores, cashew nets, cane sugar, ready made garments, fish fillets and non-industrial diamonds.
He said the initiative was being announced as India recognises the crucial importance of market access in ensuring the development dimension of international trade.
Heads of States and Governments of the African countries appreciated the announcement and said it would boost the much-desired engagement between the sides.
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Declaring India's intention to reach out to "mother- continent" Africa, the Prime Minister also announced a number of initiatives for it, including increase in India's Lines of Credit to 5.4 billion dollars over the next five years from 2.15 billion dollars extended between 2003 and 2008.
He emphasised India's commitment to partner Africa in its developmental objectives while announcing decision to undertake projects against grants in excess of 500 million dollars over the next five to six years.
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