India’s tariff reduction is seen as a regular practice rather than an extraordinary initiative, consistent with past agreements with countries like Australia and the UAE. Ongoing negotiations with the EU and UK also reflect India’s commitment to strengthen trade ties globally.
India’s recent decision to cut tariffs is not an unprecedented move, according to government sources. They emphasized that this action is consistent with India’s historical pattern of engaging in tariff reductions with various developed nations. Specific previous agreements include those with Australia, the UAE, Switzerland, and Norway.
Additionally, negotiations are currently in progress with the European Union and the United Kingdom, indicating India’s ongoing commitment to enhancing trade relations. The discussions with the United States should also be viewed within this broader framework of international trade agreements.
Overall, India’s tariff cut is part of a strategic approach to foster international trade relations, following similar patterns established with other countries. This move aligns with ongoing negotiations with major trading partners, including the EU, UK, and the US, signifying India’s commitment to a more open trade environment.
Original Source: www.livemint.com
