India's Exciting Move: Reopening its markets for eight US products

During Prime Minister Narendra Modi's state visit to the United States, fruitful discussions took place, leading to a significant decision by India

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India has chosen to remove additional duties on eight American products, namely chickpeas, lentils, apples, almonds, walnuts, boric acid, and diagnostic reagents

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As part of the agreement, both countries have committed to resolving six World Trade Organization (WTO) disputes, contributing to a fair and balanced trade environment

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This move is particularly welcomed by US apple growers, as it reopens the Indian market valued at around USD 120 million, allowing them to regain access and expand their business

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The United States is India's largest trading partner, and this decision signifies a positive step towards enhancing trade relations between the two nations

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Bilateral goods trade between India and the US reached USD 128.8 billion in 2022-23, showcasing the significance of this economic partnership

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This decision will benefit various sectors, promoting economic cooperation and creating opportunities for further growth and collaboration

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India initially imposed additional duties in 2019 as a response to US tariffs on specific steel and aluminium products, citing national security concerns

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The process of removing the duties is expected to be completed within 90 days, and the tariffs will revert to the currently applied most-favoured-nation (MFN) rates after India notifies the change

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