India's tariffs are within its bound rates under the World Trade Organization (WTO) commitments, and the country is ready to discuss trade-related issues with the US, said an official communication issued by the country's Commerce and Industry Ministry on Tuesday.
It said that in a few instances, specific US requests were "not found reasonable and doable" at this time by various concerned government departments, in the light of public welfare concerns reflective of India's developing country status and its national interest.
The communication came in response to US 60-day withdrawal notice to India on the Generalized System of Preferences (GSP) benefits.
GSP benefits are envisaged to be non-reciprocal and non-discriminatory benefits extended by developed countries to developing countries. In India's case, the GSP concessions extended by the US amounted to duty reduction of only $190 million annually, said the ministry's statement.
It further stated: "The issue of Indian tariffs being high has been raised from time to time. It is pertinent that India's tariffs are within its bound rates under WTO commitments, and are on the average well below these bound rates. India's trade weighted average tariffs are 7.6 percent, which is comparable with the most open developing economies, and some developed economies. On developmental considerations there may be a few tariff peaks, which is true for almost all economies."
The statement also said: "India was agreeable to a very meaningful mutually acceptable package to be agreed to at this time, while keeping remaining issues under discussion in the future."
