India to cut tariffs on imports from China and Vietnam by 15 per cent
- by admin
India is set to cut duties on the country’s biggest imports from the three major trading partners of China, Vietnam and the United States by 15 percent, the government said.
The government will also ban imports of Chinese-made machinery from Vietnam, which imports nearly 80 per cent of India’s manufactured goods.
It also will ban imports from Vietnam of Chinese cars, which account for more than 90 per cent on Indian exports.
India will also scrap the 30 per cent import duty on machinery manufactured in China and a 15 per-cent import duty for its biggest imports, the Ministry of Commerce and Industry said on its website.
The tariffs will be scrapped for most imported machinery, including the major equipment like steel mills and steel tools.
India’s trade deficit with China stood at $2.45 billion in 2017.
It has a $17.6-billion trade deficit and an annual trade deficit of $5.5 billion.
India is set to cut duties on the country’s biggest imports from the three major trading partners of China, Vietnam…
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