India rules out immediate impact of WTO panel ruling on IT tariffs

India has ruled out any immediate impact from a World Trade Organization (WTO) panel ruling that the Asian country violated global trading rules by imposing tariffs on some IT products, the country's government said in a statement on Tuesday.

"As per the available Dispute Settlement procedures, India is taking the necessary steps, and is also exploring options available in light of its WTO rights and obligations," the government said.

Such options could include a plan to appeal against the ruling, Reuters has reported.

Last week, the WTO panel gave its ruling related to a 2019 dispute with the European Union, Japan and Taiwan over import duties on IT products.

In 2019, the EU challenged India's introduction of import duties of between 7.5% and 20% for a wide range of IT products, such as mobile phones and components, as well as integrated circuits, saying they exceeded the maximum rate. Japan and Taiwan filed similar complaints that same year.