Cabinet Okays Proposal To Ease Import Restrictions

The Union cabinet yesterday cleared a commerce ministry proposal which seeks to specify a schedule for the easing of quantitative restrictions in respect of imports, in keeping with the agreement arrived at under the umbrella of the World Trade Organisation (WTO).

India is among six of the 105 countries which are signatories to GATT, which still resort to quantitative restrictions, especially in agricultural product imports to safeguard the interests of its farm sector.

India has to file a response to the WTO before June 1, since its balance of payments position has improved following increased inflow of foreign direct investment with the advent of liberalisation.

 

Developing countries like India would still have the power to safeguard their interests through the imposition of tariffs and anti-dumping duties in the event of an attempt by any developing country to dump outdated technology and products in their markets, sources said.