ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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From 50 Years Ago: India-US Tariff Cuts

 

Editorial from Volume XIV, No 26, June 30, 1962.
 

At a time when India’s export prospects in Britain, her largest single customer, are overshadowed by the possible impact of Britain’s entry into the European Common Market, the agreement reached between the USA and India for lowering duties on some of our major exports to the USA comes as a welcome relief. The agreement covers 28 Indian export products, important among them being jute manufactures, coir manufactures, cashewnuts, sandalwood oil, buffalo hides, leather, etc. The agreement is on a reciprocal basis and, in return, India is to give concession in respect of import duties on 25 American products such as metal-working machinery, specialised textile machinery, component parts, chemical raw materials, etc. But there is one difference regarding the concession to be granted by ­India. In respect of 17, out of a total of 25 US items, Indian concession would take the form of an assurance that India would not raise duties on them above the existing level…

From India’s view-point, the most valued part of the agreement is that relating to jute manufactures, US being the largest single market for Indian jute goods…

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