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INDIA: Extended Duty Concessions Expected to Boost Trade Links with China

Trade between India and China is set for a boost following the announcement by the New Delhi parliament that 3,142 product lines are to benefit from duty concessions. The decision, coming on the heels of the latest round of negotiations related to the Asia-Pacific Trade Agreement (APTA)[1], sees a significant increase on the 570 product lines currently entitled to such concessions.

At present, APTA is the only existing trade agreement between India and China, with this latest move seen as helping to pave the way for the ultimate adoption of the Regional Comprehensive Economic Partnership (RCEP)[2] treaty, a proposed free trade agreement between the ASEAN bloc and six of its key trading partners - Australia, China, India, Japan, South Korea and New Zealand.

The new concessions are scheduled to come into effect in January 2017.

[1]  APTA is a preferential trade agreement open to developing country members of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) in the Asia-Pacific region. Its current members are Bangladesh, China, India, Laos, South Korea, and Sri Lanka. Mongolia will become the seventh member in January 2017.

[2]  RCEP is a proposed free trade agreement (FTA) currently being negotiated between the ten member countries of the ASEAN and the six countries with which the ASEAN has existing FTAs - Australia, China, India, Japan, South Korea and New Zealand.

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