India Extends Export Obligation Period Amid US Tariff Hike
The Indian government has extended the export obligation period from six to 18 months for products needing mandatory quality norms under the advance authorisation scheme. This move is significant in light of the US imposing a 50% tariff on Indian imports, impacting sectors like chemicals.
- Country:
- India
In a strategic move, the Indian government announced on Thursday that the export obligation period for imports requiring strict quality norms under the advance authorisation scheme has been extended from the current six months to 18 months.
This decision is particularly crucial as it comes in response to the United States imposing hefty 50% tariffs on Indian goods entering its market. Exporters foresee significant repercussions on the chemicals sector due to these newly imposed high duties.
The Directorate General of Foreign Trade (DGFT) noted that henceforth, all advance authorisation holders must adhere to the revised regulations, per the norms outlined in the Handbook of Procedures.
(With inputs from agencies.)
Advertisement
ALSO READ
US Tariffs on Indian Goods Spark Diplomatic Dispute
US Slaps 50% Tariffs on Indian Goods Amidst Complex Trade Dynamics
US Tariffs on Indian Goods: Economic Impact and Industry Fallout
Trade Tensions Escalate: U.S. Doubles Tariffs on Indian Goods
Trade Tensions Rise as U.S. Doubles Tariffs on Indian Goods
Google News