Howrah News Service -  Latest news and headlines on Howrah,West Bengal and World: India's concession to Africa to cover 94 per cent of imports 

India's concession to Africa to cover 94 per cent of imports
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NewsByte on 08 April, 2008 10:46:00
 
Singh is convinced that the free people of a new Africa and a new India will
come even closer through mutually beneficial relationships based on equality and
fraternity.
According to officials, some of the items that will be of immediate interest to
African exporters include cotton, cocoa, aluminium ores, copper ores, cashew
nuts, cane sugar, readymade garments, fish fillets and non-industrial diamonds.
The prime minister announced the Duty Free Tariff Preference Scheme for Least
Developed Countries at the first India-Africa Summit in the Capital being
attended by leaders of 14 African countries, including 10 heads of state and
government.
"We recognise the crucial importance of market access in ensuring a development
dimension of international trade," Manmohan Singh told at the inaugural session
held at e Vigyan Bhavan in the Capital. "The scheme will cover 94 per cent of
India's total tariff lines. Specifically, it will provide preferential market
access on tariff lines that comprise 92.5 per cent of global exports of all
least developed countries," he added.
Commerce ministry officials said that India was the second developing country
member of the World Trade Organisation (WTO) after Brazil to offer such a major
package to 50 least developing countries, 34 of them in Africa. "We have
fulfilled the promise made under the Honk Kong Declaration," said a top commerce
ministry official, referring to the WTO Ministerial Meeting in December 2005
where concessions were proposed to these countries. "Our commitment is for
duty-free, quota-free access. We will certainly work on the rules of origin, but
it may not be as stringent," the official added.
The rules of origin demand certain minimum value addition to merchandise
exports to qualify for duty-free access. Otherwise, exports from developed
countries can be re-routed and can go against the spirit of the preferential
concession.(IANS)