Indian textile exporters are set to get greater market access in China and South Korea, as the union cabinet has approved the exchange of tariff concessions, on margin of preference basis, under the fourth round of negotiations under the Asia Pacific Trade Agreement (APTA) and related amendments.
The APTA is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) for trade expansion through exchange of tariff concessions among developing country members of the Asia-Pacific region.
“Many of the sectors where we benefit are of critical value to us. Particularly, China and Korea have offered textiles, chemicals, pharma, heavy engineering machine tools, gems and jewelery, iron and steel, agri and marine products for us,” Nirmala Sitharaman, commerce and industry minister said.
“On its part, India will give market access to the other members in sectors like railway locomotives, rolling stock, nuclear plants, fissile material, aircraft and spacecraft. These are the items which are procured only by government agencies in India,” she added.
The latest decision of the cabinet would be implemented after it is ratified during the fourth session of the ministerial council of APTA, which is due in January 2017.
The cabinet also gave its approval to amend the preamble of APTA to effect accession of Mongolia as the 7th APTA participating state. Other amendments to incorporate the sectoral rule of origin to the agreement were also approved.
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