Industry & Economy
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Foreign Trade
`US, EU should switch over to ad valorem duty'
Our Bureau
New Delhi
,
March 18
TRADE Ministers of Group of Twenty (G-20) developing countries on Friday held that there cannot be any progress in tariff-reduction formula negotiations unless the European Union (EU) and the US changed their specific duty or non-ad valorem duties to ad valorem duties.
Speaking to presspersons at the end of the first day's deliberations in the G-20 Ministerial meeting, the Commerce and Industry Minister, Mr Kamal Nath, said that the "switchover to ad valorem by the EU and the US would be a pre-condition for progress in tariff reduction formula negotiations in both agriculture and industrial goods."
He pointed out that more than half of the EU agriculture tariff lines and one-third of the US tariff lines are of non-ad valorem type. He added that G-20 would continue to play a critical role in changing the dynamics of negotiations in the WTO in favour of developing countries.
Meanwhile, in a separate press statement, the G-20 ministers expressed concern that "some WTO members continue to prevent progress on the question of ad valorem equivalents."
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