Total Tariffs on Indian Products to Reach 50% by Month-End: MEA Deems Action Unfair, Unjustified, and Unreasonable
In a recent development, the Ministry of External Affairs (MEA) has expressed its concern over the increase in tariffs on Indian products by various countries. The MEA has stated that the total tariffs on Indian products are expected to touch 50% by the end of this month, which is a cause of worry for the Indian government and the Indian business community.
The MEA has termed this action as unfair, unjustified, and unreasonable. It has also raised the issue with the World Trade Organization (WTO) and has urged the organization to take necessary steps to address this matter.
The increase in tariffs on Indian products has been a recurring issue for the past few years. However, the recent spike in tariffs has raised serious concerns among Indian exporters. The MEA has pointed out that this is not a one-sided issue, as India has also reduced tariffs on several products to facilitate trade with other countries. However, the increase in tariffs by other countries has severely impacted the Indian economy.
The MEA has also highlighted that this increase in tariffs is not in line with the principles of free and fair trade, which is the foundation of the WTO. The MEA has stated that the increase in tariffs is a violation of the WTO’s principles and goes against the spirit of the multilateral trading system.
The Indian government has been taking various steps to promote trade and boost the economy. The ‘Make in India’ initiative launched by the government has been successful in attracting foreign investment and boosting domestic manufacturing. However, the increase in tariffs on Indian products by other countries poses a threat to this initiative and the overall growth of the Indian economy.
The MEA has also pointed out that the increase in tariffs on Indian products is not only affecting the Indian economy but also impacting the consumers in other countries. The increase in tariffs leads to an increase in the prices of Indian products, making them less competitive in the global market. This, in turn, affects the consumers in other countries who have to pay higher prices for the same products.
The MEA has urged the WTO to take necessary measures to address this issue and ensure that the principles of free and fair trade are upheld. The organization must also ensure that the increase in tariffs is not used as a tool for protectionism and does not hinder the growth of developing countries like India.
The Indian government has also been engaging in bilateral discussions with various countries to address this issue. It has been emphasizing the need for a balanced and mutually beneficial trade relationship with other countries. The government has also been urging other countries to reduce tariffs on Indian products to promote trade and investment.
The MEA has reassured the Indian business community that the government is taking all necessary steps to address this issue and protect their interests. The government is committed to promoting trade and boosting the economy, and it will not let the increase in tariffs hinder its efforts.
In conclusion, the increase in tariffs on Indian products by other countries is a cause of concern for the Indian government and the Indian business community. The MEA has termed this action as unfair, unjustified, and unreasonable, and has urged the WTO to take necessary measures to address this issue. The Indian government is also taking various steps to promote trade and protect the interests of the Indian business community. It is time for all countries to come together and uphold the principles of free and fair trade for the benefit of all.
