India, China, Taiwan & Korea Report LDC Duty Preference Schemes at WTO Meeting
Four WTO members reported their commitment to opening their markets for products from least-developed countries, at a meeting April 16, 2012, says the World Trade Organization. The four members, India, China, Taiwan, and Korea, provided information on their duty-free schemes at the April 16 meeting of the sub-committee on least-developed countries (LDCs). The sub-committee, a subsidiary body to the Committee on Trade and Development in which all WTO members may participate, is dedicated to discussing issues of particular importance to least-developed members.
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Growing Number of Tariff Lines Duty and Quota-Free for LDCs
According to the WTO, most of the WTO’s developed-country members have set up arrangements to provide duty-free and quota-free market access for the LDCs. Increasing efforts are also being made by developing-country members to open their markets for products from the world’s poorest countries. Efforts by the four countries include:
- India’s duty-free tariff preference scheme is operational with effect from August 2008, and since then duties are being gradually eliminated to bring 85% of its tariff lines under duty-free coverage over a period of 5 years.
- China’s duty-free and quota-free program currently accounts for 60% of all tariff lines and it intends to expand the coverage to 97% in future.
- Taiwan’s duty-free access for LDCs covers nearly 32% of its tariff lines at present.
- Korea expanded its coverage under duty-free and quota-free access in November 2011 by including 95% of its tariff lines and has also made changes in the rules of origin.