PM steps in to save ASEAN-India FTA
TRQ is a specific quota offered to a country for exports at a fixed duty, which is lower than the importing country's normal duty.india Updated: Apr 07, 2006 18:49 IST
The Prime Minister, with his intervention, has removed certain roadblocks regarding sensitive farm products in the ASEAN-India Free Trade Agreement.
A meeting, convened for this purpose on Friday by Manmohan Singh, was attended by Commerce Minister Kamal Nath and Agriculture Minister Sharad Pawar.
Both the ministries have been asked to hold consultations on Tariff Rate Quota (TRQ) approach for these products in the FTA ahead of the Trade Negotiating Committee of ASEAN-India FTA meeting beginning April 24, official sources said.
The Commerce Ministry has mooted TRQs under the FTA to the ASEAN member countries, which export these products in wake of Agriculture Ministry's strong objection to their inclusion in the trade liberalisation programme.
TRQ is a specific quota offered to a country for exports at a fixed duty, which is lower than the importing country's normal duty.
As per the Agriculture Ministry, these commodities form a part of its list of Special Products in the World Trade Organisation and have sensitivities involved.
In some of the commodities like pepper and palm oil, their rising imports from Sri Lanka under the Indo-Sri Lanka FTA has impacted this sector which mainly consists of small growers and manufacturers.