India tells WTO it will further open market for LDCs
New Delhi: Four developing countries, including India, have told the WTO they would further open their markets for least-developed countries, a move which will help boost the economies of the poor nations.
"Four WTO members (India, China, Chinese Taipei and Korea reported their commitment to opening their markets for products from least-developed countries (LDCs)...Reflecting increased efforts by the developing economies to improve market access conditions for exports from the poorest countries," the WTO said on its website.
At a meeting of the sub-committee on LDCs held this week, these members have provided information on their duty-free schemes. The committee is dedicated to discuss issues of particular importance to LDCs.
India's duty-free tariff preference scheme is operational since 2008, and since then duties are being gradually eliminated to bring 85 percent of its tariff lines under duty-free coverage (for LDCs) over a period of five years, it said.
India is among the fastest growing markets for exports from LDCs.
The LDCs comprise about 12 percent of the world's population, but account for less than 2 percent of world's GDP and about 1 percent of global trade in products.
India's trade with Africa, a continent which comprise maximum number of LDCs, has increased to USD 16.28 billion in 2010-11 from USD 10.3 billion in the 2009-10.
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