India on April 8 announced a Duty Free Tariff Preference Scheme for imports from as many as 50 Least Developed Countries (LDCs), 34 of which are in Africa, recognising the crucial importance of market access in ensuring the development dimension of global trade.
At the two-day India Africa Forum Summit here, the Prime Minister, Dr Manmohan Singh, said that under the scheme India would unilaterally provide preferential market access for exports from all 50 LDCs. The scheme would encompass 94 per cent of India''s total tariff lines, and more particularly it would extend preferential market access on tariff lines that comprise close to 93 per cent of global exports of all LDCs, said the PM. Products of immediate interest to Africa which are covered under the scheme include cotton, cocoa, aluminium ores, copper ores, cashew nuts, cane sugar, ready-made garments, fish fillets and non-industrial diamonds. The Prime Minister said that over the last five years, India has extended lines of credit to African nations and trading groups worth $2.15 billion and this was expected to double to $5.4 billion over the next five years.
At the two-day India Africa Forum Summit here, the Prime Minister, Dr Manmohan Singh, said that under the scheme India would unilaterally provide preferential market access for exports from all 50 LDCs. The scheme would encompass 94 per cent of India''s total tariff lines, and more particularly it would extend preferential market access on tariff lines that comprise close to 93 per cent of global exports of all LDCs, said the PM. Products of immediate interest to Africa which are covered under the scheme include cotton, cocoa, aluminium ores, copper ores, cashew nuts, cane sugar, ready-made garments, fish fillets and non-industrial diamonds. The Prime Minister said that over the last five years, India has extended lines of credit to African nations and trading groups worth $2.15 billion and this was expected to double to $5.4 billion over the next five years.
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