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China reduces tax on medicines imported from India

China reduces tax on medicines imported from India

India and China have agreed to cut the Indian tariff (tariff) on Indian medicines, especially on cancer drugs, imports on China.

This is a big success for India, because it has long been demanding that China open the doors of medicine and IT sector for him.

Since the trade war, China has so far reduced import duty on 8500 Indian products. China will cut trade tariffs from the US faster and cut the import duty on products from India and other countries.

Background:

  • About 43 lakh people are suffering from cancer every year in China. Indian medicines, especially cancer drugs, have huge demand in China because they are very cheap.
  • China has signed an agreement to import five lakh bales from India. Actually, China has imposed a 25 percent duty on imported cotton from the US. By September 2018, cotton export of India is expected to rise up to 21 percent and reach 70 lakh bales.
  • China had reduced customs duty on other products, such as chemicals, agricultural products, medical equipment, textiles, and steel-aluminum, imported from India in June 2018.

Asia-Pacific Trade Agreement:

The Asia-Pacific Trade Agreement (APTA) is a special initiative under the Economic and Social Commission for the UN Asia Pacific, whose objective is to exchange tariff concessions among the developing countries considered as members of the Asia-Pacific region. Business is to be expanded through providing.

It is effective since 1975. APTA is a preferred trade agreement, whereby the limit of duty concession along with the basket of various goods is also extended from time to time during business negotiations.

Q.1 Which country reduces tax on medicines imported from India in 2018?
A. Canada
B. South Korea
C. Russia
D. China
Answer...
Ans: China

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