Recent Tariff & Trade Policy Changes

• India – Cotton Import Duty Waived: India has announced the waiver of its import duty on cotton, effective immediately. This policy change aims to support the domestic textile industry and help meet strong export demand.
• India – Increased Import Duties on Precious Metals: India has raised import duties on gold, silver, and platinum. This measure is intended to protect the Indian economy amidst prevailing global uncertainties.
• India-Oman – Duty-Free Market for Agri Exports: A Comprehensive Economic Partnership Agreement (CEPA) between India and Oman is set to be implemented, establishing a duty-free market primarily for Indian agricultural exports to Oman.

Key Takeaway

The most significant recent trade policy adjustments impacting import costs are concentrated in India, which has both reduced duties on cotton and increased them on precious metals, while also forging a new duty-free trade agreement with Oman for agricultural products.