India Agrees to Cut Import Duty on American Pistachio by 20 Percent

[2011-06-22 09:22:10]

India has agreed to slash duty on import of American pistachio from 30 percent to 10 percent, according to the US trade office.

Ahead of Commerce and Industry Minister Anand Sharma''s meeting with US Trade Representative (USTR) Ron Kirk tomorrow, the Washington said the move will enlarge market opportunity for its farmers.

"The lowering of this tariff resulted in cheaper pistachios for Indian consumers, a larger market opportunity for American farmers, and increased support of American jobs both on and off the farm," USTR said in a statement.

Until March 2011, the tariff on California-grown pistachio exported to India was an exorbitant 30 per cent, it said.

"Due to the work of USTR on behalf of American pistachio growers, India agreed to reduce the tariff to 10 per cent," it said.

In 2009-10, India imported pistachio worth USD 57.98 million. During the period the US exported the commodity worth USD 17.68 million.

It also said that India was a vital trading partner for the US, with two-way goods trade in 2010 totaling more than USD 48 billion.

In 2010, the US exports to India increased by almost 17 per cent, with top exports including precious stones, machinery, aircraft and fertilizers.

Further, it said that Kirk and Sharma will discuss US-India trade relations tomorrow.

Washington-based US India Business Council (USIBC) has said that in the two-day meeting, both the sides will take stock of the US-India commercial relationship.

Sharma would represent India at the 36th annual conclave of USIBC. The theme of this year''s USIBC Leadership Summit is ''Addressing Challenges, Boosting Ties'', which reflects a growing concern among investors over headwinds that the US-India relationship has recently encountered.

Source: MSN News
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