World Trade Organization (WTO) Releases 'World Tariff Profiles (WTP) 2024,' Ranks India as Second-Largest User of Non-Tariff Measures (NTMs) in 2023

World Trade Organization (WTO) Releases 'World Tariff Profiles (WTP) 2024,' Ranks India as Second-Largest User of Non-Tariff Measures (NTMs) in 2023

Daily Current Affairs   /   World Trade Organization (WTO) Releases 'World Tariff Profiles (WTP) 2024,' Ranks India as Second-Largest User of Non-Tariff Measures (NTMs) in 2023

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Category : Miscellaneous Published on: August 03 2024

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  • On July 27, 2024, the World Trade Organization (WTO), in collaboration with the International Trade Centre (ITC) and the United Nations Conference on Trade and Development (UNCTAD), released the 'World Tariff Profiles (WTP) 2024' in Geneva, Switzerland.
  • The report highlighted that India ranked as the second-largest user of Non-Tariff Measures (NTMs) among WTO members in 2023, primarily due to the initiation and imposition of anti-dumping duties, with the USA taking the first position.
  • India's average tariffs decreased to 17% in 2023 from 18.1% in 2022, indicating a reduction in tariff rates over the year.
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