New Delhi: India plans to pull its tariff regime closer in line with global norms to prepare for new regional trade pacts being negotiated by advanced economies, the government said on Wednesday.
India has not been invited to join pacts such as the US-led 12 country Trans-Pacific Partnership (TPP) and is “not in a position to join,” partly because its tariffs are not competitive, a top official said at the unveiling of a new five year trade policy.