As India's largest source of goods imports, in 2019, India imported from China nearly 20% of chemical products and 4.6% of plastics and rubber, with a total value of 13.601 billion US dollars and 3.11 billion US dollars, the commodity market exceeded $16.7 billion!
Since the Sino-Indian military clashes in the Gallevan Valley on the evening of June 15, India has also initiated various "countermeasures" against China. In addition to the upgrading of military preparedness, India also plans to make a fuss about Chinese imports. Plasticized upstream and downstream industries are inevitably affected.
Among many industries, the Indian authorities were the first to deal with the chemical industry. After all, China, as India’s main source of imports of commodities, will certainly include measures against imported commodities in its “Countermeasures”. In 2019, India’s total imports of electronic products, industrial machinery and organic chemicals from China are close to US$70 billion.
Just on the 19th local time, India launched an anti-circumvention investigation on Polytetrafluoroethylene (PTFE), to examine whether China’s PTFE products have been changed to PTFE Products (PTFE Products) ) Export to India to circumvent anti-dumping measures. The case involved products under Indian customs codes 3904, 3907, 3910, 3916, 3917, 3918, 3919, 3920, 3921, 3922, 3923, 3924, 3925 and 3926.
According to reports, the Bureau of Indian Standards is also developing stricter standards for at least 370 products to ensure that products that can be produced locally will not be imported. Products include chemical, steel, electronics, heavy machinery, furniture, paper, industrial machinery, rubber products, glass, metal products, pharmaceuticals, fertilizers and plastic toys.
In this regard, Louis Kuijs, a senior economist at the World Bank, commented: "If India uses countermeasures such as raising trade barriers, such as raising tariffs on imports from China, then for Indian companies and consumers, Means a higher cost of money and time." After all, India’s trade deficit with China has continued to expand in recent years.
According to foreign media reports, the military confrontation between China and India threatens economic relations. India plans to implement strict quality control measures and increase tariffs on products imported from China. The source said that the Indian Bureau of Standards is establishing stricter standards for at least 370 products to ensure that these products can be produced domestically without imports. In addition, India is also discussing increasing import tariffs on products such as furniture, air-conditioning compressors and auto parts.
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