Why this agreement matters.
- ✓ MFN: no country treated less favourably than most favoured partner
- ✓ India average MFN tariff ~13% goods
- ✓ FTAs reduce this to 0-5% on covered lines
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WTO MFN Framework — Baseline for All Non-FTA Trade
WTO MFN — Active ✅. India WTO member — MFN is baseline for all non-FTA trade. Trade: USD 24T world trade.
India WTO member — MFN is baseline for all non-FTA trade
Aggregate trade volume among parties: USD 24T world trade
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