GilesAntoinette - China Automobile Expert-CNAUTO

If New Delhi takes restrictive measures, Reuters will face fines for not doing so. Mumbai: Traders seeking licenses to import tires must submit an undertaking stating that they will only buy tires that are not made locally. If New Delhi tries to restrict imports and encourage local manufacturing, it will be penalized. The Directorate General of Foreign Trade (DGFT) has asked importers to provide relevant records for the last three years. In the last three years, they were allowed to import only 40% of their average trade volume. The Economic Times reviewed the text of the commitment. DGFT in 2019 “We request you to import only non-Indian tires as per the license issued by the agency,” the year to importers said in a letter Sources told The Economic Times that around 170-200 traders have filed affidavits for import licenses so far. India had brought tire imports under the restricted category in June to prevent dumping, especially from China. The company now needs...

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