Economics · Economy
Consider the following statements: Statement I: Reciprocal tariff reductions under bilateral trade arrangements do not automatically require India to extend identical tariff concessions to all WTO members when such reductions are provided within WTO-permitted preferential frameworks. Statement II: Exclusion of agriculture and dairy from a bilateral tariff arrangement is automatically WTO-consistent merely because these sectors are politically sensitive for domestic stakeholders. Statement III: Preferential tariff concessions in bilateral arrangements can be selectively extended outside WTO-recognised exceptions, as long as they remain within India's bound tariff commitments at the WTO. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither Statement II nor Statement III is correct.
- 2Only one of the Statements II and III is correct, and that explains Statement I.✓
- 3Both Statement II and Statement III are correct, but only one of them explains Statement I.
- 4Both Statement II and Statement III are correct, and both of them explain Statement I.
Correct answer
Only one of the Statements II and III is correct, and that explains Statement I.
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