India prioritizes minimum import prices over tariff cuts in US
Business
India is switching things up in its trade talks with the US by focusing on minimum import prices (MIPs) instead of just lowering customs duties.
The goal? To shield local farmers from cheap imports that could mess with homegrown crops and markets.
MIPs offer better protection for sensitive crops
MIPs set a base price for imported goods like maize and fruits, making sure super-cheap products don't flood Indian markets.
Officials say this approach works better than simply cutting tariffs, helping protect sensitive crops under the recently announced India-US trade deal.