• UGI USER
  • Jun 07, 2023
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Duty-Free Quota-Free (DFQF) Scheme

News: The Duty-Free Quota-Free (DFQF) programme is still not being used by the LDC countries, according to a report from the least developed countries group at the World Trade Organisation (WTO).

At the WTO Hong Kong Ministerial Meeting in 2005, the decision to grant duty-free quota-free (DFQF) access to LDCs was made for the first time.

In 2008, India became the first developing nation to offer this capability to LDCs, opening up the market to 85% of its total tariff lines.

The programme was expanded in 2014 to give LDCs privileged market access on approximately 98.2% of India’s tariff lines.

Organisation for World Trade (WTO):

 

It was established on January 1st, 1995, and was the result of the Uruguay Round of Negotiations from 1986 to 1994.

It is the only international organisation on a worldwide scale that deals with international trade regulations.

It is the General Agreement on Tariffs and Trade’s (GATT) replacement.

Making sure that trade moves as easily, reliably, and freely as possible is the core goal of the WTO.

The Most Favoured Nation (MFN) Principle and the National Treatment Principle round out the list of additional principles.

Decisions are made by consensus among the countries that make up the organisation, which is “member-driven.”