Thursday, May 19, 2011

India's trade liberalization story in a graph

This graph (via this Vox post) captures the decline in average tariffs in the major US export markets. As can be seen, India's unilateral reduction of its applied tariff average from 40% in 1995 to about 10% today, is the most aggressive trade liberalization by any country, even discounting for the fact that it had the highest tariffs to start with.

Note the significant progress in the initial years of the Doha Round and the relative stalemate in recent years.

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