In a move to help boost the economies of poor nations, four developing countries, including India, have informed the WTO of their intentions to further open their markets for least-developed countries (LDCs).
India is among the fastest growing markets for exports from LDCs, which have about 12 per cent of the global population, but account for less than 2 per cent of world's GDP and about 1 per cent of global trade in products.
The four countries are India, China, Taiwan, which goes under the designated name of Chinese Taipei, and Korea.
Tthe WTO said on its website, "Four WTO members (India, China, Chinese Taipei and Korea reported their commitment to opening their markets for products from least-developed countries (LDCs)...reflecting increased efforts by the developing economies to improve market access conditions for exports from the poorest countries."
At a meeting of the sub-committee on least developed countries held this week, the four countries have provided information on their duty-free schemes. The committee is dedicated to discuss issues of particular importance to LDCs.
India's duty-free tariff preference scheme went operational in 2008, and since then duties are being gradually eliminated to bring 85 per cent of its tariff lines under duty-free coverage (for LDCs) over a period of five years.
India's trade with Africa, a continent which comprise maximum number of LDCs, has increased to $16.28 billion in 2010-11 from $10.3 billion in the 2009-10.