India can initiate a lot of “rationalisation” of its tariff regime to help it take a more proactive role in the World Trade Organization (WTO), despite the one-too-favourable global situation. This exercise aims to reduce its average Most- Favoured-Nation Treatment (MFN) “applied” tariffs substantially and withdraw most export promotion schemes. Even in the WTO negotiations, New Delhi can achieve major gains by even lowering “bound” rates of tariffs, even if it were not up to the applied rates, suggests a comprehensive paper prepared by the economic division of the Union Finance Ministry.