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With the US imposing a reciprocal tariff, India should rework its international trade strategy and consider moving out of "exploitative agreements" in WTO, like TRIPS and TRIMS, the Swadeshi Jagran Manch (SJM) said on Sunday It said the agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) has caused India "huge losses" in royalty expenditure, apart from the negative impact it had on public health. Royalty expenditure by India, which was less than a billion US dollars in the 1990s, has now become more than USD 17 billion a year, the SJM, an affiliate of the Rashtriya Swayamsevak Sangh, said in a statement. While the TRIPS agreement establishes minimum standards for intellectual property rights (IPRs), the agreement in WTO Trade-Related Investment Measures, or TRIMS, limits certain investment measures that distort trade. The US recently announced 26 per cent import duties on India, saying New Delhi imposes high tariffs on American goods. SJM national co-conveno
Swadeshi Jagran Manch (SJM) has dubbed the proposal to introduce 35 per cent GST on "sin goods" like aerated beverages and tobacco products as a "bad idea" as it would lead to smuggling and loss of revenue for the country. Besides, other bodies like All India Consumer Products Distributors Federation (AICPDF) and Indian Sellers Collective -- an umbrella body of trade associations and sellers across the country -- have raised concerns on the recommendations of the GoM on GST rate rationalisation. Earlier this month, the Group of Ministers (GoM) recommended a special rate of 35 per cent on sin goods like aerated beverages, cigarettes, tobacco and related products. The GoM headed by Bihar Deputy Chief Minister Samrat Chaudhary also suggested rationalisation of tax rates on apparel. "Another slab in GST, in the name of luxury and sin goods is primarily a bad idea, which will defeat the very efficiency principle of taxation. Already, a need is being felt among economists that the present
The Swadeshi Jagran Manch on Monday hailed India's success in blocking a China-led investment facilitation pact in the recently concluded WTO ministerial meeting in Abu Dhabi and said it was a "very significant" move for global peace. Addressing a meeting organised here to discuss the outcomes of the WTO ministerial meet which concluded on March 1, Swadeshi Jagran Manch (SJM) co-convenor Ashwani Mahajan said China, joined by more than 120 countries, had tried to push the Investment Facilitation for Development Agreement (IFDA) as a plurilateral agreement at the meet. "China's proposal was presented as if it was going to bring a big revolution in the world. But, its entire efforts to push the addition of IFDA at the 13th WTO ministerial meet collapsed like a pack of cards after India and South Africa took a firm stand against it," Mahajan said. "It was a very significant step for world peace and India should be seen as a saviour for the way it was blocked," he added. Mahajan said th