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WTO Panel Directs India To withdraw Prohibited Subsidies Under SEZ Scheme Within 180 Days

Capital Market 

A World Trade Organization (WTO) panel ruled on Thursday that Indian export subsidies are prohibited and should be removed following a complaint by the United States. A three-member dispute settlement panel comprising Jose Antonio S.

Buencamino, Leora Blumberg, and Serge Pannatier ruled that India's export promotion schemes violated several provisions of the WTO's subsidies and countervailing measures (SCM) agreement. The panel agreed with US claims challenging export subsidies granted in the form of exemptions from customs duties and a national tax, while rejecting some US arguments. The panel recommends that India withdraw the prohibited subsidies under the SEZ Scheme within 180 days from the date of adoption of the report.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 01 2019. 15:21 IST