Page 2 - World Trade Organisation

Coalition at WTO to help India push for open payment systems adoption: GTRI

Building coalitions with other WTO members will help India push for the adoption of open and interoperable payment systems like UPI with a view to cut the cost of money transfers or remittances, a report by think tank GTRI said on Monday. The dominance of a few large players in the market contributes to these high costs, through complex and opaque fee structures, the GTRI said. It added that India's recommendations to tackle this include encouraging digital transfers, fostering interoperable systems, promoting competition, streamlining regulations, and enhancing pricing transparency. In the ongoing WTO's 13th Ministerial Conference (MC13) in Abu Dhabi, UAE and India will make a strong push for the adoption of open and interoperable payment systems, among WTO (World Trade Organisation) members. The Global Trade Research Initiative (GTRI) said that this proposal is driven by India's belief that such systems can streamline global digital payments, and cut costs by fostering innovation

WTO to open biennial meeting in United Arab Emirates as challenges loom

The World Trade Organisation will open its biennial meeting Monday in the United Arab Emirates as the bloc faces pressure from the United States and other nations ahead of a year of consequential elections around the globe. The WTO's 164 member nations will discuss a deal to ban subsidies that contribute to overfishing, extending a pause on taxes on digital media like movies and video games, and agricultural issues. But headwinds remain for the organisation and the world's economy, particularly as the recovery from the coronavirus pandemic remains uneven across nations. Meanwhile, there are more than 50 elections affecting half the planet's population planned for this year perhaps none more critical for the WTO than the US presidential election on November 5. Running again is former President Donald Trump, who threatened to withdraw the US from the WTO and repeatedly levied tariffs taxes on imported goods on perceived friends and foes alike. A Trump win could again roil global ..

WTO ministerial: Agri reforms to e-com, India to stand ground on key issues

India has found support from a group of developing nations at the WTO, including Africa on this issue. However, developed countries view this as a subsidy for farmers and as a distortion to trade

Asia will continue to stay on course with disinflation: RBI's Patra

Signs are pointing towards alignment with central bank targets, says RBI Deputy Governor Debabrata Patra

WTO informal discussions: India opposes plan for dispute categorisation

WTO members have engaged in informal delegate-level discussions since April 2022, initiated by the US, which is seeking consensus on reforms in the dispute settlement system

Trade rules for the planet and people

The Indian government has announced fiscal incentives for solar cell and module manufacture and imposed higher import duties on Chinese products

Consensus on food security solution at WTO meet next month difficult: GTRI

Reaching an agreement on food stockpile issue at the WTO meet next month is difficult as both developed and developing countries have diverse views on the matter, economic think tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) said that developed countries like the US argue that India's programme could distort trade. The issue will figure in the 13th ministerial conference (MC 13) at Abu Dhabi from February 26-29. MC is the highest decision making body of the 164-member Geneva-based global trade body WTO. "MC13 might not resolve the issue, showing the conflict between developing countries wanting to protect food security and developed countries pushing for free trade," the GTRI said in its report. India's top priorities for the MC13 include securing a permanent solution for its public stockholding (PSH) programme. This programme seeks flexibility in food procurement and pricing, crucial for India's food security needs. The PSH programme is a policy tool unde

India's fight for food security at WTO

Amid scrutiny of its market support for rice, India must remain vigilant in signing future trade deals to safeguard its interests

Global economy, trade normalising, but still not normal: Leaders at WEF

As the World Economic Forum Annual Meeting drew to a close, global leaders on Friday said the economy and trade appeared to be moving towards normalisation but were yet expected to be far from normal. WTO Director-General Ngozi Okonjo-Iweala said the global trade was weak in 2023 before seeing an uptick in the last quarter. "We have been more optimistic about 2024, and I feel, we are moving towards normalisation, but I still don't see it returning to a normal fully," she said at a panel discussion on 'The global economic outlook' on the last day of the WEF Annual Meeting 2024 here. "There are so many uncertainties, and there also so many elections around the world, making it difficult to predict anything," she added. The WTO chief said she would still expect trade growth to be better than in 2024 unless a major war breaks out. She said there are some bright shoots on the trade front, and the trade has been the force for resilience. The WTO chief also said it is politically diffic

India-US forum to discuss import monitoring system for laptops, PCs

The US has sought clarification once again even as India cited national security concerns as a rationale behind its August 2023 decision

India strongly objects to pushing talks on investment facilitation at WTO

India has strongly objected to efforts of certain countries to push a proposal on investment facilitation at the WTO, saying the agenda falls outside the mandate of the global trade body and cannot be deliberated in formal meetings. According to the statement of the Indian delegation in a meeting of the General Council of the World Trade Organisation (WTO), held during December 13-15, negotiation on investment does not belong to the WTO. "I would like to reiterate that Investment Facilitation for Development (IFD), which supposedly facilitated investment, did not pertain to multilateral trade relations. Investment per se is not trade," the statement said. It added that investment covers a wide range of assets or enterprises subject to a separate universe of obligations. "The negative mandate did not allow the Members, desirous of IFD, to pursue it in a multilateral forum upon a consensus," the statement said. It added that certain members began an informal process that did not hav

India faces queries from WTO on PMGKAY extension and rice export ban

Countries, including the United States, European Union, Canada, Australia, Switzerland, and New Zealand, are seeking clarity on the expiry dates of India's export restrictions and duties

Recalibrating SEZs in DESH Bill: Net foreign exchange criterion may return

The announcement of the DESH Bill was made by Finance Minister Nirmala Sitharaman in the Union Budget in February 2022

Centre extends RoDTEP scheme till June 30 amid faltering exports

The scheme has now been extended until 30 June at the same rates for the existing export items

India, Brazil begin talks to resolve sugar related trade dispute at WTO

India and Brazil have started talks to mutually resolve a sugar related trade dispute at the World Trade Organisation (WTO) and as part of the solution the South American nation may share ethanol production technology with New Delhi, an official said. Brazil is the largest producer of sugarcane and ethanol in the world. It is also a leader in the technology used for ethanol production. "Few rounds of talks have been held as part of our efforts to resolve the dispute. We have also held inter-ministerial meetings here. Brazil is saying that they will share with us technology for ethanol (production). It is a positive thing," the official said. Ethanol is used to blend with oil to power vehicles. Use of ethanol, extracted from sugarcane as well as broken rice and other agri produce, will help the world's third largest oil consumer and importing country cut its reliance on overseas shipments. India currently is 85 per cent dependent on imports for meeting its oil needs. Also, it cuts ..

India, EU officials to discuss New Delhi's concerns over carbon border levy

India and the EU established a Trade and Technology Council (TTC) last year, the trade bloc is prepared to engage with India on potential challenges the latter could face due to CBAM's implementation

WTO in survival mode pushes back on splintering the global trade

The WTO estimates that the cost of splitting the world trade system into separate blocs would be about 5 per cent of real income at the global level

Computer import curbs not part of FTP Principles of Restrictions

The duty rates on computer software and hardware were cut to zero after India became a signatory to the Information Technology Agreements (ITA-1 and ITA-2) at the World Trade Organisation

India, China question European Union's unilateral trade policy measures

Certain 'irritants' preventing from achieving full potential of trade: India

Predominantly digital exports fuel India's services trade, shows data

Segment accounts for over 15 per cent of total goods and services exports for India, others