Page 3 - World Trade Organisation

US, India withdraw 6 trade disputes: Will this bonhomie sustain over time?

India and the US, despite their robust diplomatic ties, have quibbled on trade issues over the years and across administrations

WTO flags poor utilisation of India scheme for least developed countries

85% of 11,000 products offered at zero tariff remains unutilised

Global trade indicates possible turnaround in second quarter of 2023: WTO

Global goods trade is expected to witness a turnaround in the second quarter of this year due to a recent pickup in export orders, the WTO said on Wednesday. According to the WTO's Goods Trade Barometer, preliminary data suggest that trade remained depressed in the first quarter of 2023. "But the recent pickup in export orders points to an increase in demand for traded goods in the second quarter," it added. These results are broadly consistent with the WTO's most recent trade forecast issued on April 5, which projects 1.7 per cent growth in world merchandise trade in 2023. The WTO's (World Trade Organisation) expectation augurs well for India, which is struggling to push its outbound shipments. India's exports contracted by 12.7 per cent, the third month in a row, to USD 34.66 billion in April even as the trade deficit reduced to a 20-month low of USD 15.24 billion, the government data showed.

Centre asks industry to be ready for EU carbon tax, vows smooth transition

The carbon tax aims to impose a tax on goods imported into the EU from regions where production-stage carbon emissions are higher than those allowed by the mechanism's rules

MOOWR scheme made less attractive

Most manufacturers were reluctant to opt for the MOOWR scheme instead of well-established EOU/SEZ/EPCG schemes. Now, even some MOOWR units may opt out of the scheme and go for the competing schemes

ICT levy dispute at WTO: EU may opt for retaliatory tariffs on Indian goods

The EU had earlier approached India to resolve the matter through the MPIA

WTO panel rules against India in IT tariffs dispute with EU, others

The EU is India's third largest trading partner, accounting for 10.8% of total Indian trade in 2021, according to the European Commission

Investment facilitation for development or trouble?

Germany, Spain, France, Netherlands, and Italy pulled out of the Energy Charter Treaty last year to stave off the ISDS mechanism

Exports up 4.8% to $35.45 billion days after initial data showed a dip

The World Trade Organization (WTO) has also painted a grim picture for the outlook of global trade next year amid fears of a recession

India opposes group consultation on food subsidies programme at WTO

The members had expressed concern with India's "lack of full transparency" in taking recourse to the Bali Decision as well as in replies to certain questions raised in the Agri Committee

Govt considering forming units to build expertise in Free Trade Agreements

The objective of building dedicated units in the FTA areas is to enable India to negotiate deals with other nations at the World Trade Organization from a position of strength

WTO warns 'darkened' trade outlook could deteriorate further in 2023

The World Trade Organisation is predicting global trade volumes will grow a lackluster 1% next year as crises and challenges weigh on markets, including high energy prices, rising interest rates and uncertainties about Chinese manufacturing output amid the lingering COVID-19 pandemic. The Geneva-based trade body said Wednesday that the amount of goods shipped between countries are expected to rise 3.5% this year, up from the 3% that WTO anticipated in its first forecast for the year in April. In 2023, the prediction is for such trade volumes to grow just 1%, down from the 3.4% expected previously. The risks are certainly to the downside next year, WTO Director-General Ngozi Okonjo-Iweala told reporters at its headquarters. This year, the higher predicted increase in trade volumes stems from better data that arrived in the middle of the year, contributing to a clearer forecast, and a boom in trade volumes from oil- and gas-producing countries in the Middle East as supplies from Russ

Hotels, tour operators shed Covid baggage as Diwali promises to sparkle

Group tours at 65-70% of pre-pandemic levels; Southeast Asia, Egypt, and Turkey seeing maximum demand

Hold talks to extend TRIPS waiver to Covid diagnostics: Piyush Goyal to G20

Goyal said if multilateralism was imperilled, the world will not be left with many fora to promote dialogue and diplomacy

Commerce ministry issues norms for engaging consultants

The terms of reference for engagements shall include the functions to be performed and the outputs to be delivered

Top Headlines: Inflation impact on India Inc profit, new SEZ law, and more

The early-bird results for the April-June 2022 quarter hinted at a decline in earnings, even as corporate revenue continued to grow at a fast clip

Congressmen urge Biden to hold India liable for trade distorting practices

A group of US lawmakers have urged President Joe Biden to file a formal request for consultations with India at the World Trade Organisation (WTO) over its "dangerous trade-distorting practices"

MC12: Decisions not impactful, but WTO wins big

The current practice of not imposing Customs duties on electronic transmission will continue till the next ministerial conference (MC13) to be held towards the end of December 2023

Top headlines: India softens stance at WTO meet, what next after 5G & more

Global tech companies are again bracing for a battle with Indian telecom companies, and this time it is over delicensing of the valuable 6-GHz band (5925-7125 MHz).

Glimmers of hope as WTO's global trade talks stretch into final day

Ministers from 100 countries are gathering at WTO's headquarters in Geneva this week to discuss international trade talks