Page 5 - Wto

Exporters seek more sops for value-added products under Rodtep scheme

Say current structure provides higher refund rates on lesser value-added goods

India-Canada tensions: Multi-billion economic deals at risk if rift widens

But, experts say there may not be an immediate impact

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

India agrees to cut import duty to 5-10% on some processed food items

Although the duty reduction stems from negotiations between India and the US, the tariff cut will apply to all countries in line with WTO rules

G20 commits to WTO reforms, aims for dispute settlement system by 2024

The G20 leaders on Saturday expressed their commitment to conduct discussions for having a fully and well-functioning dispute settlement system of the World Trade Organisation (WTO) by 2024. Besides formulating norms for global exports and imports, the Geneva-based 164-member multi-lateral body adjudicates trade disputes among the member countries. The dispute settlement mechanism of the WTO has been derailed due to a non-functional appellate body since December 2019. "We reiterate the need to pursue WTO reform to improve all its functions through an inclusive member-driven process, and remain committed to conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024, the G20 declaration said. It said that the leaders expressed commitment to work constructively to ensure positive outcomes at the WTO's Thirteenth Ministerial Conference (MC13). MC, which is the highest decision-making body of the WTO, is schedul

India, US settles last trade dispute at WTO over poultry products

India and the US have settled the last trade dispute at the World Trade Organization (WTO) over poultry products, according to a joint statement released on Friday. With this, the two countries have mutually resolved all the seven pending trade disputes at the WTO. "The leaders lauded the settlement of the seventh and last outstanding WTO dispute between India and the United States. This follows the unprecedented settlement of six outstanding bilateral trade disputes in the WTO in June 2023, the joint statement said. It was issued after the meeting of Prime Minister Narendra Modi and United States President Joseph R Biden, Jr., here. Biden is here to attend the G20 Summit to be held on Saturday and Sunday. Modi and the US President vowed to "deepen and diversify" the bilateral major defence partnership while welcoming forward movement in India's procurement of 31 drones and joint development of jet engines. In their over 50-minute talks, the two leaders deliberated on India's G20

India, EU ask WTO not to adopt ruling on ICT import duties till Dec 18

India and the European Union have again asked the WTO's dispute settlement body not to adopt a ruling against New Delhi's import duties on certain information and technology products till December 18 as both sides are engaged in bilateral talks to resolve the matter. Earlier, the two regions sought time till September 19 by making a similar request in June. The WTO's dispute settlement body (DSB) will meet on September 19 in which it would consider adopting a draft decision shared by India and the European Union (EU). "We consider that the draft DSB decision, if adopted, would facilitate the resolution of the dispute," according to a communication of the World Trade Organisation (WTO). For that meeting, they urged the DSB not to adopt the WTO's dispute settlement panel's ruling of April 17, which stated that India's import duties on certain information and technology products are inconsistent with the global trade norms. As per the rules of the WTO, the panel's ruling will have to

Brics enlargement in hope of getting heard

The Brics leaders opposed trade barriers, including those under the pretext of tackling climate change, imposed by certain developed countries and reiterated their commitment to enhancing coordination

Value chains to MSMEs, G20 ministerial meeting lays out focus areas

The ministerial meeting occurred against the backdrop of the global challenges that international trade growth has been facing

India, US looking at ending poultry dispute at WTO, says official

After mutually resolving six trade disputes with the US at the World Trade Organization (WTO), New Delhi and Washington are now trying to engage in ending their last pending dispute over poultry products, a senior government official said on Thursday. In July, India and the US mutually resolved six trade disputes pending at the WTO, in line with the commitment made by the two countries during the US visit of Prime Minister Narendra Modi in June. The six disputes include three initiated by India and as many by the US. The official said that now the two countries have resolved six out of seven trade disputes, and we are trying to resolve the seventh also. This matter along with some others are expected to figure during the bilateral meeting of Commerce and Industry Minister Piyush Goyal and US Trade Representative (USTR) Katherine Tai in New Delhi. The official added that both countries are also exploring participation of their companies in government procurement systems in either .

Smooth functioning of dispute settlement mechanism in WTO reforms: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said that the smooth functioning of the dispute settlement mechanism and consensus-based decision-making process of the World Trade Organisation (WTO) are key in the process of the reforms of the Geneva-based body. Several developed countries including the US are pitching for WTO reforms. It is also one of the priority areas of discussion in the meeting of trade and investment meetings here. G20 member countries are gathering here for that meeting. Goyal also said that common but differentiated responsibility (CBDR) should be there in the reforms as different countries have different levels of economic development. The dispute resolution mechanism, which is not working properly for the last few years, needs to be re-established consensus based decision-making should continuethese are few central principles, which should be there in the WTO reforms, he told reporters here. Goyal held a bilateral meeting with WTO Director-Gene

License to lease: How WTO provision became tool for nations to curb imports

While a WTO challenge to India's import curbs on laptops, tablets and personal computers may not happen anytime soon, how it implements the notification will be under close scrutiny

WTO ranks India 18th in merchandise exports

India is ranked 7th in the list of services exporters with exports of $309 billion and 4.4 per cent of global services trade share

Trade experts urge India not to ratify WTO contract on fisheries subsidies

Trade experts and some members of civil society have urged India not to ratify the fisheries subsidies agreement agreed upon by the World Trade Organisation members in Geneva last year and instead commence talks for a comprehensive pact. Members of the Geneva-based WTO on June 17, 2022, secured a 'Geneva Package' which included agreements on curbing harmful fishing subsidies and temporary patent waivers for the production of COVID-19 vaccines. The fisheries agreement finalised would prohibit developed countries, engaged in distant water fishing, not to provide subsidies for illegal, unreported and unregulated fishing activities. However, the countries have to negotiate about the other issues of the agreement which include overfishing and overcapacity. "We urge the government not to ratify this unequal agreement. Instead, the government should begin talks on the comprehensive agreement which is already mandated about disciplines for industrial fishing nations under Article 5 pertaini

India, US mutually resolve all 6 trade disputes at WTO following PM's visit

India and the US have mutually resolved all six trade disputes pending at the World Trade Organisation (WTO), in line with the commitment made by the two countries during the US visit of Prime Minister Narendra Modi last month, an official said. The official said that both countries have informed the WTO's dispute settlement body (DSB) about the resolution of all the pending disputes. The WTO has already issued a communication with regard to one of the disputes related to the imposition of additional customs duties by India on 28 US products. The official added that the remaining five communications would also be issued by the WTO. "The United States and India are pleased to notify the DSB (dispute settlement body), in accordance with Article 3.6 of the Understanding on Rules and Procedures Governing the Settlement of Disputes, that the parties have reached a mutually agreed solution to the matter raised in this dispute," according to a communication of the WTO dated July 17. The

India raises concerns over carbon tax, deforestation regulation in WTO meet

A number of countries, including India, Russia, and Brazil, have flagged concerns over European Union's (EU) carbon tax and deforestation regulation in a meeting of the World Trade Organisation (WTO) in Geneva, stating that these measures would affect their industries, an official said on Friday. These countries raised the issues in a two-day meeting of the WTO's Council for Trade in Goods, which concluded on July 7 in Geneva. On EU's deforestation regulation, India said that the agriculture sector in developing countries is a key driver for employment as well as economic well-being for a large part of the population and it was unfortunate that the EU is making policy choices, which directly harmed economic interests of these socio-economic groups, the Geneva-based trade official said. The EU's regulation will enter into application on December 29, 2024, with an additional six months flexibility for small enterprises. Nine WTO members Indonesia, Russia, Brazil, Ecuador, India, Per

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

India doubles its share of global commercial services exports in 2005-2022

India has doubled its share of global commercial services exports to 4.4 per cent in 2022 from 2 per cent in 2005, according to a World Bank and World Trade Organization (WTO) report. "China and India doubled their share of global commercial services exports from 2005 to 2022, from 3.0 per cent to 5.4 per cent, and from 2.0 per cent to 4.4 per cent, respectively," it said. The report titled 'Trade in services for development' also said that in India, South Africa and Trkiye, jobs directly linked to cross-border services exports account for more than 10 per cent of total services sector jobs. "The developing economies' impressive trade performance under this expanded measure of trade in services is largely due to four economies that rank as leading services exporters and importers-- China; Hong Kong; Singapore; India," the report said. It added that India and the Philippines will need to upskill and reskill their workforces and invest in the development of their domestic services ..

The rise of bilateralism

Depending solely on bilateral trade agreements is unwise

Disputes at WTO will end when third parties also relinquish rights

The Dispute Settlement Body (DSB) at the WTO is dysfunctional because the US has blocked the appointment of judges to hear the appeals emanating from the DSB panel decisions