Page 6 - Wto

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

India in bilateral talks with Brazil to resolve sugar dispute at WTO

India is in negotiations with Brazil to resolve a sugar dispute at the World Trade Organisation (WTO) and the commerce ministry is coordinating with concerned departments for the same, government sources said. India is also following a similar process for other complainants of the sugar dispute at the Geneva-based WTO, they said. In 2019, Brazil, Australia and Guatemala dragged India into the WTO's dispute settlement mechanism alleging that New Delhi's sugar subsidies to farmers are inconsistent with global trade rules. The Department of Commerce is coordinating with all the concerned line ministries to arrive at possible alternatives, one of the sources, who is aware of the development, said. The exercise assumes significance as a WTO dispute settlement panel on December 14, 2021, ruled that India's support measures for the sugar sector are inconsistent with the global trade norms. In January 2022, India appealed against the panel's ruling at the WTO's appellate body, which is th

India-US to end six outstanding WTO disputes in move to boost economic ties

Both sides will notify WTO's dispute settlement panel within a month that disputes are being bilaterally resolved and urge it to withdraw three cases each, slapped against each other

US, India decision to end trade disputes a big victory, says Piyush Goyal

The decision of the US and India to end six major trade disputes at WTO is a "big victory" and will be mutually beneficial for both countries, Commerce and Industry Minister Piyush Goyal said on Friday. He said resumption of talks at the Trade Policy Forum has started yielding significant results. India and the US have agreed to end six trade disputes at the World Trade Organization while New Delhi will also remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples. A joint statement issued after the meeting of Prime Minister Narendra Modi and US President Joe Biden in Washington said the two leaders welcomed the resolution of six outstanding WTO disputes through mutually agreed solutions. "It is a big victory for India and is a mutually beneficial arrangement for both countries," Goyal told reporters here. He said, now there are no pending India-US disputes at WTO. On the poultry case, he said both sides are discussing it and will find a

Top headlines: Byju's sacks staff, Zee Ent terms Sebi's order unjustified

Business Standard brings you the top headlines at this hour

India plans to challenge European Union's carbon border tax at WTO

The CBAM's transition phase will kick in from October, followed by levying carbon tax from January 2026

India-EU case: WTO agrees to defer adoption of panel's ruling till Sep 19

The WTO's dispute settlement body on Thursday agreed not to adopt a ruling against India's import duties on certain information and technology products untill September 19, following a request for the same by the country and the European Union (EU). Both regions have requested this as they are engaged to resolve the dispute bilaterally. The World Trade Organisation (WTO) in a statement said that the members have agreed at a meeting of the Dispute Settlement Body (DSB) on June 15 to a request from the EU and India to grant it additional time to consider the adoption of the panel ruling. In a communication to the World Trade Organisation earlier this month, both regions have called for a special meeting of the WTO's dispute settlement body (DSB) on June 15. They had asked the DSB not to adopt the ruling, which was given by a WTO dispute settlement panel in April. The dispute panel of the WTO has ruled that the import duties imposed by India on certain informational and technology ..

India hoping to negotiate with EU on carbon tax instead of WTO complaint

India filed a discussion paper with WTO about how environmental regulations impact trade, but with respect to CBAM specifically, it hopes direct negotiations with the EU will yield speedy resolution

WTO ruling on IT products: India, EU to jointly defer appeal by 3 months

A deferment through mutual agreement of an appeal will give both parties time to resolve the dispute

WTO flags poor utilisation of India scheme for least developed countries

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

TMS Ep445: GDP data, JioMart consolidation, new age stocks, WTO

What does GDP data tell us about the economy? What's behind Reliance Retail's JioMart consolidation? Are new age stocks a good bet post Q4 results? What is WTO? All answers here

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.

India challenges WTO panel ruling on ICT import duties at appellate body

India has appealed against a ruling of the World Trade Organization's (WTO) trade dispute settlement panel which stated that the country's import duties on certain information and technology products are inconsistent with the global trade norms. India appeals, and requests the Appellate Body to reverse, modify, or declare moot and of no legal effect, the findings, conclusions, rulings and recommendations of the panel, WTO has said. It said India has sought a review by the Appellate Body of the errors of law and legal interpretation by the panel in its report. The dispute panel of WTO on April 17 said in its report that import duties imposed by India on certain information and technology products violate global trading norms. The ruling followed a dispute filed by the European Union, Japan and Taiwan against these duties in WTO. The appeal was filed by India in the WTO's appellate body, which is the final authority on such trade disputes. The EU on April 2, 2019 had challenged the

India appeals to the void in WTO dispute over ICT tariffs on mobile phones

A trade expert said India's appeal only against the Japan case and not against the EU one could be to avoid EU retaliation

Digital technologies will be key factor in future trade: WTO chief

The chief of the World Trade Organisation (WTO) said on Tuesday that digital technologies will serve as a key factor that affects trade in the future

WTO ruling on IT products: Govt seeks to address trade bloc's tariff worry

Issue to be taken up next week's India-EU Trade & Tech Council meet