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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

Moratorium on customs duties on e-com trade, agri issues may come up at WTO

Issues such as ending moratorium on customs duties on e-commerce trade and matters pertaining to the agriculture sector are likely to come up in the forthcoming mini-ministerial meet of the WTO in Paris on June 7, an official said. Trade ministers of certain countries, including India, Australia, and the US, may participate in the meet, which would be held on the sidelines of the Organisation for Economic Cooperation and development (OECD) meeting. This ministerial meet will happen in the run up to the 13th ministerial conference (MC) of the WTO, which is scheduled in February next year in the UAE. MC is the highest decision making body of the Geneva-based WTO. "Issues like agriculture, moratorium on e-commerce trade, patent waiver for Covid related therapeutics and other equipment may come up in the meeting," the official said. In the 12th MC at Geneva in June last year, WTO members secured a 'Geneva Package' which included agreements on curbing harmful fishing subsidies and ...

India for finding permanent solution to food stockholding at WTO meet

India has called for finding a permanent solution to the issue of public stockholding for food security in the ministerial-level meeting of the World Trade Organisation (WTO) in February 2024, an official said. It has dismissed arguments for alternative food security solutions beyond PSH (public stock holding) and SSM (special safeguard mechanism) and believes that market access and export restriction are not worth the effort, the Geneva-based official said. India has also pitched for the need to recalculate the external reference prices to reflect the impact of inflation and other economic factors on food stock prices. The issue was discussed during a special session of the WTO's Committee on Agriculture on May 3 and 4 in Geneva. "India declared that it has no intention of revising the existing proposal for public stockholding for food security purposes and suggested that it is the only way forward. India called for a permanent solution for PSH at MC13 (13th ministerial conference

Top 5 headlines: Fed hike, Ajay Banga to become World Bank president & more

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'WTO not listening to developing nations', says FM Nirmala Sitharaman

Sitharaman stressed that there was also a need to involve the private sector to step up investment and innovation

WTO ruling against India in tech tariffs dispute with European Union

India, however, believes that such retaliations will eventually be detrimental to the trade on both sides

Farm subsidies impacts food security, WTO needs to look with open mind: FM

The World Trade Organisation (WTO) should look at the issue of farm subsidies with an open mind as it impacts the food security needs of emerging economies in the backdrop of Covid pandemic and the Russia-Ukraine war, finance minister Nirmala Sitharaman said on Wednesday. Speaking at the Asian Development Bank (ADB) Governor's seminar on 'Policies to support Asia's rebound', Sitharaman said sooner a solution is found out by the WTO, the better it would be for the world. "Since WTO was founded, there has been a grievance with respect to the export of agricultural products and generally in trade, the voice of the Global South and emerging markets has not been heard at par with that of the developed countries," she said. The 'Global South' largely refers to countries in Asia, Africa and South America. Subsidies for agriculture and poor farmers in developing countries were not counted at all and were frozen, she said, adding that in context of Covid and Russia-Ukraine war, food and ...

Top headlines: WTO ICT levy dispute, Micron's semiconductor plant & more

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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

India's ICT tariffs led to annual export loss of €600 million, says EU

Claims real impact on European companies that also export from other countries to India considerably higher

WTO panel rules against India in ICT tariff dispute with EU, others

The EU has also approached India to resolve the matter through a multi-party interim appeal arbitration arrangement (MPIA)

India to challenge WTO panel ruling on ICT import duties at appellate body

India will appeal against a ruling of the World Trade Organization's (WTO) trade dispute settlement panel which ruled that the country's import dues on certain information and technology products are inconsistent with the global trade norms, commerce ministry sources said. They said that the ruling will not have any adverse impact on domestic industry. The appeal will be filed by India in the WTO's appellate body, which is the final authority on such trade disputes, they said. The dispute panel of the Geneva-based WTO on Monday said the import duties imposed by India on certain informational and technology products violates global trading norms. The ruling followed a dispute filed by the European Union, Japan and Taiwan against these duties in the WTO. "We will be going for an appeal against the decision and there will be no adverse impact on our industry," the commerce ministry sources added. The EU on April 2, 2019 had challenged the introduction of import duties by India on a

India at helm, G20 eyes common plan on crypto risks: FM Nirmala Sitharaman

Sitharaman is currently visiting the US. Her visit started Tuesday, and she will be there for a week. She will be attending spring meetings and a G20 finance ministers' meeting

Cryptocurrency to FTA: Nirmala Sitharaman discusses range of issues in US

Sitharaman said that the World Trade Organisation (WTO) needs to be more progressive and must give space to countries that have something different to say

How reward-driven are top-level appointments to World Bank and IMF?

Opinion is divided on the issue, with one section of experts and seasoned politicians claiming meritocracy isn't always at play, while another puts the choice down to plain pragmatism

Top headlines: Subpar global trade growth, Sebi crackdown on ads, and more

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Global trade growth expected to be subpar at 1.7% in 2023: WTO

With this, the trade growth is below the 12-year average of 2.6 per cent since the trade collapse that followed the global financial crisis in 2008

WTO Public Forum 2023 to examine trade contribution to greener future

The World Trade Organisation (WTO) annual Public Forum 2023 will focus on how trade can contribute to a greener, more sustainable future

New foreign trade policy seeks to spur rupee trade, e-com exports

New policy is in line with government's priority towards moving from an 'incentive-based regime' to a 'remission and entitlement-based regime', thereby making the policy compliant with WTO rules

India objects to $280-billion US programme to promote chipmaking

New Delhi raised the issue during the recent Trade Policy Review of the USA, seeking clarifications from the US on the ambitious CHIPS Act