India's chief trade negotiator Rahul Khullar yesterday warned that the much-planned ministerial meeting, which the World Trade Organisation Director General Pascal Lamy wants to convene soon, can succeed only if there was a revised Doha Rules text reflecting the concerns of all the members and an immediate resolution of TRIPS-CBD issue.
Joseph Stiglitz accuses the US of negotiating over issues already settled at the World Trade Organization.
India will press for greater market access for developing countries in the services sector besides highlighting concerns in agriculture and industrial goods negotiations at the World Trade Organisation mini-ministerial on Saturday at Davos.
US President Barack Obama said, "You know, I think that if you look at history one of the most important things during a worldwide recession of the sort that we're seeing now is that each country does not resort to 'beggar thy neighbour' policies, protectionist policies, they can end up further contracting world trade."
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
Rich countries will use the Doha Round to shift the pain of the financial meltdown to developing countries.
The Institute of Chartered Accountants of India's Professional Education-I, Professional Education-II and Final examination will be held from November 1.
India's Permanent Representative to the UN Ambassador T S Tirumurti said India remains on the side of peace.
Success of the Ministerial meeting depends on the WTO members putting together the broad contours of a deal by August.
India's trade envoy, Ambassador Ujal Singh Bhatia, issued a strong notice that if there is no third revised text which fully addresses the grave lacunae as well as developmental deficiencies in the latest draft, it would be difficult for members to enter into horizontal meetings that WTO chief Pascal Lamy wants to convene next month.
The contentious issue of market access, in World Trade Organisation negotiations, will figure prominently in the discussions between Commerce and Industry Minister Arun Jaitley and visiting European Union Trade Commissioner Pascal Lamy.
Union Commerce Minister Kamal Nath met US trade representative Susan Schwab in New York on Thursday evening. He said the meeting led to 'much more convergence' between the two countries than last year on the feisty issues relating to the WTO negotiations. The minister arrived in New York to release his book 'India's Century' and to meet Schwab in yet another bid to achieve a breakthrough on the issue of agriculture subsidies that are at the core of WTO negotiations.
World Trade Organisation chief Pascal Lamy has said that a final agreement in global trade talks is possible.
India may be represented by Commerce Minister Arun Jaitley at an informal conclave of key trade ministers convened by the United States Trade Representative Robert Zoellick in London this week to break the impasse in the WTO talks.
These include the Professional Education-I, Professional Education-II and Final examination.
The country's current account deficit is likely to hit a three-year high of 1.8 per cent or $43.81 billion in FY22, as against a surplus of 0.9 per cent or $23.91 billion in FY21, a report said on Thursday. According to an assessment by India Ratings, the Current Account Deficit (CAD) has moderated to $17.3 billion or 1.96 per cent of GDP in the fourth quarter of FY22 as against $8.2 billion or 1.03 per cent in the year-ago period, and massively down from $23.02 billion or 2.74 per cent in Q3, which was a 13-quarter high. The improvement in the key numbers are due to the remarkable improvement in merchandise exports in FY22, when it grew 42.4 per cent as against a negative 7.5 per cent in the pandemic-hit FY121.
World Trade Organisation chief Pascal Lamy has endorsed India's stand in global trade talks but asked New Delhi to look at the 'bigger picture' and help break the impasse.
'If attacks escalate, there is a risk the Suez Canal may be closed.'
Sitharaman cancels Myanmar trip at last moment citing launch of Modi's Jan Dhan Yojana.
Six key World Trade Organisation members, including India, on Monday failed to reach an agreement on steps to liberalise trade in agriculture and manufactured goods.
Chinese Premier Wen Jiabao on Monday proposed collaboration between India and China in global fora like World Trade Organisation and G-20 and in the financial sector, as top planners of the two countries had a "productive" round of talks at the first Strategic Economic Dialogue in Beijing.
The United States on Wednesday filed a case against China with the World Trade Organisation, alleging that the Asian powerhouse was illegally subsidising the production of wind power equipment.
The government of Switzerland will not be taking up the allegation by Novartis that Indian patent law is incompatible with the Trade-Related Aspects of Intellectual Property Rights agreement at the dispute settlement board of the WTO.
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