The prime minister said that developing countries should get a fair deal at the tough WTO negotiations at Geneva
Showing respect to the Indian flag, Prime Minister Narendra Modi on Wednesday immediately picked up the tricolour placed on stage at a BRICS meeting here to mark the standing place of every leader so as not to step on it.
India has jumped five places to become the world's 11th biggest exporter of commercial services in 2005, and inched one step ahead to the 29th rank among the largest merchandise exporters, according to the latest statistics by WTO.
In an interaction with a group of Indian journalists, the three-time prime minister and president of the ruling Pakistan Muslim League-N described Jaishankar's visit as a "good opening" and said both sides should now engage and move forward.
The World Trade Organisation ministerial meeting broke the 'impasse' over resumption of Doha Round of talks, with 35 trade ministers agreeing to take forward negotiations from where they left in Geneva in July last year.
There is a need to have a balance in these negotiations so that environment friendly products from developing countries also get improved market access
George Perkovich, vice president, studies, and director, Nuclear Policy Program, Carnegie Endowment for International Peace, believes that with the United States-India nuclear deal in limbo, the lack of convergence between Washington and New Delhi on Iran, climate change, the World Trade Organisation, and stagnation of defence cooperation, the US-India relationship has indeed been oversold.
The World Trade Organisation agreed on Monday to an Indian demand for a probe into special trade deals granted by the European Union to countries fighting drug trafficking.
Joseph Stiglitz accuses the US of negotiating over issues already settled at the World Trade Organization.
Due to the huge pile-up of visa applications, the US consular officers in the neighbouring country are now adjudicating Indian visa applications where interview requirements have been waived.
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.
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."
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
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.
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.
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.
Success of the Ministerial meeting depends on the WTO members putting together the broad contours of a deal by August.
A depreciating rupee, which briefly hit 80 to the dollar on Tuesday, may boost India's exports but price-inelastic imports of crude oil and gold would mean limited relief on the trade deficit, which clocked a record $26.2 billion in June. Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee. And, with other currencies depreciating, India's comparative advantage in this respect may be limited.
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.
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