A World Trade Organization dispute settlement panel has dismissed the United States' complaint against India over the excise duties on foreign wines and spirits, according to sources.
In a major victory for India, World Trade Organisation on Wednesday reversed its earlier compliance ruling on Indian bed linen dispute with the European Union.
The trade referee is already reviewing a European legal challenge of wine and liquor restrictions in a number of Indian states.
Acting on complaints from India and eight other co-complainants, the World Trade Organisation Dispute Settlement Panel has held that the Continued Dumping and Subsidy Offset Act of the United States had violated obligations.
The government is planning to approach the dispute settlement body of the World Trade Organization against frequent seizure of Indian medicines at various European ports.
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.
In a dispute pertaining to preferential treatment to some countries, a World Trade Organisation dispute settlement panel has ruled in India's favour against the European Commission.
India is not so keen to co-operate with the US on IPR related probe.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
The unilateral pressure by US administration on India, at the behest of US Business Associations lobby through US International Trade Commission investigations and request to USTR to enlist India under Priority Foreign Country under Special 301 review, lacks legitimacy under WTO framework, the signatories to the letter said.
If the United States has its way in the World Trade Organisation, Indians may soon be able to savour the famed Californian wine for a much lesser price.
Businesses in the US continue to face an evolving array of tariff and non-tariff barriers.
Panagariya also pointed out that COVID-19 pandemic may lead to integration of global labour market.
With the United States adopting protectionist policies and hiking import duties, a trade war like situation has emerged.
While an official in the Commerce Department indicated a trade war was in the offing, till now the government has been in wait-and-watch mode.
Over the past three years, the US has provided India every opportunity to remove restrictive and unfair marketplace requirements.
While India does not figure in the top 10 export destinations for Pakistani goods, it serves as a crucial channel for select goods such as leather hides and cheaper variants of fertilisers that are generally procured by importers at short notice.
Flaring of tempers comes atop much simmering trouble on clashing views; these stands might now get frozen.
Special 301 Report expresses concern over weak IPR laws, to conduct reviews.
Even as India continues on the priority watch list of the Office of the US Trade Representative, strong voices from Washington, DC, have spoken out in favour of India, reports Aziz Haniffa/Rediff.com.
'Clearly, there is a wide gap between the stated intentions of China's top leadership to improve relations with India and the PLA's aggressive border management,' says Brigadier Gurmeet Kanwal (retd).
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