India has been opposing the pact as ITA will only benefit the country when its domestic manufacturing is robust.
Developing countries have stressed on evolving a high-level cohesion among themselves for achieving development objectives at the ongoing WTO negotiations.
The report was in the context of an objection by the US against India's practice of imposing countervailing duty and SAD on alcoholic beverages. Trade experts said though the trade dispute body ruled in favour of the US, it did not mean much for India as it had withdrawn the CVD on alcoholic spirits in mid-2007.
At the 9th review of the US trade policy regime, many members -- China, Norway, Thailand, the European Union, among others -- sharply criticised Washington for not adopting WTO-consistent policies in several areas.
India will unveil its much-awaited new Foreign Trade Policy 2023-28 on Friday, with a view to boost exports amid slowing global trade. Commerce and Industry Minister Piyush Goyal will announce the foreign trade policy, according to the ministry. The current foreign trade policy (2015-20) is in force till March 31, 2022.
With China's entry into the WTO, India is likely to make strong gains in food grains and light manufacturing and modest growth in several other sectors but is likely to lose export shares in markets such as the US and EU especially in textiles.
A day before the informal meeting of the WTO, India, China and South Africa on Friday said the developing countries are being asked to further open their markets without any reciprocity from the rich nations, as per the draft proposals for a multilateral agreement.
Agriculture Minister Sharad Pawar on Monday denied that the ministry was unhappy with the WTO Framework Agreement.
India's efforts to include services in the proposed Framework on Agriculture and Non-agriculture Market Access have received a shot in the arm with the European Union showing willingness to extend its support.
Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
Releasing its grim forecast for the current year, WTO economists warned about several downside risks as well as rising inflationary pressures because of the increase in commodity prices and lax monetary conditions. "The continued turmoil in financial markets and the downside risks, including inflationary tendencies, are a cause for concern," said Patrick Low, chief economist, WTO.
With the Bali deal settled, countries should now focus on long pending issues such as market access and reduction in green goods tariff
The government will convene a meeting of political parties prior to the WTO ministerial in Cancun to elicit their views on issues, especially agriculture subsidy, to be discussed at the conference, Lok Sabha was informed on Friday.
India may drag US to the World Trade Organisation for its new "protectionist" move in hiking professional visa fees, a step that will make Indian IT companies less competitive in the American market.
Not the one to give up hope, WTO Director General Pascal Lamy is visiting India next week to find ways for picking up the threads from last month's failed trade talks in Geneva.
The European Union on Wednesday said there would not be any dialogue with India on the World Trade Organisation issues when their political heads meet at the India-EU summit this weekend, even though trade issues will figure in the summit.
External Affairs Minister S Jaishankar has met United States Defence Secretary Lloyd Austin and held a productive conversation with him on deepening bilateral defence cooperation, including in the co-production of defence articles, and exchanged perspectives on a variety of security issues.
The US must make substantial cuts in farm subsidies and scale down demands for tariff reductions by developing countries to enable the stalled WTO talks to move forward, India's top trade negotiator said on Thursday.
In a major trade victory for India and several other countries, the World Trade Organisation has held as violation of global trade rules a controversial USlaw allowing American companies to collect more than $470 million
The report was jointly prepared by the Paris-based Organisation for Economic Cooperation and Development and the World Trade Organisation.
A last-ditch attempt to rescue the Doha round of world trade talks is likely to be made towards the end of July at a Geneva meeting of 30 trade ministers from among the 150-member countries of the World Trade Organisation (WTO).
Talking tough, India on Friday threatened to drag the European Union to the World Trade Organization if the 28-nation bloc did not lift its ban on the import of Indian mangoes and vegetables.
The government claims to have secured significant gains and succeeded in fully protecting India's interests in agriculture and other key areas.
GVK Biosciences is the latest Indian firm to come under international scrutiny over quality issues.
From the seas to the stars, this partnership will now be deepened by the defining role of technology, the statement said.
Putin made these remarks on Tuesday while speaking at the Plenary session of the 8th Eastern Economic Forum in Vladivostok, a major port city in sanctions-hit Russia's Far East region
It is learnt that the US had recently presented two separate papers to India.
Of the three options on the table, India was likely to agree for a coefficient of 22, which would have required it to reduce tariff on industrial products by about 60 per cent. Under this proposal, India would have been able to shield its products to the extent of 10 per cent.
The top Obama Administration official said the US will negotiate agreements that commit its trading partners to protecting American intellectual property, such as the Anti-Counterfeiting Trade Agreement and the Trans-Pacific Partnership.
Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'.
Commerce and Industry Minister Anand Sharma has said India will not "rush to" the World Trade Organization (WTO) over the "regressive" steps taken by the US recently, which include an increase in the visa fee and a special levy on foreign manufacturers.
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