Services have now become an offensive area for many developing countries like India and that is good news.
The proposal, which comes in response to the EU-US formula made on the sidelines of the OECD meeting in Paris recently, emphasises on differentiated tariff cuts for developing countries.
Commerce and Industry Minister Arun Jaitley will lead the Indian delegation to the World Trade Organisation mini- ministerial at Sharm-el-Sheikh in Cairo, beginning June 20.\n\n\n\n
WTO Director General Pascal Lamy met Prime Minister Manmohan Singh on Friday and sought concessions from India to revive the stalled Doha Round of negotiations.
India is likely to appeal against the ruling of a World Trade Organisation compliance panel, which concluded that the European Union had complied with an earlier WTO ruling regarding its anti-dumping measures against Indian imports of cotton bed line
The G-20 alliance of developing countries led by India and Brazil is likely to come up with "better" proposals at its meeting in Geneva this week as chances of a global trade deal on WTO's Doha Round brighten. Nath said members of the G-20 wanted to recognise some of the sensitivities of developed countries as long as their own concerns of livelihood and food security are taken on board.
Says India stands to gain by setting up a level playing field instead of creating trade barriers
Direct contacts between Obama and Prime Minister Narendra Modi this month helped to end a deadlock that had prevented the WTO from implementing a $1 trillion package of reforms.
India's recent move to remove additional 'retaliatory' duty on eight products from the United States (US), including apples and walnuts, would not have any negative impact on the domestic producers, the government clarified, even as the issue threatened to snowball into a political slugfest between the ruling and Opposition parties. The move would, in fact, result in competition in the premium market segment, ensuring better quality at better prices for consumers, especially for apples, a senior government official said. "There were certain concerns that were being raised on the mutually agreed solution that has come in, more specific to seven-eight agriculture products where we had levied additional import duties in retaliation to the steel and aluminum measures (imposed by the US)," Peeyush Kumar, additional secretary in the commerce department, told reporters in a briefing.
India and the US agreed to continue their cooperation in the areas of defence, space and clean energy as External Affairs Minister S Jaishankar met Secretary of State Antony Blinken here, amid a simmering diplomatic row between India and Canada over the killing of a Khalistani separatist.
The summit is being attended by more than 30 heads of state and top officials from the European Union and invited guest countries and 14 heads of international organisations.
In 2007, India slashed the additional customs duty it charged on imported (which were up to 150 per cent of value of imports depending on the spirits), but simultaneously hiked the basic customs duties to 150 per cent from 100 per cent.
India's exports contracted by 22 per cent, the steepest decline in the last three years, to $32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. According to the data of the commerce ministry, the trade deficit in June stood at $20.3 billion against $22.07 billion in the same month last year due to a fall in exports and imports. The inbound shipments during the month under review declined by a steep 17.48 per cent to $53.10 billion.
India asks WTO to reverse findings on bed linen
The European Union said on Friday that it would abide by the World Trade Organisation ruling that has favoured India in the bed linen dispute.\n\n\n\n
India's exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to $29.78 billion in October, mainly due to global demand slowdown, even as trade deficit widened to $26.91 billion, according to data released by the commerce ministry on Tuesday. Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, chemicals, pharma, marine products, and leather, recorded negative growth during October. Imports during the month under review rose by about 6 per cent to $56.69 billion on account of increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser and machinery.
'Every type of deal that US government officials were privately indicating 'hope' to have included a few months back made it in.'
India will take a 'firm and tough' stand at the WTO mini ministerial in Tokyo on the issue of market access on agriculture and services as a large population was dependent on them.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
India and China have mostly set aside their bilateral differences in order to champion the cause of developing countries at the World Trade Organisation (WTO). That seems to be changing. During the latest round of China's trade policy review, India questioned its northern neighbour's claim that it was a developing country, since, going by the World Bank's definition, its per capita income belongs to that of an upper middle income country. "As per the per capita income level, the Chinese economy belongs to 'upper-middle income'. "How can China still claim to be a developing country? "What are the indicators which China is using to claim such a status?" India asked.
Prime Minister Narendra Modi on Thursday called for reforming the World Health Organisation and streamlining its approval process for vaccines and therapeutics, and favoured making flexible the WTO's rules relating to trade-related aspects of intellectual property rights.
'Commerce Minister Piyush Goyal once told me that if onion prices rise we will face the flak for it across India.' 'What can farmers expect from a government which talks like a trader and only believes in (electoral) profit and loss?'
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
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.
Dulat, however, pointedly said engagement with Pakistan has always been "influenced by domestic politics".
Every twist and turn in KMC's civil service career is attributed to serendipity, an aptitude for making desirable discoveries by accident. He plays down his capabilities, which took him to the top of the civil service as the Cabinet Secretary or his misfortune in losing a daughter in her prime and suggests that his career was indeed serendipitous, observes Ambassador T P Sreenivasan.
Anand Sharma who is at the WTO meet at Bali has been making all the right noises in opposing the peace clause. However at 9 PM on Friday, he will have to make a crucial decision.
In an interview with Nayanima Basu, the DG lauds the efforts of Indian negotiators in bringing the deal on the table.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
Canadian Prime Minister Justin Trudeau had recently backed the agitating farmers in India, saying his country will always be there to defend the rights of peaceful protests. He had expressed concern over the situation.
Negotiations for a trade deal between India and the UK have run into fresh controversy, after the proposals under a leaked chapter of the deal on intellectual property (IP) are believed to put access to affordable, lifesaving generic medicines from India at risk. According to the draft IP chapter put out by an international trade portal bilaterals.org, the UK is seeking continuous extension of patent period and rights through small tweaks in the drug, known as evergreening. This may prevent patents from expiring, impacting cheaper drug availability and its production by Indian generic drug manufacturers.
India's exports recorded a flat growth of 0.59 per cent to $31.99 billion in November, even as trade deficit widened to $23.89 billion during the month, according to the data released by the government on Thursday. Exports stood at $31.8 billion in November last year. Imports rose by 5.37 per cent to $55.88 billion in November as compared to $53.03 billion in the corresponding month a year ago, the data showed. During April-November 2022, exports rose by 11 per cent to $295.26 billion as against $265.77 billion in the same month last year.
Communications between the USTR and the world's most powerful pharmaceutical and trade lobbying groups reveal that many raised concerns about India's push to exempt Covid vaccines from intellectual property.
The WTO's quarterly outlook indicator, comprising seven trade parameters, stood at 96.3, the lowest since March 2010 and down from 98.6 in November. Exports from India would be hit if there is a slowdown in world trade.
The meet will see Goyal batting for structural reforms at the WTO, where India has repeatedly called for reforms, especially in the dispute resolution mechanism that has effectively been held hostage by the US.
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