The government on Tuesday announced revoking of anti-dumping duties on certain steel products imported from countries including China, a move aimed at containing high prices of metals and promoting domestic manufacturing.
Modi hits out at trade protectionism and calls for a rule-based, transparent, anti-discriminatory, open and all inclusive WTO-centred multilateral trading system focused so that the interests of every country specially the developing ones can be taken care of.
India believes no country would emerge victorious in the Russia-Ukraine war as all will suffer losses and there will be a "more serious" impact on developing and poor countries, Prime Minister Narendra Modi said on Monday after holding talks with German Chancellor Olaf Scholz as both leaders reiterated the need for an immediate cessation of hostilities.
Prime Minister Narendra Modi on Saturday called for following a 'one earth, one health' approach to effectively deal with the coronavirus pandemic globally, and sought the support of the G7 grouping to lift patent protections for COVID-19 vaccines, during a virtual address at an outreach session of a summit of the bloc.
The government may roll out a new foreign trade policy (FTP) of a shorter term of two-three years in a bid to keep pace with the fast-evolving scenarios in international trade which have been triggered by recent disruptions, such as the pandemic and the Russia-Ukraine war. An FTP is an elaborate policy guideline and strategy to promote the export of goods and services, with a duration of five years usually. The existing policy came into force on April 1, 2015, and was valid for five years, before multiple extensions.
The recently promulgated National Food Security Ordinance might breach the global trading rules on agriculture under the World Trade Organization if there is diversion of the subsidised foodgrain for export.
Besides him, Brajendra Navnit who served in the Prime Minister's Office (PMO) has been appointed as Ambassador and Permanent Representative of India to the World Trade Organisation (WTO), Geneva, Switzerland. Topno is a 1996 batch Indian Administrative Service officer of Gujarat cadre.
'The vaccine policy should be such that all people should get the vaccine free.'
Finance Minister Nirmala Sitharaman will attend the G-20 joint finance and health ministers' meeting in Rome on October 29, which among other things will discuss COVID pandemic prevention and response. "Union Finance Minister Smt. @nsitharaman embarks on an official visit to attend #G20 Joint Finance & Health Ministers meeting in #Rome to discuss measures to strengthen #COVID19 #PandemicPrevention, #preparedness & #response. The meeting precedes #G20RomeSummit," the Finance Ministry tweeted. Finance and health ministers will discuss how to keep momentum in response to the pandemic and build on further coordination arrangements between the ministries.
'China feels India will be hard-pressed not to go after China because we are so badly dependent on them -- and that is the reality.'
According to Ajai Sahai, director-general and CEO of Federation of Indian Export Organisations, rising cases are a cause for concern as it adds to the uncertainty and may impact exports.
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.
Gujarat and Karnataka have been ranked as the best performers in developing startup ecosystem for budding entrepreneurs, according to the ranking of states and Union territories by the Department for Promotion of Industry and Internal Trade (DPIIT). Among smaller states having population of less than one crore, Meghalaya has been adjudged as the best performer. The rankings are based on the initiatives taken to develop the startup ecosystem for promoting budding entrepreneurs.
Companies moving their manufacturing base out of the US during his administration would have to face consequences, he said.
US Secretary of State Antony Blinken on Saturday (local time) said the US is working closely with its partners in the Indian government to deploy more supplies and additional support amid the record upsurge in Covid-19 infections in the country.
The US side had pushed for removal of price caps on medical equipment such as coronary stents and a commitment by India to reduce trade imbalance
'Only then will we withdraw the agitation.'
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.
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.
Consumers have to watch out for four marks on hallmarked gold jewellery: BIS mark, purity in carat, assay centre's name and jewellers' identification mark.
The government believes that WTO's push for initiating negotiations on substantive obligations related to e-commerce will oblige India to permanently accept the current moratorium on imposing customs duties on products traded electronically.
The prime minister said that developing countries should get a fair deal at the tough WTO negotiations at Geneva
The simultaneous decline of several trade-related indicators should put policy makers on guard for a sharper slowdown.
The huge increase in WTO membership and the rising share of emerging economies in world trade belie the perception that the WTO exclusively serves the rich countries' interests.
World Trade Organisation negotiators on Friday made a last-ditch effort to salvage the deal on easier availability of life- saving medicines to poor countries, which fell through earlier in the day.
Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
Gloom over ministerial, courtesy US-China spar, conflict between cotton-producing African nations.
The US "Indo-Pacific Strategy" is bound to be a failed strategy, Wang said in the comments posted by the Chinese foreign ministry on its website.
Hailing the agreement reached between India and the US aimed at resolving the stalemate over the WTO trade facilitation pact, Australia on Friday said the gains from the deal once it is sealed are "significant" and the developing nations would be its Hailing the agreement reached between India and the US aimed at resolving the stalemate over the WTO trade facilitation pact, Australia on Friday said the gains from the deal once it is sealed are "significant" and the developing nations would be its biggest beneficiaries.biggest beneficiaries.
India's shrimp exporters heaved a sigh of relief last week following the decision of World Trade Organisation's anti-dumping panel to set July 24 as the deadline for the final hearing on the issue.
Prime Minister Narendra Modi has made it clear that the agreement on food security and trade facilitation will have to go hand-in-hand.
The five-nation grouping BRICS on Tuesday resolved to combat terrorism in all its forms and manifestations, including the cross-border movement of terrorists, and vowed to step up joint efforts in building support for an India-backed global framework to effectively deal with the menace.
India has refused to budge from its stated position at the trade talks and asserted that rich nations would have to move first on reducing farm subsidies to break the deadlock at the World Trade Organisation in Geneva.
India and Brazil raised a trade dispute against the European Union before the World Trade Organization on Tuesday over seizure of generic drugs by EU member countries on high seas.
Developed economies like the US and EU are contemplating certain rules in relation to trade and environment which will have a significant implication for their border trade measures such as carbon taxation system for imports.
India has expressed disappointment over the first draft text for the forthcoming World Trade Organisation Ministerial Conference in Hong Kong
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