India has expressed disappointment over the first draft text for the forthcoming World Trade Organisation Ministerial Conference in Hong Kong
World Trade Organisation chief Pascal Lamy has said that a final agreement in global trade talks is possible.
'Only then will we withdraw the agitation.'
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.
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.
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.
Trade ministers from 162 WTO countries will gather in Kenya's capital from Dec. 15-18 to work on an agreement to liberalise global trade.
India has stated that the move would impact Indian IT professionals.
In a comprehensive ruling, the AB dismissed China's challenge on several counts, pronouncing that Beijing's measures violated global trade rules. The United States, the European Union and Canada had challenged Beijing's decision to impose 25 per cent charge on imported auto parts, or what are called semi-knocked down and completely-knocked down sets.
It called the draft text 'totally unacceptable, insensitive and unbelievable'.
India's trade envoys to the World Trade Organization are comfortable with the proposed norms on concentration of tariff cuts, but are firm that the sectoral proposals at the Doha Round will have an adverse impact on the country's economy.
Removal of this status means India can now enhance customs duties to any level on goods coming from Pakistan.
No one expects the US to sign up on any real deal till the next presidential elections are over.
Even as the debate around whether the Doha Round of global trade talks would be concluded by the year-end or not gain momentum, a cohort of developing countries, specifically India, has refused to accept the April 21 texts which call for mandatory sectoral tariff cuts as the basis of negotiations, despite US pressure.
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.
The trade referee is already reviewing a European legal challenge of wine and liquor restrictions in a number of Indian states.
Sitharaman cancels Myanmar trip at last moment citing launch of Modi's Jan Dhan Yojana.
India's tough diplomacy blocked a landmark world trade treaty late on Thursday, despite last-ditch talks to rescue what would have been the first global trade reform since the creation of the World Trade Organization 19 years ago.
The high point of the trip will be Goyal's meeting with US Trade Representative Robert Lighthizer on November 13, which is expected to see the USTR push India towards lower import duties in a broad range of areas.
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.
Talks had collapsed in Geneva in July last year after India, among others, opposed agriculture subsidies offered by rich nations to their farmers on the grounds that this distorts trade by making produce of developing countries costly. The negotiators will meet for a week beginning September 14.
These may weaken India's long-standing demand of easy, flexible rules.
WTO should focus more on what it 'should do' than what it 'can do'
There 'appears to be a conscious policy to create unfair preferences for Chinese industries by making raw materials cheaper for China's companies to get, and goods more economical for them to produce, US Trade Representative Ron Kirk said on Tuesday. The European Union has filed a similar complaint with the WTO.
The government said in Friday it was negotiating aggressively at the World Trade Organisation to facilitate easy movement of professionals across borders to deliver services.
Ahead of the crucial World Trade Organisation General Council meeting in Geneva next week, India on Saturday said it would not compromise on food security and livelihood concerns and demanded substantial changes in the draft framework to make it acce
