With Donald Trump all set to become US president, Indian exporters may face high customs duties for goods like automobiles, textiles and pharmaceuticals if the new US administration decides to pursue the 'America First' agenda, opined trade experts. Experts also said that Trump could also tighten H-1B visa rules, impacting costs and growth for Indian IT firms. Over 80 per cent of India's IT export earnings come from the US, making it vulnerable to changes in visa policies.
Chinese ambassador to India, Xu Feihong, on Wednesday expressed hope that the recently completed Indo-China border disengagement in Eastern Ladakh would smoothen relations and pave the way for a better understanding between the two neighbours in the days ahead.
India supports dialogue and diplomacy and not war, Prime Minister Narendra Modi said at the Brazil, Russia, India, China, South Africa (BRICS) Summit in Kazan, Russia on Wednesday, in an unambiguous message calling for resolution of the Russia-Ukraine conflict through peaceful negotiations.
Withdrawing a blanket ban on overseas shipments of non-basmati white rice, the government on Saturday imposed a floor price of $490 per tonne and exempted the commodity from export duty. Exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply. "The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) ...is amended from prohibited to free, subject to MEP (minimum export price) of $490 per tonne with immediate effect and until further orders," the directorate general of foreign trade (DGFT) said in a notification.
Trump said India and China - the two economic giants from Asia - are no longer developing nations and as such they cannot take benefit from the WTO.
Delivering a thinly veiled message to Pakistan from its soil, External Affairs Minister S Jaishankar on Wednesday said activities across borders characterised by the 'three evils' of terrorism, extremism and separatism are unlikely to encourage trade, energy flows and connectivity.
From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
The EU is challenging the introduction of import duties on a wide range of ICT products, for instance mobile phones and components, base stations, integrated circuits and optical instruments
The current instability in the world is a result of long term systemic and socio-politico problems, points out Colonel Anil A Athale (retd).
India and the US are engaged in Geneva, the WTO headquarters, to sort out the food stockpiling issue and end the stalemate.
The fate of the ministerial conference was sealed after assistant US trade representative Sharon Bomer Lauritsen said permanent solution to the food stockholding issue was not acceptable to America.
Modi's Made in India dream takes a beating
The decision preceded long hours of tense negotiations and last minute hiccups from Argentina and Pakistan
At the meeting of the 160-member World Trade Organisation in Geneva on Friday, India demanded a halt to the trade facilitation timetable till a permanent solution on public stockholding for food security is found.
Developed nations want the WTO to discuss new issues.
A permanent solution on food security is a must for for India.
This was a very strong position and was criticised by many, both from the developed and developing world.
The proposals will be reviewed by the World Trade Organization's General Council.
The government said that far from targeting any US entity, the purpose was to ensure fairness, healthy competition, and to exercise the ability of governments to tax businesses having a nexus with the Indian market through digital operations.
The agreement could substantially reduce transaction times and costs and would unlock new opportunities for both rich and poor countries.
2016 will be the first time in 15 years that the ratio between trade growth and world GDP will fall below 1:1
Protectionist and exclusionary FTAs weaken multilateralism.
For the first time in the last eight years, India would not have any representative for the post of deputy director general.
The WTO has fixed an external reference price (ERP) for rice at Rs 3.52 per kg
China said on Monday the additional barriers set by India for investors from specific countries violate the World Trade Organisation's principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment. "More importantly, they do not conform to the consensus of G20 leaders and trade ministers to realise a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open," said a statement issued by the Chinese embassy in New Delhi.
India's food security concern at WTO needs solution: Modi
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Global goods trade will grow by 3.3 per cent this year, says WTO.
So far, WTO members have jointly respected and honoured the Bali commitments.
According to the final draft of the negotiating text circulated by WTO Director-General Roberto Azevedo among trade ministers of the 159 member countries on Wednesday night, on public stockholding for food security purposes, a developing country like India can provide subsidies for farm support even if those exceed the permissible 10 per cent cap.
Addressing the food security concerns is important as India is still has 190 million hungry people, Cabinet Secretary Ajit Seth said at an event organised by a global think-tank The Club of Rome.
The US agreed to India's proposal on food security issues at WTO on Thursday.
India is threatening to block the World Trade Organization (WTO)'s trade facilitation agreement (TFA) reached at Bali last year unless its agricultural policies are permanently excluded from multilateral scrutiny.
Commerce and Industry Minister Kamal Nath said he talked to WTO Director General Pascal Lamy and told him that this was not a text of convergence, but nevertheless forms the basis for further intensive negotiations to restart in September.
The US is reviewing the suggestion that the border security bill, that significantly increases visa fees of H1-B and L1 categories, was not WTO compliant, days after President Barack Obama signed it into law.
The meeting, convened by Switzerland, will take place on the sidelines of the annual World Economic Forum meeting.
The WTO dispute panel had its last hearing in early May.
The Cabinet on Thursday approved the stand taken by India at the recently concluded WTO meeting in Bali which endorsed New Delhi's point of view with regard to food security plan and trade facilitation pact.
Several member states of the World Trade Organisation voiced frustration after India's demands for concessions on agricultural stockpiling led to the collapse of the first major global trade reform pact in two decades.
India is in no danger of crossing the 10 per cent threshold of food subsidies under the WTO's agreement on agriculture and it will not breach the level in the near future.
"The keenness of the commerce minister to kick-start Doha Round negotiations are not in India's interest and we have much more to lose than gain in these negotiations," Indian Peoples Campaign Against WTO, joined by Communist Party of India Marxist and Communist Party of India, charged during an agitation in New Delhi.
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