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.
Chinese Premier Wen Jiabao on Monday proposed collaboration between India and China in global fora like World Trade Organisation and G-20 and in the financial sector, as top planners of the two countries had a "productive" round of talks at the first Strategic Economic Dialogue in Beijing.
The United States on Wednesday filed a case against China with the World Trade Organisation, alleging that the Asian powerhouse was illegally subsidising the production of wind power equipment.
The government of Switzerland will not be taking up the allegation by Novartis that Indian patent law is incompatible with the Trade-Related Aspects of Intellectual Property Rights agreement at the dispute settlement board of the WTO.
Indian mangoes are all set to be shipped to the American market in the next few days after the United States decided to allow import of the delicious fruit.
"This round is development round and trade needs to be rebalanced in favour of developing countries," World Trade Organisation Director General Pascal Lamy said.
Leaders of the Indian industry are worried over the way the agricultural issue, which calls for pruning farm subsidies by the rich nations, is being handled at the ongoing global trade talks.
India may formally approach the World Trade Organisation's dispute panel against the European Union following the seizure of low-cost generic medicine consignments in European ports meant for other developing countries. The two parties have failed to reach an amicable solution during the consultation process.
France on Friday warned India that the proposal to replace additional customs duty on wines and spirits with countervailing excise duty at the state level will weaken New Delhi's position
The Director General of World Trade Organisation, Pascal Lamy, today urged to speed up the negotiations on the Doha Round as the Trade Promotion Authority in United States is expiring in June.
The United States has approached the World Trade Organisation against India over the high customs duty it imposes on import of wine and distilled spirits.
India is ready to further cut import tariffs on industrial goods for using it as a strong bargaining point in World Trade Organisation negotiations, Commerce and Industry Minister Kamal Nath said on Monday.
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's Permanent Representative to the UN Ambassador T S Tirumurti said India remains on the side of peace.
The prospects for ministers pushing through an outline deal in the so-called Doha round of trade talks hang in the balance, with the US struggling with scepticism from Congress and its business and farm lobbies.
The chance of ministers meeting next month to push forward the so-called Doha round of trade talks increased yesterday after diplomats said they had made progress on setting goals for the negotiations.
Amid the booming India-China trade, entrepreneurs and experts from both sides discussed bilateral relations and the potential for increased cooperation under the WTO framework, especially in industrial, scientific and technological areas.
A report by international agency Oxfam on Monday flayed rich countries for using World Trade Organisation
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.
Negotiations on Singapore issues, that have remained a taboo for India, will be the main discussion point at the World Trade Organisation ministerial meeting in Cancun next month.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
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.
Bangladesh said on Tuesday that India should fulfill certain conditions like duty free access for 118 items and removal of non-tariff restrictions, before it can start talks on a bilateral Free Trade Agreement.
The WTO mini-ministerial scheduled to be held later this month to break the impasse on crucial farm and industrial tariff negotiations has been called off.
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