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.
India will welcome two trade missions in 2015 focused on meeting its infrastructure needs with US technology and services.
In a major trade victory for India and several other countries, the World Trade Organisation has held as violation of global trade rules a controversial USlaw allowing American companies to collect more than $470 million
The Department of Pharmaceuticals has submitted a freight subsidy scheme for exporters to the Commerce Ministry so that they could take alternate routes and avoid transit through Europe, which is a shorter route with better connectivity.
India has rejected the World Trade Organisation's proposal to conclude the negotiations on the Doha Round by June-end.
No one expects the US to sign up on any real deal till the next presidential elections are over.
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.
'We are convinced a section of the bureaucracy believes we should follow the Western model of economic development including the dictates of the WTO,' says RSS Spokesman Ram Madhav.
National Association of Software and Service Companies said on Thursday that the Indian government should aggressively negotiate on services at the World Trade Organisation.
India and the US will co-chair a 14-member special group on services negotiations, a move aimed at giving a boost to World Trade Organisation talks in services ahead of the Hong Kong Ministerial Conference in December.
India, which is the world's largest user of anti-dumping measures, also tops the list of countries that have taken the maximum number of safeguard actions such as restricting imports of a product to protect the domestic industry.
Alongside the mini-ministerial meeting beginning in Geneva from Monday, the World Trade Organisation is convening on July 24, a 'Singalling Conference' where countries would give indications of the kind of market they are willing to concede in services. It demanded that the conference should be held in serious negotiation mode. The domestic regulations acting as barriers to the supply of services by Indian professionals in the developed markets should be removed, it said.
Being a member of the World Trade Organisation and General Agreement on Trade in Services, India will have to lift restrictions on foreign capital in insurance.
Speaking to reporters on Tuesday, Commerce Secretary Gopal K Pillai said the agriculture text proposals on the special safeguard mechanism were not acceptable to India. A country can use the SSM to impose up to 50 per cent additional import duty on farm products which have seen a surge in imports.
Commerce Minister Kamal Nath will lead the Indian delegation at the World Trade Organisation mini-ministerial meet in the Kenyan capital of Mombasa from March 2-4.
India on Wednesday warned WTO members of backlash in developing countries if economic reforms were perceived to be an imposition from outside.
The World Bank has appointed Indermit Gill, an Indian national, chief economist and senior vice-president for development economics at the multilateral development bank. "Indermit Gill brings to this role a combination of leadership, invaluable expertise and practical experience working with country governments on macroeconomic imbalances, growth, poverty, institutions, conflict, and climate change," World Bank President David Malpass said in a statement. His appointment will be effective September 1, 2022.
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
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.
US central command said that several US personnel are undergoing evaluation for "traumatic brain injuries" and at least one Iraqi service member was wounded in the attack.
The World Trade Organisation General Council is likely to meet in the third week of July to consider the Framework on Agriculture.
Jio Financial Services, the demerged financial services unit of Reliance Industries, will be listed on bourses on August 21, according to an exchange notification. Jio Financial Services Ltd (JFSL) demerged from Reliance last month and is currently listed under a dummy ticker after its price discovery at Rs 261.85 but there is no trading happening in the scrip. The listing on BSE and NSE has been scheduled a day before FTSE Russell plans to drop JFSL from its indices.
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