According to the final draft of the negotiating texts, seen by Business Standard, there are a few binding commitments in the chapter on TFA, under Article 13, which talks of Customs cooperation.
On Monday, media giant Thomson Reuters said 'it has appointed Pascal Lamy, director general of the World Trade Organization, to join its board of directors.' Lamy, who has started his second term at WTO that will last till 2013, will act as a trustee of the Thomson Reuters Trust Principles, which govern the way the company carries out business in an ethical manner.
The USTR report, released just ahead of the US' April 2 deadline for implementing reciprocal tariffs, has also cited high tariffs and price caps, which have not increased in line with inflation, as key obstacles for US businesses.
Negotiations for a trade deal between India and the UK have run into fresh controversy, after the proposals under a leaked chapter of the deal on intellectual property (IP) are believed to put access to affordable, lifesaving generic medicines from India at risk. According to the draft IP chapter put out by an international trade portal bilaterals.org, the UK is seeking continuous extension of patent period and rights through small tweaks in the drug, known as evergreening. This may prevent patents from expiring, impacting cheaper drug availability and its production by Indian generic drug manufacturers.
2016 will be the first time in 15 years that the ratio between trade growth and world GDP will fall below 1:1
Even as World Trade Organization director general Pascal Lamy has claimed that a successful Doha Round will lead to rich nations undertaking steeper tariff cuts than developing and poor nations, an analysis of the proposals shows the opposite may be true.
After the government's online monitoring system for the import of electronic hardware items went live on November 1, inbound shipments of laptops and tablets slipped in November to a nine-month low at $225 million, contracting 17.15 per cent year-on-year. This decline was primarily driven by reduced imports from Singapore (down 43.7 per cent), Hong Kong (down 27.4 per cent), and China (down 14 per cent), according to the data released by the commerce department. China accounts for approximately 83 per cent of such imports.
'While criticising India's high tariffs, Mr Trump stated he would impose reciprocal taxes on Indian products if re-elected.' 'However, since India's tariffs follow WTO rules, Mr Trump's actions would violate these rules,' Ajay Srivastava points out.
World Trade Organization Chief Pascal Lamy wants to have second term in office. He has now decided to throw his hat in the race in which he will be the first candidate to file papers.
We must bring a laser focus on our own interests, and define our friends and foes more clearly instead of trying to live by somebody else's rules. We must grow up, think for ourselves, think India First, asserts R Jagannathan.
'We don't have to go abroad for anything.' 'Anyone who thinks we have a lot to learn from the US needs to have his head examined.' 'We are in a new era.'
Apple's ambitious strategy to expand iPhone exports, shift more production from China to India at a faster pace, and grow its domestic market hits a Trump-sized roadblock.
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.
If the only superpower, which calls India an ally, sees the region through an India-Pakistan prism, it is unacceptable. Rather than endorse India's sphere of influence, this undermines it, asserts Shekhar Gupta.
A look at India's foreign trade balance.
India and US keen to strengthen trade ties, hold talks after 4 years.
The study paper by Melbourne-based think-tank Australia India Institute titled 'The G20: Challenges and opportunities Ahead', said following Prime Minister Narendra Modi's visit to the US and his talks with US President Barack Obama, India may finally sign the agreement.
Commerce secretary Sunil Barthwal is set to attend a two-day meeting from October 23 at the World Trade Organization (WTO) headquarters in Geneva, that would focus on finding solutions and giving the 'necessary political push' for at least some crucial global trade issues. Next week's meeting comes ahead of the WTO's 13th ministerial conference (MC13), scheduled in Abu Dhabi in February 2024. It will see participation of senior government officials from all WTO member nations.
The California walnuts shipped from the US to India have seen a sharp uptick with imports more than doubling from September to November against the same period last year. This comes after New Delhi removed its retaliatory customs tariffs on the key dry fruit. Two days ahead of US President Joe Biden's visit to New Delhi to attend the G20 Summit on September 9-10, India dropped additional customs duties on about half a dozen US goods that were imposed in 2019 in response to America raising tariffs on certain steel and aluminum products coming from India.
In 2009, the country stood at the 12th and 22nd position globally in services and goods exports, respectively.
Joseph Stiglitz accuses the US of negotiating over issues already settled at the World Trade Organization.
Chance of an accord in global trade talks suffered another setback following India's Union minister Kamal Nath terated that the country will not compromise on its stand on agriculture market access in the WTO's Doha round of talks.
Negotiators from the two sides will meet in July either at Brussels or Geneva, additional secretary in the commerce ministry D K Mittal told PTI.
Indonesian Trade Minister Gita Wirjawan, Chair of the Ninth Ministerial Conference, and the three Vice Chairs, in a joint statement, urged 'all WTO members to come together over the next few days to make the necessary breakthroughs, working closely with WTO Director General Roberto Azevedo.'
Trump had said a comprehensive trade agreement with India would take much longer to finalise than earlier expected.
'India has not integrated into any major trade agreement'.
'The startup ecosystem, the government, and the owners of large pools of Indian capital need to actively support the creation of these local champions, not pull down the teams that are trying hard to get there.'
India is not convinced that the new texts on agriculture and non-agricultural market access released by the World Trade Organization last Saturday would lead to consensus among members, though some of its concerns have been addressed with caveats.
India's exports recorded a flat growth of 0.59 per cent to $31.99 billion in November, even as trade deficit widened to $23.89 billion during the month, according to the data released by the government on Thursday. Exports stood at $31.8 billion in November last year. Imports rose by 5.37 per cent to $55.88 billion in November as compared to $53.03 billion in the corresponding month a year ago, the data showed. During April-November 2022, exports rose by 11 per cent to $295.26 billion as against $265.77 billion in the same month last year.
Companies moving their manufacturing base out of the US during his administration would have to face consequences, he said.
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.
Developed countries may not get a better deal in the stalled Doha Round of world trade talks in the future as countries like India are likely to harden their stance when talks resume some time next year.
A high-level expert group will provide recommendations on boosting global business through trade liberalisation.
Armed with necessary macro and micro growth drivers, India is on its way to becoming the fastest growing major economy in the world, a finance ministry report said. Rapid vaccination and teeming festivities will push India's ongoing recovery resulting in narrowing of demand-supply mismatches and greater employment opportunities, as per the monthly Economic Review prepared by the ministry.
Through these actions at the WTO, the United States is seeking the prompt provision of detailed information and data from China and India regarding the operation of these subsidy programmes, the USTR said.
US had made similar complaint against India in February.
Developed nations want the WTO to discuss new issues.
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.
Direct contacts between Obama and Prime Minister Narendra Modi this month helped to end a deadlock that had prevented the WTO from implementing a $1 trillion package of reforms.
The test of Jaitley's undoubted intellectual brilliance will be how he builds consensus and crafts policies that survive over a period of time.
