'We may see even more restrictive policies during 2.0.'
Prime Minister Narendra Modi congratulated US President Donald Trump on the success of the first phase of a US-brokered peace plan for Gaza and reviewed trade negotiations during a phone conversation.
India on Monday imposed a 12 per cent provisional safeguard duty for 200 days on five steel product categories, including hot rolled coils, sheets and plates, to protect domestic players from surge in imports. The decision follows a recommendation for the same by the Commerce Ministry's investigation arm DGTR. Last month, the DGTR suggested to impose the duty.
The United States argued that it had not had an outbreak of high pathogenic avian flu since 2004, while India had 90 such outbreaks between 2004 and 2014
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.
2016 will be the first time in 15 years that the ratio between trade growth and world GDP will fall below 1:1
The water crisis could jeopardise more than half of the world's food production and cause an average global GDP loss of 8 per cent by 2050, with lower-income countries facing up to a 15 per cent loss, according to a new report.
New Delhi 'will have to take a call which supply source suits us the best,' the finance minister said, pointing out that crude oil accounts for the bulk of India's foreign exchange spend.
In a statement, the Chinese ministry of commerce said that it would file a lawsuit with the World Trade Organisation against the US for its "wrongful practice," the Global Times reported.
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.
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.
India maintains "high" import duties on a wide range of American goods such as agricultural items, drug formulations, and alcoholic beverages, besides imposing non-tariif barriers, a US report has said. A day before announcing reciprocal tariffs, the US Trade Representative (USTR) released the 2025 National Trade Estimate (NTE) Report on March 31.
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.
'The answer is not for me to give. The answer either way has to be heard from the industry itself. Tell us why not if you are not doing it; tell us if you are doing it -- why should this question remain unanswered?'
In the short run, the Trump presidency has already ensured one thing: The assumptions of the past can no longer guide the strategies of the future, points out Manish Dabhade.
A look at India's foreign trade balance.
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.
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.
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.
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
'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.
'No respite from economic pain is worth the loss of dignity and self-respect,' asserts former foreign secretary Shyam Saran.
Joseph Stiglitz accuses the US of negotiating over issues already settled at the World Trade Organization.
In 2009, the country stood at the 12th and 22nd position globally in services and goods exports, respectively.
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.'
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.
'India has not integrated into any major trade agreement'.
'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.'
Trump had said a comprehensive trade agreement with India would take much longer to finalise than earlier expected.
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.
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.
Companies moving their manufacturing base out of the US during his administration would have to face consequences, he said.
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.
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.
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.
A high-level expert group will provide recommendations on boosting global business through trade liberalisation.
