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US can restore India's trade benefits, but a $6-bn condition apply

US wants India to buy another $5-6 bn worth of poultry and farm goods for reinstatement of GSP benefits.
The Economic Times

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WORLD TRADE ORGANISATION

India seeks provisions to check harmful fishing

The push was made in the first of the six clusters of fish subsidy talks held last week at WTO, aimed at securing a global agreement on reducing harmful fisheries subsidies by June this year, said officials familiar with the development.

India initiates probe into alleged dumping of newsprint from 5 countries

India has started a probe into alleged dumping of newsprint, used in...

WTO will survive, but it will look different: Roberto Azevedo

Amid a growing clamour among the political class for protectionism over free tr...

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  • The World Trade organisation (WTO) derives most of the income for its annual budget from contributions by its member countries. These contributions are based on a formula that takes into account each member's share of international trade.

    The World Economic Forum Annual Meeting 2020, taking place on January 20-24, will focus on establishing stakeholder capitalism as a way of addressing the world's greatest challenges, from societal divisions created by income inequality and political polarization to the climate crisis we face today, the Geneva-based International organisation for public-private partnership has said.

    Spot gold was 0.3% lower at $1,557.93 per ounce by 1300 GMT but held above the key $1,550 level.

    Goyal will also participate in an informal WTO Ministerial gathering being held in Davos during this period, the commerce ministry said in a statement. The union minister will hold bilateral meetings with ministers of Australia, South Africa, Russia, Saudi Arabia, Switzerland, Korea and Singapore.

    The Directorate General of Trade Remedies is an investigation arm of the ministry which deals with anti-dumping duty, safeguard duty, and countervailing duty. These duties are trade remedy measures, provided under an agreement of the World Trade Organisation to its member countries. They are used to provide a level playing field to domestic industry.

    The commerce department has proposed to replace the positive net foreign exchange (NFE), a primary requirement for SEZ units, with the new eligibility criteria in the wake of the extant SEZ policy being challenged in the World Trade Organisation (WTO), and a panel led by industrialist Baba Kalyani suggesting a revamp of the policy, officials aware of the development said.

    DGTR in a notification said that on the basis of the prima facie evidence submitted by the domestic industry about dumping of the product originating in or exported from China, "the authority, hereby, initiates an investigation".

    The US in July had dragged India to the WTO by filing a complaint against New Delhi's move to increase customs duties, alleging the decision as inconsistent with the global trade norms. According to a communication of the Geneva-based WTO, the dispute settlement body has established a panel "to examine the matter referred by the US".

    U.S. President Donald Trump said on Dec 31 that the Phase 1 deal with China would be signed on Jan 15 at the White House. Trump also said he would sign the deal with "high-level representatives of China," and that he would later travel to Beijing to begin talks on the next phase.

    It is time for commentators on the economy to offer their wish lists of reforms to the finance minister.

    With stakeholder capitalism gaining traction, the push to closely align executive pay to a company's performance on environmental, social and governance (ESG)-related criteria is gaining ground.

    Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 176 crore on Wednesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 326 crore, data suggests.

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