WTO DIRECTOR GENERAL
No new duty concessions for milk, milk products imports: DGFT
India has strictly limited milk and milk product imports under tariff rate quotas (TRQs) in accordance with WTO commitments. Santosh Sarangi, director general of foreign trade, confirmed that no TRQ imports are planned for the current year. TRQ imports have occurred only three times in recent years, managed exclusively by cooperatives and state-owned entities, following guidelines that balance producer and consumer interests.
India imposes anti-dumping duties on three Chinese products
On hydraulic rock breakers, the duty ranged between 4.55 per cent and 162.5 per cent of CIF (cost, insurance, freight) value in US dollars. The duty was also imposed on these goods coming from Korea. These breakers are used in the construction and mining industry for carrying out demolition, excavation, mining and boulder breaking activities.
China may dump EVs, batteries into India with higher US tariffs: GTRI
GTRI warns of China dumping in India due to US tariffs. India can gain from higher duties on medical items. Trade with China surpasses that with the US. GTRI advises vigilance by Indian trade authorities, ramping up production for US market exports.
'US-China trade war escalation may lead to dumping of goods in India': GTRI
The US on Tuesday reignited the trade war with China by announcing a series of proposed tariff increases on imports including electric vehicles (EVs), batteries, and various other goods.
Government working to help exporters deal with countervailing duty cases
The government is developing a verification system for exporters under the RODTEP scheme to ensure compliance with countervailing duties. This system will involve a joint mechanism with DGFT, DGTR, and DoR officials to check subsidy allegations on Indian products.
DGTR recommends anti-dumping duty on water treatment chemical from China, Japan
The Directorate General of Trade Remedies (DGTR) recommended imposing anti-dumping duties on imports of 'Trichloro isocyanuric acid' from China and Japan, used for water treatment, to safeguard domestic industry. Bodal Chemicals Ltd initiated the investigation. The proposed duty ranges from USD 170 to USD 870 per tonne. The final decision rests with the finance ministry within three months.
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Foreign banks optimistic about BJP’s performance in Lok Sabha elections
Nomura and HSBC, multinational banks, foresee continuity at the Centre following India's ongoing Lok Sabha elections. They advocate tougher reforms, including land and labor reforms, to boost growth. Nomura predicts average annual GDP growth of 7% between 2024-28 and suggests politically contentious reforms around land, labor, and capital. HSBC predicts BJP's increased tally from 303 to 323 seats, with the NDA coalition reaching 377, and suggests that easy-to-moderate reforms could deliver 6.5% growth, while moderate-to-hard reforms are needed for over 7.5% growth.
Global trade to pickup in 2024: WTO
India clocked $451 billion goods export in FY 23 and $394.99 billion in April-February FY24. In its latest Global Trade Outlook and Statistics report, India’s share of global goods exports was 1.8% in 2023 and imports was 2.8%. In digitally delivered services, India’s share rose to 6% in 2023 from 4.4% in 2019. In global commercial services, India’s share in exports is seen 4.4% in 2023 at $344 billion, up 11% on-year whereas imports were flat at $247 billion.
Global trade growth to rebound this year; geopolitical tensions pose downside risks: WTO forecast
Global trade growth expected to recover post-2023 contraction, but risks from conflicts, geopolitical tensions, and policy uncertainty remain. WTO lowers 2024 growth projection to 2.6% with potential for trade fragmentation and protectionism challenges ahead.
Have high import tariffs helped India improve manufacturing & counter China?
The government has successfully used tariff protection in some segments, but the policy needs a review if the country has to see improvements in efficiency and sustainability fronts.
The death of the WTO now looks inevitable
Countries have been deliberately accelerating the WTO’s decay, avowedly choosing domestic industrial policy and managed trade over market-based cooperation.
Fractures in global trade deepen as WTO musters only a small win
As talks headed for a sixth day near midnight Friday, ministers could only agree on a measure they’ve maintained since 1998 — extending a moratorium on tariffs on digital commerce.
WTO MC13: It's time for India to move beyond Abu Dhabi and should engage in interest-based negotiations
The recently concluded WTO MC13 in Abu Dhabi was saved from collapse thanks to Ngozi Okonjo-Iweala and Piyush Goyal. Issues such as non-trade concerns, cotton subsidies, 'dirty subsidies', and food stockholding remain challenges. India's leadership role and interest-based negotiations are crucial for progress.
MC13: Talks stuck on crucial issues, EU, US block India proposals
Negotiations at WTO's Ministerial Conference on fish and farm subsidies are stuck. Developed countries resist developing nations' demands. EU and US block pro-development agenda. Green room meetings continue. Little action seen on promises made by developed nations for development matters.
WTO chief sees trade missing forecasts on growth headwinds
Okonjo-Iweala that demand is sluggish across most major economies — except for the US and India, “which are doing quite well.”
Where's India? Key holdout country's minister absent from WTO meeting
India's Commerce Minister, Piyush Goyal, was absent at the start of a major World Trade Organization (WTO) meeting in Abu Dhabi, causing concerns about the impact on discussions. Goyal is a key player in the trade negotiations focusing on fisheries and digital trade tariffs. However, WTO Director-General Ngozi Okonjo-Iweala stated that Goyal's participation delay was due to mistiming, and he would join the conference later.
India for development & permanent solution at WTO, against non-trade issues
Piyush Goyal said that India “firmly believes that any measures taken to combat climate change, including unilateral ones, should not constitute a means of arbitrary or unjustifiable discrimination or a disguised restriction on international trade”.
Samyukta Kisan Morcha, civil society call for permanent solution, safeguards at WTO
“We are extremely concerned about what is happening on agriculture at MC13. Crucial issues that are mandated by earlier ministerial conferences have been completely blocked by developed countries and farm exporting countries,” said Samyukta Kisan Morcha (NP).
Global economy is weighed down by war, uncertainty and instability, trade chief warns
World Trade Organisation Director-General Ngozi Okonjo-Iweala highlighted global economic challenges, urging reform amid uncertainty. She praised the WTO's role but warned of rising prices affecting people's livelihoods and fueling political tensions. With elections in many countries, including the US, looming, the WTO faces potential changes in leadership and policies. Okonjo-Iweala emphasized the importance of multilateralism in trade, addressing criticisms from the US and others. Despite efforts to address issues like overfishing subsidies, the WTO's future remains uncertain amidst global economic complexities.
Not in dreamland: WTO aims for modest outcomes at Abu Dhabi meeting
The almost 30-year-old global watchdog, whose rules underpin 75% of global commerce, tries to strike deals by consensus, but such efforts are becoming more and more difficult as signs grow that the global economy is fragmenting into separate blocs.
Civil society criticises proposed investment pact, WTO DG role
India and South Africa have opposed it as it neither has the WTO mandate or its members’ consensus and cannot be brought to the formal process in the WTO. Civil society also called the “attack” on India and South Africa by WTO Director General Ngozi Okonjo-Iweala for opposing the proposed pact “appalling”. “The Director-General has gone far beyond her legitimate role as an international public official, who is legally required to be neutral,” some civil society organisations said in a statement.
We're going to reach a deal that is balanced: Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE
Thani bin Ahmed Al Zeyoudi, chair of the 13th Ministerial Conference (MC13) of the WTO, emphasizes the shared desire to expand and modernize global trade. The conference aims to be inclusive, transparent, and uphold the multilateral rules based trading system, while addressing various issues and expectations.
Tax-free status of movie, music and games traded online is on table as WTO nations meet in Abu Dhabi
The debate at the World Trade Organisation's meeting revolves around the e-commerce moratorium for digital media providers like Netflix and Spotify. Major decisions require consensus, and four proposals are being considered. The US industry groups are pushing for the renewal of the moratorium.
We may need extra day to finalise deliverables: WTO
In a signed letter dated February 16, Ngozi Okonjo-Iweala said the conference, scheduled to be held in the capital of the United Arab Emirates from February 26-29, may need to be extended so as to finalise deliverable items.
Streaming a movie abroad may soon come with taxes at the border
The World Trade Organization (WTO) faces a potential breakdown of the decades-old moratorium on digital customs charges. The tariff ban, allowing free cross-border digital transactions, is set to expire in March. Large developing economies, including Indonesia, South Africa, and India, signal opposition to an extension, citing concerns about US Big Tech dominance, data privacy, and lost customs revenue. The lack of an international framework for digital trade complicates negotiations.
As a leader, India must ensure a successful meet: WTO DG Ngozi Okonjo-Iweala
India, Brazil and South Africa are the troika of the G20, the WTO DG said. “We hope they will work together to ensure MC13 is a success... the entire package… not one issue or the other… it is across the board,” she told ET. “Not just G20, they are also BRICS (members)… they should support the UAE to ensure the UAE is a successful host, like it was for COP28,” she said, referring to the climate summit held late last year in Dubai.
Tiger in the room at Abu Dhabi
India's foreign policy achievements are evident across various regions, underscoring its diplomatic prowess. As such, India should spearhead efforts for a fruitful conclusion of the 13th WTO Ministerial Conference in Abu Dhabi, starting February 26. Failing to do so might diminish the significance of its diplomatic endeavors.
Global economy, trade moving towards normalisation, yet far from normal: Leaders at WEF
"We have been more optimistic about 2024, and I feel, we are moving towards normalisation, but I still don't see it returning to a normal fully," she said at a panel discussion on 'The global economic outlook' on the last day of the WEF Annual Meeting 2024.
Members committed to fully functioning dispute settlement system by 2024: WTO deputy DG Angela Ellard
"The resolution of the US-India disputes is a very welcome development. I think the dispute settlement mechanism here in the WTO created a path for that resolution," Angela Ellard said, adding that these are all examples of how having a dispute settlement system helps members resolve their conflicts.
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