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World Trade Organization

Dec 08, 2019, 01.36 AM IST

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Trade will regress to an era of power politics, says India

The country’s statement comes after a group of 117 members including India sought to start the selection processes for filling six vacancies in the appellate body that will not have a quorum to review new trade dispute appeals after December 10 when the second terms of two members expire. There are four existing vacancies in the panel.

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  • The US, the EU, Canada and Australia are denying market access to short-term services providers from India.

    Highlighting that India's exports could rise by about half a percentage point and income by 0.2% from trade diversion due to trade conflict between other countries, it cautioned worsening trade conflict leading to a slump in investor confidence to push more than 31 million people into poverty.

    While India has appealed against the ruling before WTO’s Appellate Body last week, MEIS is set to be replaced with Remission of Duties or Taxes on Export Products (RoDTEP) from January 1, 2020, as announced by the finance ministry last month.

    Washington is also said to have asked New Delhi to reduce the import duty on pulses. The US, along with Canada and Australia, had moved the WTO against India’s ban on import of certain pulses to check falling prices in the domestic market. India, however, doesn’t have any issues with increased import of pistachios from the US, sources said.

    iPhone maker Foxconn said that it may look at extending its manufacturing capabilities to make more ecosystem devices in India for domestic and global needs and is currently awaiting clarity from the govt on the Remission of Duties or Taxes on Export Products scheme, which will allow the company to drive ‘mobile plus’ capacity.

    Vice Premier Liu He made the comments in a speech in Beijing on Wednesday ahead of the Bloomberg New Economy Forum, according to people who attended the dinner and asked not to be identified. He has also invited his US counterpart, Robert Lighthizer, to travel to China for talks this month, but the invitation hasn’t yet been accepted, people familiar with the matter said.

    The plea was made in the appellate body of the World Trade Organisation's (WTO) dispute settlement mechanism. The US has dragged India to the WTO under Article 27 of the organisation's Agreement on Subsidies and Countervailing Measures (SCM), which also provides for special and differential treatment to developing countries like India.

    China on Wednesday terminated its six-year long anti-dumping measures on pyridine imports from India and Japan after the domestic producers asked the government to withdraw the reinvestigations of the duties.

    On October 31, the WTO had ruled that export subsidy programmes-MEIS, Export oriented units scheme and sector specific schemes, including Electronics Hardware Technology Parks Scheme and Bio-Technology Parks Scheme; Export Promotion Capital Goods Scheme; and Duty-Free Imports for Exporters Scheme- violated provisions of trade body’s norms.

    The forecast does not augur well for India as the country's exports contracted for a third month in a row in October by 1.11 per cent to USD 26.38 billion.

    India first filed its complaint at the WTO in 2012, after Washington imposed duties of nearly 300 per cent on imports of products including carbon-quality steel pipes, after complaining that Indian steel manufacturers were benefitting from unfair subsidies.

    PM Modi who will be attending his sixth BRICS Summit including the one he hosted, will continue to emphasise on reforms for international financial architecture, said people aware of the matter. In the backdrop of the current geoeconomics, the PM will pitch for transparent, non-discriminatory, open, free and inclusive international trade.

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