Moneycontrol PRO
UPCOMING EVENT:Watch India’s Best Managed Companies 2021, Deloitte’s global marquee programme for private companies on 17th Sept, 12 pm. Register Now!

WTO panel rules India export subsidies illegal, upholds US case

The panel largely agreed with US claims challenging export subsidies granted in the form of exemptions from customs duties and a national tax, while rejecting some US arguments.

October 31, 2019 / 09:29 PM IST

World Trade Organization (WTO) panel ruled on October 31 that Indian export subsidies are prohibited and should be removed, upholding a complaint brought by the United States.

The panel largely agreed with US claims challenging export subsidies granted in the form of exemptions from customs duties and a national tax, while rejecting some US arguments. It called on India to withdraw the export-contingent subsidies within periods varying from 90 to 180 days.

The US Trade Representative's Office, in a statement, said that the panel had agreed that India provides prohibited subsidies to Indian exporters worth more than $7 billion (£5.4 billion) annually, including to producers of steel products, pharmaceuticals, chemicals, IT products and textiles.

 
Reuters
first published: Oct 31, 2019 09:28 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark