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The World Tariff Profiles 2024 indicate that it’s high time for the country to shun the preference for protectionism
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World Trade Organisation negotiators released new draft agreements on Friday during all-night talks in Abu Dhabi, indicating that several critical problems remained unresolved hours before their deadline, which had already been extended twice.
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”As per the available Dispute Settlement procedures, India is taking the necessary steps, and is also exploring options available in light of its WTO rights and obligations,” the government said.
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The country wants member countries of Geneva-based WTO to discuss all these issues 'threadbare' before initiating negotiations on binding commitments or rules on the e-commerce sector.
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The latest bans cover more fishery products, chief among them squid, as well as some beers and liquors, which China has said is due to the Taiwanese companies not properly completing relevant paperwork.
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The commerce ministry's investigation arm DGTR had conducted a probe into alleged exports subsidisation by Malaysia on 'aluminium primary foundry alloy ingot in different forms' following a complaint by the domestic industry and on January 31 this year recommended imposition of the duty.
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In the latest grim economic outlook to emerge, the Geneva-based trade body pointed to multiple uncertainties in its forecast over the next two years because Russian and Ukrainian exports of items like food, oil and fertilizers are under threat from the war.
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Excluding bilateral trade agreements, the European Union on average applied tariffs of 5.1% on imports from WTO members in 2019, according to WTO data, with higher rates for agricultural products than for industrial goods.
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The biennial Ministerial Conference of the WTO will be held later this month. The meet will see the trade ministers of all member-nations converging to hash out the nuts and bolts of the global trade ecosystem.
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"The WTO is now predicting global merchandise trade volume growth of 10.8 percent in 2021-- up from 8.0 percent forecasted in March -- followed by a 4.7 percent rise in 2022," up from four percent previously, the global trade body said.
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Taiwan's Council of Agriculture Minister Chen Chi-chung said China had behaved unilaterally without providing scientific evidence, and criticised the announcement for coming during the traditional Mid-Autumn Festival, celebrated by Taiwan and China.
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Cashing in on rising sugar prices, Indian traders for the first time have signed export contracts five months ahead of shipments as a likely drop in Brazil's production prompted buyers to secure supplies from India in advance.
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Nigeria's Ngozi Okonjo-Iweala is widely expected to be chosen to fill a months-long leadership void at the global trade watchdog after Washington reversed its opposition last week.
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The 66-year-old is looking to make more history as she bids to become the first African and woman to head the World Trade Organization (WTO).
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World leaders committed in 2015 to a series of UN targets and one of them mandates the Geneva-based trade watchdog to strike a deal on ending government subsidies worth billions of dollars that contribute to over-fishing by 2020.
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Backing India, South Africa's proposal to WTO, WHO director-general Tedros Adhanom Ghebreyesus said ending a pandemic starts with collaboration.
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The official said the delegate described the US failure to provide concrete evidence of the reasons for its measures a "clear abuse" of rules.
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The WTO’s General Council, made up of ambassadors from the 164-member Geneva organization, ruled out Jesus Seade Kuri of Mexico, Tudor Ulianovschi of Moldova and Hamid Mamdouh of Egypt.
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The panel found that the duties were inconsistent with trading rules because they applied only to China and were above the maximum rates to which the United States had committed.
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The Geneva-based body forecast in April that global trade in goods would fall by between 13 percent and 32 percent in 2020, numbers that the WTO chief described as "ugly", before rebounding by 21-24 percent in 2021.
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'Certainly I am exploring the option of being a candidate for the director-general of the WTO. I think that there is an important amount of work to be done to reform the organization, to make it more effective and efficient, but also to deal with many of the trade issues that are bedeviling the international community now arising from COVID-19,' he said.
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The Geneva-based body normally takes nine months to choose a new chief but now wants to do so in three. It prefers to pick a chief by consensus, moving to a vote only as a last resort.
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The United States told the World Trade Organization on Wednesday there was "no valid basis" for the European Union to retaliate against US goods
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The share of exports by the world's top-10 exporters of medical products to their RTA partners ranges from between 27 percent for China to almost 75 percent for Italy, the WTO has said in the report.
