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The huge potential of AI in catalysing trade and economic growth, globally and locally, was highlighted in two separate reports recently
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IFD’s provisions are crafted to streamline administrative procedures, enhance transparency, and improve coordination among government agencies. India does not have to choose between sovereignty and openness. By adopting a calibrated middle path, it can reinforce its global reputation as a leader of the Global South
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China raises concerns at the WTO over India’s app bans, while New Delhi cites security grounds for its stance.
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India and the U.S. are likely to narrow differences over trade and levies as the former’s strategic position in the Indian Ocean will influence American foreign policy. However, WTO’s most favoured nation principle which accounts for more than 80 per cent of cross-border goods trade has experienced a severe setback
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"However, higher tariffs over time will weigh on trade, bringing next year’s expected trade volume growth down to 1.8 percent from 2.5 percent previously," the WTO said in its update.
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GTRI said that New Delhi's move reflects a broader shift: a willingness to assert itself within global trade rules to protect its economic interests.
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A resumption of reciprocal tariffs would see merchandise trade growth contracting 1.5 percent in 2025; growth to take a hit
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India’s delegation also suggested that WTO members consider organising a thematic workshop on DPI under the Work Programme on E-Commerce.
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China faced a record number of WTO trade disputes in 2024 as its export surge fuelled global backlash, with both developing and advanced economies challenging its overproduction.
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The Trump administration is retreating from global institutions it sees as at odds with his "America First" economic policies
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Sanghnomics: US tariffs and China’s WTO misuse threaten the organisation’s credibility. India’s scepticism and failed WTO conferences reflect growing preference for plurilateralism over multilateralism, with China’s unfair practices, such as forced technology transfer and market barriers, exacerbating global trade tensions
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Retaliatory tariffs to counter trade barriers or higher duties by other nations would be the "last option" for India.
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Sanghnomics: FTAs have become popular among developing countries as alternatives to multilateral deals, which often favour developed nations. A cautious approach, highlighted by the RCEP withdrawal, is recommended for future negotiations
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Minister Goyal met Director General of the World Trade Organization (WTO) and interacted with potential investors on July 15, and discussed potential collaborations in various sectors and partnerships to support India’s growth.
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On November 17, 2023, Australia notified to the secretariat of the WTO about its intention to modify its schedule of specific commitments under the GATS (General Agreement on Trade in Services) to incorporate additional commitments relating to services domestic regulation.
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Sanghnomics: Blocking China’s attempts to add IFA to the WTO agreement in the 13th Ministerial Conference was a priority for the Swadesh Jagran Manch as it recognised the Chinese attempt to subvert the sovereign prerogative of nations to reject foreign investment that are against national interest
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International trade experts stated that India's principled stand in opposing the addition of the IFDA (Investment Facilitation for Development Agreement) into the WTO is based on its longstanding support for multilateralism.
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While certain WTO members have expressed concerns over India's MSP scheme for key agricultural products, and export restrictions on commodities such as rice, New Delhi maintains that the country has to protect the interests of the poor and vulnerable farmers, and take care of its domestic food security needs.
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He said that New Delhi's procurement of food grains for distribution among the poor continues uninterrupted and without any hindrance.
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Both of these decision did not go India's way. While the South Asian nation was pushing for a resolution on WTO's dispute resolution mechanism by MC13, it also, initially, wanted an end to the moratorium on levying customs duties on digital goods.
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Some WTO members have raised concerns over the country's MSP scheme on key agricultural products, as well as the recent export restrictions on commodities such as rice, citing that it distorts market prices.
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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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The conference of the World Trade Organization's highest decision-making body entered its fifth day on Friday, with key members including India, the United States, and the European Union holding negotiations to resolve disputes on subjects such as agriculture, fisheries subsidies, and a duty moratorium on e-commerce trade.
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Key outstanding issues at MC13 includes, finding a resolution on the dispute settlement reform, consensus on fisheries subsidies, and ironing out differences on the moratorium on imposing customs duties on digital goods.
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India has been for long pushing to end a moratorium on customs duties on digital goods citing that such a levy tends to benefit a few developed nations.
