World Trade Organisation
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India’s trade deficit dips in Sep as imports decline
The country’s merchandise exports declined by 2.6 per cent to $34.47 billion compared to the same month last year, while the imports were valued at $53.84 billion in September.
'Re-globalization' more promising than fragmentation: WTO
In the 2023 edition of the "World Trade Report", the trade organization presents new evidence of the benefits of broader, more inclusive economic integration as early indications of trade fragmentation threaten to unwind growth and development.
Centre issues new rules to simplify, streamline Trade Certificate regime
Due to certain anomalies in the existing rules, the applicability of the Trade Certificate was open to interpretation in many cases, leading to harassment of many business establishments. Moreover, an application was required to be filed physically at the RTO which was a time-consuming process.
'India wants bilateral trade relations with countries with which it can increase volume'
Under the World Trade Organisation (WTO) mechanism in 1995, the focus was more on multilateral agreements. Now the major difference is that global perspective, global needs and global trade are under greater focus. The intent of the government is now more on 'Make In India' and the attitude is inward looking. So rather than waiting for WTO reforms to happen, India wants to look at bilateral trade relations with countries with which it can increase its trade volume.
WTO's 12th ministerial meeting opens in Geneva to tackle key issues
During the four-day meeting which started on Sunday, members of the trade organisation will hold discussions on such issues as TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver for Covid-19 vaccines, pandemic response, fishery subsidies, agriculture, food security, as well as the WTO's reform and its future work priorities. "No one country can solve these crises on its own, this is a time that you need the world to work together," Ngozi Okonjo said.
WTO to hold ministerial meeting in mid-June
According to a WTO press release, the decision was taken by the organisation's General Council following the easing of the Covid-19 restrictions in the host country Switzerland. The exact dates of the meeting will be specified later.
WTO needs to reassess the way of conducting its affairs: Goyal
The minister said that the developed countries should contribute more to achieve the 'Sustainable Development Goals' and do their part on meeting the obligations of providing clean and green technology and achieving climate goals as well as meeting the needs of billions of people.
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