{"id":249398,"date":"2023-06-24T20:14:38","date_gmt":"2023-06-24T14:44:38","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=249398"},"modified":"2023-06-24T20:14:38","modified_gmt":"2023-06-24T14:44:38","slug":"wto-disputes-between-india-and-us-india-us-agree-to-end-6-wto-disputes","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/wto-disputes-between-india-and-us-india-us-agree-to-end-6-wto-disputes\/","title":{"rendered":"WTO disputes between India and US: India, US agree to end 6 WTO disputes"},"content":{"rendered":"\n
Source<\/b>: The post is based on the article \u201cIndia, US agree to end 6 WTO disputes<\/b>\u201d <\/b>published in Business Standard <\/b>on 24th June 2023<\/b><\/p>\n
What is the News?<\/b><\/h2>\n
India and the US have agreed to end six trade disputes at the World Trade Organisation.<\/span><\/p>\n
What are the six concluded WTO disputes between India and US?<\/b><\/h2>\nSource: Business Standard<\/figcaption><\/figure>\n
The six disputes include three initiated by India and as many by the US.<\/span><\/p>\n
These include 1)<\/strong> countervailing measures on certain hot-rolled carbon steel flat products from India, 2)<\/strong> certain measures relating to solar cells and modules, 3)<\/strong> measures relating to the renewable energy sector, 4)<\/strong> export-related measures, 5)<\/strong> certain measures on steel and aluminium products and 6)<\/strong> additional duties on some products from the US.<\/span><\/p>\n
The one pending case is the poultry case where both India and the US remain involved in discussions to find a solution by the end of this year.<\/span><\/p>\n
What are the other decisions India and the US have taken related to trade disputes?<\/b><\/h2>\n
Decided to remove tariffs on products:<\/b> In 2018, the US imposed 25% and 10% import duties on certain steel and aluminium products respectively, on grounds of national security.<\/span><\/p>\n
In retaliation, India in 2019 imposed customs duties on 28 American products. India had also filed a complaint against the US in WTO for imposing these duties.<\/span><\/p>\n
Now the US has assured India that at least 70% of all such requests for steel and 80% of all such requests for aluminium applications for products originating in India will be excluded from the additional tariffs. India also agreed to remove retaliatory tariffs which it had imposed.<\/span><\/p>\n
Agreed to discuss GSP: <\/b>The US had in 2019 withdrawn India\u2019s preferential tariff benefits under the <\/span>Generalised System of Preference<\/b>s (a US trade preference program which provides opportunities to specific countries to grow their trade).<\/span><\/p>\n
After the current US-Indo meeting, the two countries have also agreed to discuss India’s demand for the restoration of GSP benefits to domestic exporters.<\/span><\/p>\n
What is the significance of these decisions taken by India and the US?<\/b><\/h2>\n
This development comes at a time when trade between the two countries has reached a record high and the US has emerged as India’s biggest trading partner.<\/span><\/p>\n
According to the provisional data of the Commerce Ministry, bilateral trade between India and the US was about $128.55 billion in 2022-23. It was $80.51 billion in 2020-21.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
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