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Indian Prime Minister Narendra Modi is on a state visit to the US from 21-24 June, 2023. This has been done at the invitation of US President Joe Biden and First Lady Jill Biden. With Modi’s pompous arrival, there are a lot of expectations of the Indians from this visit.
Moving on to the recent updates from the visit, as per PTI India and US have come to terms to end six trade disputes at WTO. Including which three were started by India, while the other stands with the US. Further, New Delhi has also promised to remove the custom duties on 28 American products including walnuts, apples, and almonds as per the said sources.
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As per the earlier status, the US levied import levies of 25% and 10% on specific steel and aluminum goods, respectively, in 2018. In retaliation, India in June 2019 levied customs fees on 28 American goods, including apples, boric acid, lentils, chickpeas, lentils, almonds, walnuts, and diagnostic tools.
The Republic of India and the United States have agreed to settle six unresolved trade issues, according to a statement from United States Trade Representative Katherine Tai. According to Tai's statement on Thursday, "India also agreed to remove retaliatory tariffs that it had imposed in response to the Section 232 national security measures on steel and aluminum."
The statement further included that these cuts would help restore and enhance the market opportunities for the US agricultural producers and manufacturers. Continuing Tai’s words from the statement, she stated, “Today's agreement represents the culmination of intensified bilateral engagement over the last two years, including through the US-India Trade Policy Forum, to deepen our economic and trade ties.”
"As a result of our work, US agricultural producers and manufacturers will now enjoy renewed access to a critical global market and we will strengthen our trade relationship with one of our closest partners. I look forward to continuing to work with my counterpart, (India's Commerce and Industry) Minister (Piyush) Goyal, as we identify additional ways to bring our people and our economies together," she added.
Moving on to the six disputes that are to be dissolved, includes countervailing measures on specific hot-rolled carbon steel flat products from India, specific solar cell and module measures, renewable energy sector measures, export-related measures, specific steel and aluminum product measures, and additional duties on specific US-made products are all examples of such measures.
Trade experts claim that both nations may settle their differences on mutually agreeable terms and then notify the Geneva-based WTO of the resolution.
Regarding India's assistance measures for its export industry under various programmes, the US has complained to the WTO. A WTO dispute panel found in 2019 that India's export restrictions violate international trade principles.
India's top trading partner is the United States. The bilateral trade in products climbed to USD 128.8 billion in 2022–2023.
The WTO rules say that a member country can file the case with the Geneva-based body if they think that a particular measure is against the rules of the world body. Bilateral consultation was said to be the first step to resolve a dispute. And if the matter is not able to be resolved after consultation, any of them could approach the dispute settlement panel.
The WTO's appellate body has the right to disagree with the panel's decision or report.
It's interesting to note that the appellate body is ineffective due to disparities in how member nations choose their representatives. With this body, there are already a number of outstanding conflicts. The US has been preventing the members' appointments.
(The news is in consideration with PTI)
