Thursday, January 23, 2025

WTO favours US, says Indian export subsidies illegal

Thursday, October 31, 2019, 15:39
This news item was posted in Business category and has 0 Comments so far.

GENEVA: A World Trade Organization (WTO) panel ruled on Thursday that Indian export subsidies are prohibited and should be removed, upholding a complaint brought by the United States.The panel largely agreed with U.S. claims challenging export subsidies granted in the form of exemptions from customs duties and a national tax, while rejecting some U.S. arguments. It called on India to withdraw the export-contingent subsidies within periods varying from 90 to 180 days.The U.S. Trade Representative’s Office, in a statement, said that the panel had agreed that India provides prohibited subsidies to Indian exporters worth more than $7 billion annually, including to producers of steel products, pharmaceuticals, chemicals, IT products and textiles.

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