Skip to main content

India must lead in defusing possibilities of a global trade war: Ficci

By
India must lead in defusing possibilities of a global trade war: Ficci 
India should play a proactive role in defusing the emerging possibilities of a global trade war that can derail the positive outlook in the world trade, Ficci said today. 
The industry body observed that protectionist measures by the US have raised serious concerns about a global trade war, highlighting the importance of keeping the World Trade Organisation (WTO) process intact and also making the multilateral institution stronger. 
Moreover, with the WTO Director-General Roberto Azevedo raising alarm on the issue at the two-day mini-ministerial in New Delhi early this week, it is high time countries across the world think beyond retaliatory measures to counter the challenges posed by the targeting of the WTO by the US and unilateral increase in tariffs, Ficci said. 
India can play a significant role in guiding this exercise to defuse the emerging possibilities of a global trade war that can derail the positive outlook in the world trade, said Rashesh Shah, President, Ficci. 
Shah noted that by turning the mini-ministerial into a platform for meeting of minds', Commerce and Industry Minister Suresh Prabhu has shown that India can lead the way in bringing all countries together to find a way out and avoid fuelling of a trade war due to the US actions. 
It is important to keep the WTO process going and also making the multilateral institution stronger so that a rule-based global trade is ensured and bilateral issues have an effective platform for resolution, Shah said. "India's growing acceptance as an important nation in facilitating constructive deliberations among the countries with diverging interests must be capitalised to strengthen the WTO," he added. 
Concerns over a global trade resurfaced after US President Donald Trump yesterday imposed USD 60 billion of tariffs on Chinese imports to punish the country for its "unfair" seizure of American intellectual property, a move that could escalate the already tense trade relations between the world's two biggest economies. 
In response to Trump's move, China unveiled plans today to impose higher tariffs on USD 3 billion worth of American goods, including pork and pipes, in retaliation to US tariffs on steel and aluminium imports from Beijing, authorities said. The measures suspending tariff concessions will target 128 US products including pork, wines and seamless steel tubes, China's Ministry of Commerce said in a statement. 
The Economic Times, New Delhi, 24th March2018

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more

E tailers global warehouses may come under tax net

By
E tailers  global warehouses may come under tax net Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy,  Spain, the Netherlands, and Russia may not be exempted from paying the income tax in India  once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS)  comes into force. BEPS refers to the reporting framework mooted by the Organisation for Economic  Co-operation and Development (OECD) and signed by over 100 countries, including India, to  prevent exploiting gaps and mismatches in tax rules to shift profits by multinational  companies (MNCs) artificially to low-tax regimes. The representatives of 68 countries on June 7 this year signed an agreement (MLI) in Paris  to amend their tax treaties to bring them in alignment with measures to prevent BEPS.  However, there is still time for synchronising tax treaties with the multilateral  instrument. India has submitte...
17 comments
Read more