Indonesia plans to collaborate with Kerala in trade, healthcare, tourism and education
The Dollar Business Bureau A seven-member Indonesian team led by Consul General Saut Siringoringo is in Kerala, looking to explore the possibility of collaborating with the Kerala government in trade, healthcare, tourism and education. The team will also interact with the Kerala chapter of CII and with the Trivandrum Chamber of Commerce (TCCI). The Indonesian team has another agenda- to attract Kerala businesses, investors, traders and buyers to attend the 32nd edition of the four-day Trade Expo Indonesia (TEI) being organised by the Indonesia Ministry of Trade in ICE-BSD City - Banten from October 11. In the previous edition of TEI, around 150 buyers from Kerala, Tamilnadu, Maharashtra, Karnataka and Gujarat had clocked the maximum transactions. Indian buyers topped the list and Indonesia ...
Cabinet clears proposal to ratify WTOs trade facilitation pact
The TFA apart from speeding up the movement of goods that included shipments in transit, it also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues The Dollar Business Bureau On Wednesday, the Union Cabinet chaired by Prime Minister Narendra Modi also approved the instrument of acceptance to be submitted by the government to the WTO Secretariat. The Union Cabinet has given its nod to a proposal for ratification of the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO), which seeks to ensure quick and smooth flow of goods in the international trade. So far, 69 of 162 members of the global body has ratified the TFAan outcome of the Bali ...
India to pitch for permanent solution to food security issue at WTO
Source: PTI Backed by several developing countries, India will strongly pitch for finding a permanent solution to the food security issue and a mechanism to protect poor farmers from surge in imports at the WTO meeting of 160 trade ministers', beginning in Nairobi on Tuesday. During the four-day meet, India wants the multi-lateral body to deliberate on pending issues of the Doha Round and deliverables of the Bali package, including issues of the least developed countries. “Focus of the deliberations will include issues relating to continuance of the Doha negotiating mandate; finding a permanent solution to the issue of public stock holding for food security; special safeguard measures,” an official said. The negotiations, launched at the Qatari capital in 2001 and ...
WTO grapples with growing challenges as it turns 20
Bidhu Bhushan Palo | The Dollar Business “We are living off the liberalisation and reforms of the past.” - Roberto Azevêdo, DG, WTO, had said in 2014. (Pic. source - WTO) Despite the slowdown in global trade and growing importance of regional agreements (and disagreements) seen in 2014, optimism seems to be back at the World Trade Organisation (WTO). As it turned 20 on January 1, 2015, Roberto Azevêdo, Director-General, WTO, said, “20 years ago, on 1 January 1995, the WTO opened its doors for business. Our organisation has evolved since 1995. We have welcomed 33 new members, ranging from some of world’s largest economies to some of the least developed. Today our 160 members account for approximately 98% ...
WTO makes Trade Facilitation Agreement Facility operational
The Dollar Business Bureau (Pic. Source - WTO) The World Trade Organisation (WTO) has advanced the date to find a permanent solution on public stockholding and food security programmes from 2017 to December 31, 2015, and has made the Trade Facilitation Agreement (TFA) Facility operational. At a meeting of the General Council yesterday, Roberto Azevêdo, Director-General, WTO, congratulated the 160 members for adopting decisions related to public stockholding for food security programmes, the TFA and the post-Bali work. He said, “WTO work is back on track.” Three decisions were arrived at the General Council meeting. The first decision was about finding a permanent solution on public stockholding for food security purposes by 31 December 2015. Members have also ...
India agrees to support implementation of WTO Trade Facilitation Agreement
The Dollar Business Bureau | @TheDollarBiz Ms. Nirmala Sitharaman, Minister of State for Commerce & Industry (Independent Charge), announcing the breakthrough in WTO TFA talks in New Delhi on November 13, 2014 (Pic. source - Ministry of Commerce) After months of resistance, India has agreed to support the implementation of the World Trade Organisation’s Trade Facilitation Agreement (TFA). The TFA is considered the biggest breakthrough since the formation of the WTO and a major reform in multilateral trade. The TFA aims to reduce trade barriers, simplify trade procedures and reduce trade costs significantly. According to WTO estimates, the TFA has the potential to add over $1 trillion to the global economy. In the Bali conference last year, WTO members had agreed ...
European Union deeply disappointed with Indias rigidity on Trade Facilitation Agreement
The Dollar Business Bureau | @TheDollarBiz The Council of the EU Justus Lipsius building (Source - The Council of the European Union) The EU is deeply disappointed with India's decision to block the adoption of the Trade Facilitation Protocol, thereby preventing the 160 WTO member countries to proceed with their ratification procedures and stalling the implementation of an agreement which could have brought tremendous benefits to the global economy and specifically to developing countries, the European Commission told The Dollar Business. It said that the link made by India between the Trade Facilitation Agreement (TFA) and the public stockholding issue is of grave concern to the EU as under the Bali deal, in exchange for the TFA, India obtained a peace ...
WTO peace clause required until food security concerns are addressed: Indias Finance Minister
The Dollar Business Bureau | @TheDollarBiz Arun Jaitley, Finance Minister, Government of India, speaking at the event (Pic source - WEF India Summit 2014) The Indian government has urged the WTO to allow the peace clause on Public Food Stockholding to continue until a permanent solution is found to help build a consensus on the adoption of the Trade Facilitation Agreement (TFA). Speaking at the 29th India Economic Summit held by the World Economic Forum (WEF) in partnership with the Confederation of Indian Industry (CII), in New Delhi today, Arun Jaitley, Finance Minister, Government of India, said that India supports TFA, but has concerns over food security. Jaitley said, “There is no ideological opposition on this issue. Even without a commitment to ...
