Search Result for : Multilateral Trade

The Dollar Business Bureau The US President urged the Indian Prime Minister to relax the trade barriers in order to reduce their trade deficit. Speaking to the media at the historic Rose Gardens in the White House both the leaders appeared to be at ease with one another and read out statements that portrayed the importance of a  strong US-India relationship. Watched by the world media, both the leaders stressed the strong commitment being made towards bilateral relations.  Prime Minister Modi said, “I deeply appreciate your strong commitment to the enhancement of our bilateral relations. I am sure that under your leadership a mutually beneficial strategic partnership will gain new strength, new positivity, and will reach new heights."  President Trump during his address made it ...

The Dollar Business Bureau The exports and imports of China increased in the month of April, as foreign and domestic demand weakened and there was a decline in commodity prices. In April, China's exports surged 8% compared to the previous year, missing analysts' predictions, whereas imports expanded 11.9%, an official data revealed on Monday. This has left $38.05 billion of trade surplus for the country in the given month, China’s General Administration of Customs revealed. In March, the country’s exports grew 16.4% and imports rose 20.3%. China's trade surplus in the month of March stood at $23.93 billion. Last week, the Chinese Ministry of Commerce, in its quarterly report, said that the country’s exports and imports are likely to be stabilised and improved in near future. Foreign ...

The Dollar Business Bureau Holding American sovereignty above WTO norms, the Trump administration has indicated in its trade policy document that it will not tolerate unfair trade practices, even if that meant defying WTO guidelines for foreign trade. The newly launched 'America first' campaign is fast dismantling the multilateral trade networks built over decades of diplomatic maneuvering. Despite the potential risk of such hasty steps backfiring at its own economy, USA is adamant on dealing with the world on its own terms. In its document outlining the annual agenda for trade policy, US Trade Representative's (USTR's) Office has affirmed its opposition to trade practices that override market forces. Hinting at arch-rival China, the policy states that use of shenanigans like ...

PTI The WTO's trade facilitation agreement, which seeks to ease customs norms, has come into effect from Wednesday with its two-thirds members ratifying the pact. The TFA, which has been ratified by India, will give a boost to the global trade, which has been impacted due to slowdown in the world economy.According to experts, the agreement comes at a time when India's efforts to improve exports are gaining momentum."As the pact has come into force, the member countries who have ratified would now be required to ease customs barriers.It would help countries like India which are trying to push exports," said Biswajit Dhar, professor at the Jawaharlal Nehru University.The 164-member World Trade Organisation (WTO) in a statement said that a major milestone ...

Deepak Kumar Amid the uncertain global trade scenarios, which have magnified further following the ascension of Donald Trump as the US President, an alternate multilateral trade deal among ten major economies could stimulate global trade and offer myriad opportunities for their collective economic development. The trade bloc comprising of middle-income economies such as China, Brazil, India, Indonesia, Mexico, and South Africa; along with some major high-income countries such as Japan, Australia, New Zealand and UK could turn out to be a strategic departure from the regionally-focused trade blocs, and therefore could help to bring about some semblance of trade-dignity in the international trade arena. Last week, India’s Chief Economic Adviser to the Union Government, Arvind Subramanian along with Commerce Secretary Rita Teotia ...

The Dollar Business Bureau Subsidising inputs to labour-intensive industries has not really paid off for India over the years, says Dr. Rajan   It would be a mistake to think that the world needs another export-driven China, Dr. Raghuram Rajan, Governor, Reserve Bank of India (RBI), said this week while cautioning against various strategies usually associated with the “Make in India” campaign. Prime Minister Narendra Modi first launched the “Make in India” campaign on August 15, 2014, and had emphasised on the need to boost manufacturing and reduce imports. However, criticism of the initiative has gained pace in recent weeks along with a slowdown in manufacturing and exports, and the lack of a clear policy. However, the RBI chief’s speech on ...

Sachin Manawaria | @TheDollarBiz Source - World Life Expectancy   The least developed countries (LDCs) are the ones where malnutrition is at the highest, and multilateralism can play a significant role in addressing this problem, David Shark, Deputy Director-General, World Trade Organisation (WTO), said at the Second International Conference on Nutrition in Rome this week. Facts show that improved economic activity and trade in a country aids in the improvement in the per capita income of its citizens. According to the United Nation’s Food and Agriculture Organisation (FAO) estimates, nearly 870 million people of the 7.1 billion people in the world (or one in eight) suffer from chronic undernourishment. Of this, almost 852 million are from developing countries, and represent around 15% ...

Transport & Logistics Services to get boost in forthcoming SAARC Summit, along with agreements on power and railway networks Sachin Manawaria | @TheDollarBiz While contradictory messages have gone out to the world on Indias stand on Trade Facilitation, the country is galloping ahead with something similar on a slightly smaller scale, within SAARC or the South Asia Association for Regional Cooperation that comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. If everything works out smoothly, soon the SAARC nations may ply their vehicles in others members nation territory for transportation of cargo and passengers. This is one of the aims of the Modi government which approved yesterday the Signing and ratifying the SAARC Motor Vehicles Agreement at the 18th ...