EU firms likely to pay more tariffs to export to UK post-Brexit
The Dollar Business Bureau The EU companies, which are exporting goods into the UK, have to face a possible tariff bill 2.5 times more compared to what the British firms pay when sending their goods to EU, if no new trade bill is put in place at Brexit, said a report by a think tank. The firms from EU would likely pay £12.9 billion per year in tariffs to Britain if it implemented the World Trade Organisation (WTO) terms after leaving the bloc, said the report by Civitas. The sector which would be most affected is car manufacturing, which would have to pay around £3.9 billion, it added. In return, exporters from the UK to EU would have to pay £5.2 billion per year ...
WTO & UN Food and Agriculture Organization announce enhanced cooperation on trade and food security
The Dollar Business Bureau Three days after all the World Trade Organisation (WTO) members agreed for a separate discussion on the role they envision for rules in the post-Bali work programme on May 4, 2015, WTO Director-General Roberto Azevêdo met with the Director-General of the UN Food and Agriculture Organization (FAO), José Graziano da Silva, in Geneva on April 17, to step up collaborative efforts on the issue of trade and food security, as well as other issues. Roberto Azevêdo said: “Food security is closely linked to trade and therefore it is an important element of our work at the WTO. I am delighted that we will now be able to enhance our work on this crucial issue which affects ...
China bans USA poultry imports, will India be the next to do so?
Sai Nikesh D | The Dollar Business USA's poultry exports have grown to around $4 billion per year, but are expected to dip in 2014-15 In a move that is expected to hit the US poultry industry hard, the Chinese government has banned all imports of US poultry and egg products, effective January 8, 2015, after the detection of highly pathogenic avian influenza (HPAI) in some parts of USA last month. China’s Ministry of Agriculture (MOA) and the General Administration for Quality Supervision, Inspection and Quarantine (AQSIQ) have said that the ban will also cover breeding stock, which includes live chicks and hatching eggs. The ban has been imposed despite assurances by the USDA’s Animal and Plant Health Inspection Service ...
India likely to appeal against WTO ruling on poultry imports soon
Bidhu Bhushan Palo | The Dollar Business Almost all corn and soybean used in conventional livestock and poultry production in USA is genetically modified US President Barack Obama will be in New Delhi as the Chief Guest during India’s Republic Day celebrations on January 26, 2015. Incidentally, that is the deadline for India to appeal against a ruling by the World Trade Organisation (WTO) that forced India to open its door to poultry imports from USA. Despite being a top exporter of poultry products, USA has exported negligible quantities to India which is largely self-sufficient in poultry and poultry products. However, increasing supply in USA and a projected increase in consumption of poultry products in India due to the demographic and ...
Real changes in Chinas exports of rare earths to come in May 2015
The Dollar Business Bureau This week, China ended a quota system on exports of rare earths following a World Trade Organisation (WTO) panel ruling last year. However, real changes can be felt only after May this year when the government makes key changes in duties on exports of rare earths. China is the world’s largest producer of rare earths which are key raw materials used to make electronic goods, computers and several other high technology goods. China’s share of world’s rare earth production stands at around 90% and India is also dependent on imports of such metals from China and other countries for the production of products such as CFLs and LED Lighting. However, China imposed several trade ...
China removes export quota on rare earth minerals
The Dollar Business Rare earth metals are important raw materials used in the production of high-tech products such as mobile phones, LEDs and missiles China has ended a decade-old quota on export quantities of rare earths such as tungsten and molybdenum, after the World Trade Organisation’s (WTO) Dispute Settlement Body (DSB) adopted the Appellate Body report last year which termed such restrictions as a breach of the WTO rules. China is the world’s largest producer of rare earths which are key raw materials used to make electronic goods, computers and several other high technology goods such as missiles and mobile phones. China’s share of world’s rare earth production stands at around 90% and impacts world economy and trade significantly. India ...
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% ...
Foreign Trade Policy missing from Commerce Ministrys achievements in 2014
The Dollar Business Bureau In its year-end review, India’s Ministry of Commerce (MoC) has listed out several points, including the triumph in the World Trade Organisation (WTO), but the export-import community would be disappointed that the list neither contains the New Foreign Trade Policy (now wrongly called the 2014-2019 FTP) nor has any timeline for its announcement. All that the MoC says is that intensive discussions are underway with the Department of Revenue to finalise the new FTP 2014-19. In its efforts to involve states in India’s foreign trade, the MoC has sent a matrix to all State Governments, of which six States have finalised their export strategy and three have already appointed Export Commissioners. Among the MoC’s ...
