As US President Donald Trump signed an executive order on the so-called "reciprocal tariffs," the world reacted sharply against the decision, with some calling it a "mistake that benefits no one" while others called it a violation of Washington's obligations under the World Trade Organization (WTO).
The World Trade Organization (WTO), established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT), was envisioned as the guardian of free and fair global trade.
India’s growth rate was much higher than the 4 per cent increase posted by China and Germany.
The World Trade Organization (WTO) 13th Ministerial Conference at Abu Dhabi has been extended until Friday, March 1, to allow further discussions and facilitate outcomes on main issues.
It also discussed how this emerging segment of the global economy holds the promise for economic development and prosperity for the developing countries, including the least developed countries (LDCs).
Both the countries said that as there is no consensus on the agreement, and that it could not be included in the outcome of MC13.
It also called for effective formalisation of the ongoing informal dispute settlement reform discussions among some Members at the WTO, the Ministry of Commerce & Industry said in a statement.
According to the World Health Organisation, the Covid-19 pandemic that ravaged the planet for almost three years infected more than 750 million people, resulting in more than 6.8 million deaths.
The tensions between China and the US-led West are, as a result, hurting both sides where it matters ~ economically.
India talked tough in Geneva. Union Commerce and Industry Minister Piyush Goyal in his remarks at the closed-door session at the 12th ministerial conference touched on the spiralling food inflation and the need for the agreement on food stockholding by the developing countries.
