International Economic Organizations

NEWS of International Economic Organizations

WTO panel rules against India in IT tariffs dispute with EU, others

About the News:

• A World Trade Organization (WTO) panel said India had violated global trading rules in a dispute with the European Union (EU), Japan and Taiwan over import duties on IT products.
• In 2019, the EU challenged India’s introduction of import duties of between 7.5% and 20% for a wide range of IT products, such as mobile phones and components, as well as integrated circuits, saying they exceeded the maximum rate.
• As per the European Commission, the EU is India’s third¬ largest trading partner.

About World Trade Organization (WTO)

• The WTO is an intergovernmental organization that is concerned with the regulation of international trade between nations.
• The WTO officially commenced on 1 January 1995 under the URUGUAY negotiations.
• It replaced the General Agreement on Tariffs and Trade (GATT), which commenced in 1948.
• It is the largest international economic organization in the world.

Read more about WTO, click here

Practice Questions for Prelims

Identify the correct sequence of steps involved in becoming a WTO member
a) Conducting bilateral negotiations with interest WTO members
b) Submitting a formal application to the WTO
c) Drafting a final package of commitments and scheduling working party meetings
d) Approval of the accession package by the General Council or Ministerial Conference
e) Ratification of the WTO agreement at home

A) b-a-c-d-e
B) a-b-c-d-e
C) c-a-b-d-e
D) b-c-a-e-d

Ans.A)

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