WTO forms dispute panel over India's duty hike on US goods
Jan '20
The United States had dragged India to the WTO in July by filing a complaint against New Delhi's move to increase customs duties, alleging the decision as inconsistent with the global trade norms.
The General Agreement on Tariffs and Trade (GATT) is a WTO pact signed by all member countries of the multilateral body that aims to promote trade by reducing or eliminating trade barriers like customs duties.
The United States had also alleged that the duties imposed by India appears to be inconsistent with two norms of GATT. It had stated that India does not impose these duties on products originating in the territory of any other WTO member nation.
India's exports to the US in 2017-18 stood at $47.9 billion, while imports were at $26.7 billion. The trade balance is in favour of India.
Fibre2Fashion News Desk (DS)
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