India's trade negotiators to strategise for WTO this month
Indian trade negotiators are set to convene later this month to strategize for the upcoming WTO ministerial conference and prepare for the country's trade policy review next year. The focus will be on WTO reform, particularly restoring the dispute settlement mechanism and consensus-based decision-making. India also aims to address trade distortions caused by non-market economies and non-tariff barriers.
TIL Creatives Representative Image New Delhi: India's trade negotiators will meet later this month to draw up the strategy for the next World Trade Organisation (WTO) ministerial conference and prepare for the country's eighth trade policy review (TPR) at the global watchdog next year, officials said.
The commerce and industry ministry is organising a WTO retreat in New Delhi amid the global trade turmoil and a dysfunctional dispute settlement body of the WTO, they said.
"A retreat is being planned in the week of August 25. The agenda is still fluid but the focus will be to prepare for MC14 and India's TPR," one of the officials said. The TPR is a key pillar of the WTO's functioning as it enables an assessment of the trade policies and practices of member countries. India's TPR is held every five years. The last one was in 2021. Usually, the review includes preparation of two important reports: one by the WTO Secretariat and another by India, which are then circulated to all members, and become the basis for member's questions.
The 14th WTO ministerial conference, or MC14, is planned for 2026. It is crucial in the light of the US' high tariff regime. The global trade watchdog expects the tariffs to weigh on imports into the US and depress exports of its trading partners in the second half of 2025 and in 2026. New Delhi has insisted on WTO reform, particularly the restoration of a binding, two-tier, effective and fully functioning dispute settlement mechanism and consensus-based decision making, along with special and differential treatment for developing and least developed countries. India has flagged concerns on the intention of some countries to sidestep consensus-based decision making, which ensures every member's voice matters.
New Delhi has highlighted that there are attempts to dilute the multilateral character of the organisation with a club within club kind of approach and called for action to address trade distortions caused by non-market economies and non-tariff barriers.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
27 minutes ago
- Mint
GST Reforms: From Maruti Suzuki, Eternal to Voltas and HUL - Experts bullish on these 26 stocks. Should you buy?
The Indian stock market jumped over 1.5% on Monday, following the government's proposal for significant reforms to the complex goods and services tax (GST) system, along with favourable global indicators amid easing geopolitical tensions. PM Modi declared that 'next-generation GST reforms' are set to be introduced by Diwali (October 2025). Analysts believe that the proposed changes, intended to lessen the tax burden on families, are likely to enhance consumption demand and assist in the ongoing recovery of the sector. Although specific details of the GST overhaul have not been revealed yet, it is anticipated to involve the simplification of GST rates for essential goods and frequently used items. Reports suggest that the government may abolish the 12% and 28% GST categories, consolidating products into 5% (with 99% of items in the 12% category expected to transition), 18% (with 90% of products in the 28% category likely to shift), and 40% (reserved for luxury and sin goods) categories. Analysts believe that post-GST reforms, markets are set to focus on consumption-driven sectors such as autos, FMCG, durables, insurance, paints, and logistics, with demand and margin tailwinds in play. 'Key sectors that stand to benefit include:Consumer Staples (through better demand, lower raw material costs), Automobiles (4 wheelers), Cement, Hotels (sub ₹ 7,500 room rate inventory), Retail (footwear), Consumer durables (mainly RACs), Logistics, Quick Commerce, and EMS (likely better demand for ACs),' said brokerage Motilal Oswal in its report. According to analysts at Motilal Oswal, Maruti, Tata Motors, and Ashok Leyland are likely to gain in the automotive sector due to the 4Ws being placed in the 28% tax bracket; they should benefit from the reduced GST rate of 18%. The brokerage anticipates that ICICI Bank, HDFC Bank, and IDFC First Bank will experience advantages in the banking sector. The entire sector is expected to benefit as consumption rises; this will enhance household confidence and increase demand for loans, thus pushing credit growth into double digits in 2HFY26; consumer-focused lenders and credit card companies will see direct benefits. Among non-banking financial companies, Bajaj Finance is positioned to benefit, as reduced EMI obligations for consumer durables should enhance NBFC lending within this category. In the cement industry, Ultratech and JK Cement will likely benefit from improved sentiment; a drop in GST from 28% to 18% could result in a decrease in prices by about 7.5% to 8%, although demand may be less sensitive. In the consumer staples sector, HUVR and Britannia are expected to gain since most items fall under the 18% tax bracket; staple companies tend to benefit from this as several raw materials are taxed at a 12% rate, leading to lower input GST; this segment is crucial for the government's revival efforts. Voltas and Havell's stand to benefit in the Consumer Durable sector, as air conditioners will be subject to a reduced GST of 18% instead of 28%. In the insurance industry, the brokerage mentioned that Niva Bupa, Max Life, HDFC Life, and Star Health can benefit, particularly since policies for senior citizens currently incur an 18% tax, but there is a chance that this could be lowered to 5% or completely exempted. If this happens, health insurers and those focused on term life policies may see advantages. Stocks to benefit Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
&w=3840&q=100)
First Post
28 minutes ago
- First Post
Wang Yi in India: China's top diplomat to meet PM Modi tomorrow; hold 24th round of boundary talks with Doval
As Chinese Foreign Minister Wang Yi is all set to visit India, his itinerary includes a meeting with Prime Minister Narendra Modi. The Chinese diplomat will arrive in New Delhi on Monday China's Foreign Minister Wang Yi attends the 15th East Asia Summit Foreign Ministers' meeting during the 58th Association of Southeast Asian Nations (ASEAN) Foreign Ministers' meeting and related meetings at the Convention Centre in Kuala Lumpur, Malaysia on July 11, 2025. File Image/Pool via Reuters As Chinese Foreign Minister Wang Yi is all set to visit India, his itinerary includes a meeting with Prime Minister Narendra Modi. It is pertinent to note that the veteran Chinese diplomat's visit to New Delhi is happening as PM Modi prepares to embark on a visit to China for the first time in seven years. The Indian prime minister is scheduled to travel to China from August 31 to September 1 for the SCO Summit in Tianjin, where he is expected to hold bilateral meetings with Chinese President Xi Jinping and Russian President Volodymyr Putin. STORY CONTINUES BELOW THIS AD Meanwhile, Wang Yi will arrive in India on Monday for a three-day visit in which he will also hold talks with his Indian counterpart, Dr S. Jaishankar and National Security Adviser Ajit Doval. The foreign ministers' dialogue is scheduled for Monday evening. Meanwhile, Wang Yi and Doval would meet for the 24th round of Special Representatives talks on the boundary question on Tuesday morning, Times of India reported. The Chinese foreign minister's meeting with Prime Minister Modi will take place at 5:30 pm on Tuesday. During their talks, Wang Yi is expected to brief PM Modi about the agenda for the SCO summit and recent progress in Sino-India ties. Jaishankar and Wang Yi will also look into finalising the agenda for the upcoming Modi-Xi bilateral meeting. Apart from this, an announcement of the resumption of direct flights between the two countries is also expected to take place soon.
Time of India
28 minutes ago
- Time of India
Navarro warns India on Russian oil, Trump slaps 50% tariffs amid strained ties
White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop, adding that New Delhi was "now cozying up to both Russia and China." "If India wants to be treated as a strategic partner of the US, it needs to start acting like one," Navarro wrote in an opinion piece published in the Financial Times. India's Foreign Ministry has previously said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia. US President Donald Trump an additional 25 per cent tariff on Indian goods earlier this month, citing New Delhi's continued purchases of Russian oil, taking total tariffs on imports from India to 50 per cent. "India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro said. The adviser also said it was risky to transfer cutting-edge US military capabilities to India as New Delhi was "now cozying up to both Russia and China." Longtime rivals China and India are quietly and cautiously strengthening ties against the backdrop of Trump's unpredictable approach to both. Indian Prime Minister Narendra Modi is set to meet Chinese President Xi Jinping at the end of the month while Chinese Foreign Minister Wang Yi will visit India from Monday for talks on the disputed border between the two countries. A planned visit by US trade negotiators to New Delhi from August 25-29 has been called off, a source said over the weekend, delaying talks on a proposed trade agreement and dashing hopes of relief from additional US tariffs on Indian goods from August 27.
