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Why in the News ? The US imposed a 10% tariff on imports from Australia-governed Heard and McDonald Islands, which have no trade activity. Experts are puzzled, calling it symbolic or erroneous, given the islands’ ecological value and status as a protected nature reserve. Background and Geopolitical Context: The US President recently imposed a 10% …
Read MoreWhy in the news? EEPC India urged the government to restore the Interest Equalisation scheme for all exporters and increase MSME benefits. The scheme’s benefits lapsed last month, except for MSMEs, which received an extension for two more months. About EEPC India: Establishment: EEPC India was set up in 1955. Sponsorship: It is sponsored by …
Read MoreWhy in the news? The Commerce and Industry Ministry restricted gold jewelry and parts imports with immediate effect. Imports from the UAE under the Free Trade Agreement (FTA) are exempted. Notification issued by the Directorate General of Foreign Trade (DGFT). About Free trade agreements (FTAs): Free trade agreements (FTAs) reduce barriers to imports and exports. …
Read MoreWhy in the news? The Commerce Ministry led by Secretary Sunil Barthwal strategized on negotiating FTAs with the UK, EU, and widening the deal with Australia. The focus was on preventing resource strain and overtraining while effectively managing negotiations. Experts emphasized the need for a dedicated chapter on Critical Minerals and interdisciplinary expertise in negotiations. …
Read MoreWhy in the news? India experienced a trade deficit in 2023-24 with nine of its top 10 trading partners, including China, Russia, and Singapore, among others, according to official data. The deficit widened with China, Russia, Korea, and Hong Kong compared to the previous fiscal year, while it narrowed with the UAE, Saudi Arabia, Indonesia, …
Read MoreIntroduction and Evolution Timeline of the WTO Establishment of GATT and ITO The General Agreement on Tariffs and Trade (GATT) was founded in 1947 as the cornerstone of the multilateral trading system. The foundation of GATT was laid during the Bretton Woods Conference in 1944, alongside the establishment of the International Monetary Fund (IMF) and …
Read MoreSyllabus: GS 2: Bilateral, Regional and Global Groupings and Agreements involving India and/or affecting India’s interests. Effect of Policies and Politics of Developed and Developing Countries on India’s interests, Indian Diaspora. Why in the News? This article is in the news because the expiration of the U.S. Generalised System of Preferences (GSP) programme in 2020 …
Read MoreWhy in the news? ADB recommends India simplify tariff policy, enhance trade competitiveness, and integrate into global value chains to boost the manufacturing sector. About the Simplification of Tariff Policy: ADB suggests India streamline its tariff policy to enhance trade competitiveness and boost integration with global value chains. Simplified tariff regulations can facilitate smoother trade …
Read MoreWhy in the news? Global trade is set to rebound in 2024, with increased consumption demand in advanced economies, despite lowered growth forecasts. Source:eduprep About Global Trade Outlook: The World Trade Organisation (WTO) forecasts a rebound in global trade volumes in 2024. Consumption demand is set to increase in advanced economies, driving growth after a …
Read MoreWhy in the news? DGTR proposes anti-dumping duty on sodium cyanide imports from China, EU, Japan, Korea, citing potential harm to domestic producers. Source:eduprep About the Imposition of Duty: The Directorate General of Trade Remedies (DGTR) proposes anti-dumping duty on sodium cyanide imports from China, the European Union, Japan, and Korea. The duty, valid for …
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