LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Suresh Prabhu: India to take up trade protectionism measures with US

Suresh Prabhu had earlier said that India is a strong supporter and believer in the WTO framework and is strongly committed to  see  the  organisation   being  strengthened.  New Delhi hosted the largest Informal WTO Ministerial Meeting which began on Tuesday. The meeting was attended by delegates from 52 countries, including WTO  Director General  Azevedo, who participated in the discussions

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Suresh Prabhu: India to take up trade protectionism measures with US
India's Commerce and Industry Minister Suresh Prabhu with Roberto Azevedo, Director-General of WTO after a news conference in New Delhi. Image source: Reuters
Written By: IANS
Updated: Tue, Mar 20, 2018
07:41 pm
IANS
RELATED NEWS
Earthquake in Uttarakhand Today: Strong quake of magnitude 4.0 shakes hill state, spreads panic Earthquake in Uttarakhand Today: Strong quake of magnitude 4.0 shakes hill state, spreads panic
LPG Price Today: BAD News! Govt hikes cooking gas price; check new price that you will have to pay from today LPG Price Today: BAD News! Govt hikes cooking gas price; check new price that you will have to pay from today
Driving Licence Apply Online: Aadhaar card holders need not stand in queue after this central government's decision; details at parivahan.gov.in Driving Licence Apply Online: Aadhaar card holders need not stand in queue after this central government's decision; details at parivahan.gov.in
Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list
Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC

India on Tuesday said it will bilaterally take-up the issue of recent trade protectionism measures imposed by the US. Addressing a press conference after the Informal WTO Ministerial Meeting here, Minister of Commerce and Industry, and Civil Aviation Suresh Prabhu said: "Every country will have a different response to it. We are obviously not the largest exporter of steel or aluminium to the US...."  "We will take it up with the US, with whom we have a huge trade surplus and we have a very good political relationship. We will take up this with them bilaterally." The assertion by the minister assumes significance as recently the US slapped import tariffs of 25 per cent on steel and 10 per cent on aluminium, unfolding the prospect of an all-out global trade war.

According to WTO Director General Roberto Azevedo, the recent trade protectionist measures by the US have major potential for escalation. "I have said very publicly, that I am very concerned and I think the institution itself could say the same, because these measures, for whatever reason, have a very major potential for escalation because of the possibility of responses from other partners with trade restrictive measures as well and that, I think, is something we should avoid," Azevedo said. "That`s what I heard today, many many countries saying we have a concern with this. We have to proceed very carefully and try to work within the framework of WTO... because I think that`s the only way we can avoid a very disruptive and unpredictable scenario in global trade." Further, Minister Prabhu said that "food security" issue was also discussed at the meeting during which "talks were held in a free and frank" manner.

The minister had earlier said that India is a strong supporter and believer in the WTO framework and is strongly committed to see the organisation being strengthened.  New Delhi hosted the largest Informal WTO Ministerial Meeting which began on Tuesday. The meeting was attended by delegates from 52 countries, including WTO Director General Azevedo, who participated in the discussions. This is the second WTO mini-ministerial meeting being hosted by India, after the first in 2009 and it took place after the collapse of the WTO Buenos Aires ministerial talks in December last year. The talks at the 11th ministerial conference at Buenos Aires broke down as the US reneged on its commitment, along with other countries, to find a permanent solution to the issue of public food stockholding by members of the multilateral trade body. 

The US representative to the WTO talks declared in a small group meeting that a permanent solution to the food stockholding issue was not acceptable to America. Under the WTO norms, a member-country`s food subsidy bill should not breach the limit of 10 per cent of the value of production based on the reference price of 1986-88. India has been seeking amendments to this formula, fearing that full implementation of its food security programme may result in breaching of the WTO subsidy limit. At the Buenos Aires ministerial, India continued to press for the reduction of farm subsidies by developed countries and resisted inclusion of new issues on the negotiating table like e-commerce and investment facilitation into the ongoing Doha Round of talks that have a developmental agenda, if in case these dilute the commitment to complete the existing agenda.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
indiaSuresh Prabhu
RELATED NEWS
Earthquake in Uttarakhand Today: Strong quake of magnitude 4.0 shakes hill state, spreads panic Earthquake in Uttarakhand Today: Strong quake of magnitude 4.0 shakes hill state, spreads panic
LPG Price Today: BAD News! Govt hikes cooking gas price; check new price that you will have to pay from today LPG Price Today: BAD News! Govt hikes cooking gas price; check new price that you will have to pay from today
Driving Licence Apply Online: Aadhaar card holders need not stand in queue after this central government's decision; details at parivahan.gov.in Driving Licence Apply Online: Aadhaar card holders need not stand in queue after this central government's decision; details at parivahan.gov.in
Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list
Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC

LATEST NEWS

HP HRTC Conductor result 2021 DECLARED! Answer key also released on HPSSC website hpsssb.hp.gov.in; don't miss, check all other details

7th Pay Commission latest news: Central government employees alert! Your DA, PF, Gratuity, other allowance may change next fiscal

UPSC exam: Plea rejected by Supreme Court! No extra chance to these civil services exam aspirants

Your PAN card may soon become inoperative; you may be fined too if you miss this deadline — Check last date

Realme Narzo 30A, Realme Narzo 30 Pro 5G launched in India - Check Price, Camera, Specs, Offers and more!

Stocks to Buy With Anil Singhvi: Anup Engineering is a top pick for Sandeep Jain today

EPFO Members Alert! EPF contribution rule may change if government accepts this labour union's demand

RBI Recruitment: Here's how to apply online on rbi.org.in for 841 vacancies across India | Check date, time and other details

Attention NEET 2021 candidates! Check expected exam date

Anil Singhvi decodes Bitcoin status as just one tweet by Elon Musk breaks cryptocurrency by a massive $8000

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved