WTO anticipates subdued global merchandise trade growth in 2025 and 2026, with President Trump’s new “reciprocal tariffs” offsetting some of the gains from an improved 2025 outlook. Trade is forecast to expand by 0.9% in 2025—up from April’s -0.2% estimate—driven by a surge in US imports ahead of tariff increases....
In early 2025, global trade showed renewed strength, with the WTO’s goods barometer rising to 103.5, its highest since 2021, driven by increased imports ahead of expected U.S. tariffs. Export orders, however, declined, suggesting a potential slowdown later in the year. The WTO forecasted 2.7% growth under a low-tariff scenario,...
At an informal WTO ministerial meet on the sidelines of the OECD gathering, India called for reviving the dispute settlement mechanism and addressing non-tariff barriers and distortions caused by non-market economies. Commerce Minister Piyush Goyal urged prioritizing mandated issues and strengthening the consensus-based approach and special treatment for developing nations....
WTO Director-General Ngozi Okonjo-Iweala urged India to join the Investment Facilitation for Development (IFD) Agreement, backed by many members but opposed by India over concerns about policy autonomy and its non-trade focus. The IFD, finalized at the WTO’s 13th Ministerial Conference, aims to improve investment environments. World Trade Organization (WTO)...
India has initiated consultations at the WTO over the US’ fresh 25% tariffs on steel and aluminium, while simultaneously engaging in bilateral discussions to resolve the issue. The US maintains that the duties fall under its national security law, not safeguard measures, but is open to dialogue. Image Source: Freepik...
Global services trade grew strongly in Q3 2024, with exports rising across regions. Transport and travel services saw significant gains, while digital services, led by computer exports, expanded rapidly. India’s computer services exports grew by 10% year-on-year, reflecting rising global demand. According to the WTO, services trade remains a key...
Five WTO members—the US, Argentina, Australia, Canada, and Ukraine—have flagged concerns over India’s agricultural subsidies, specifically its Market Price Support (MPS) for rice and wheat. They claim that India has underreported its support levels, with rice subsidies exceeding 87% of production value in 2021-23 and wheat support ranging from 67-75%....
At the recently concluded WTO Ministerial Conference 13 in Abu Dhabi, the Indian delegation emphasised the country’s commitment to addressing food security for its vulnerable populations as a crucial discussion point. This commitment is viewed as a significant step towards lifting millions of people out of poverty, aligning with the...
In the forthcoming WTO Ministerial Conference that begins in Abu Dhabi on February 26, the international community is seeking some pragmatic outcomes. There are several contentious issues on the table. However, it will be in good interest of the multilateral trading system if the developed countries are flexible and accommodating...
The European Union’s (EU) Carbon Border Adjustment Mechanism (CBAM) is poised to have a substantial impact on India’s exports, particularly in industries such as steel, aluminium, cement, and fertilizers. This policy aims to mitigate carbon leakage while addressing carbon costs faced by EU industries. IBT looks into the aspects that...
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