111374Pay attention to these 9 things before investing in hybrid mutual funds

The governments of India and the US have agreed to resolve a total of six major issues pending at the World Trade Organization outside the trade body. This statement was made by the US Trade Representative’s office. Additionally, India has also agreed to remove duties on certain imported products from the US. This paves the way for increased trade between both countries.

To provide some context, in 2018, the US imposed tariffs of 25% and 10% on certain steel and aluminum products from India, citing national security concerns. In response, in June 2019, India imposed retaliatory tariffs on 28 American products, including chickpeas, lentils, almonds, walnuts, apples, boron acid, and diagnostic equipment.

Strengthening Trade Relations
The US Trade Representative stated that the US and India have agreed to resolve six pending disputes at the World Trade Organization. These tariff cuts will create opportunities for American agricultural producers and manufacturers to expand their presence in the market. They mentioned that American agricultural producers and manufacturers will now have assistance in establishing their presence in a crucial global market. Additionally, the US will strengthen its trade relations with one of its closest partners, India.

What were the disputes?
Under various programmes in the US export sector, the US had lodged complaints against India’s support received under the WTO. In 2019, the WTO dispute panel ruled that India’s export measures were inconsistent with global trade norms. Consequently, the US terminated the relief provided to Indian exporters in the form of duty benefits. It’s worth mentioning that the US is a major trading partner for India. In the fiscal year 2022-23, bilateral trade between the two countries reached $128.8 billion, compared to $119.5 billion in 2021-22.