India, US Mutually Resolve Two Trade Dispute: WTO
The two nations notified the WTO on July 13 that they had found a mutually agreed solution to the issues highlighted in the two disputes.
Two separate WTO dispute resolution panels have announced that India and the US have mutually settled concerns about specific steel and aluminum product measures, along with additional duties on certain products from United States, news agency PTI reported. According to a statement issued by the World Trade Organisation (WTO), the two nations notified the WTO on July 13 that they had found a mutually agreed solution to the issues highlighted in the two disputes.
"In accordance with….the Dispute Settlement Understanding, the panel reports provide a brief description of the disputes and note that solutions have been reached," the statement was quoted by PTI in its report.
The two nations have agreed to terminate six trade disputes.
During Prime Minister Narendra Modi's recent state visit to the United States, both nations agreed to settle six WTO (World Trade Organisation) issues and remove retaliatory tariffs on select US imports.
On national security concerns, the United States slapped a 25% import charge on steel items and a 10% duty on some aluminium products in 2018. In response, India levied customs taxes on 28 American imports in June 2019.
India's top trading partner is the United States. Bilateral goods trade climbed to USD 128.8 billion in 2022-23, up from USD 119.5 billion in 2021-22.
Three of the six conflicts were launched by India, and the same number by the United States.
Among these was an Indian complaint against the United States about the application of countervailing tariffs on certain hot rolled carbon steel flat goods from India. On September 9, 2016, India filed a complaint against the United States for domestic content rules and subsidies implemented in the energy industry by the governments of Washington, California, Montana, Massachusetts, Connecticut, Michigan, Delaware, and Minnesota.
Another issue brought by the US against India concerned local content requirements for solar cells and solar modules under the Jawaharlal Nehru National Solar Mission. The US initiated a complaint against India's alleged export subsidies in 2018.
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