India and US Resolve Last Trade Dispute at WTO Over Poultry Products

India and US Resolve Last Trade Dispute at WTO Over Poultry Products

VoM News Desk | September 9, 2023 | 02:34 AM IST | Breaking News, World | Follow on Google News

India and US Resolve Last Trade Dispute at WTO Over Poultry Products.

All Seven Pending Trade Disputes Resolved

In a significant development, India and the United States have successfully settled the last trade dispute at the World Trade Organisation (WTO), specifically related to poultry products. This resolution marks the conclusion of all seven pending trade disputes between the two countries at the WTO. A joint statement released following the meeting between Prime Minister Narendra Modi and US President Joe Biden in Delhi confirmed this achievement.

Resolution of Seven Pending Trade Disputes

The leaders of both nations commended the successful settlement of the seventh and final outstanding WTO dispute between India and the United States. This achievement comes after an unprecedented resolution of six bilateral trade disputes within the WTO in June 2023.

Focus on Strengthening Bilateral Major Defence Partnership

During their extensive 50-minute discussions, Prime Minister Modi and President Biden reaffirmed their commitment to “deepen and diversify” the bilateral major defence partnership. They also welcomed progress in India’s procurement of 31 drones and the joint development of jet engines. The leaders explored various dimensions of their cooperation, including India’s G20 presidency, collaboration in nuclear energy, critical and emerging technologies like 6G and artificial intelligence, and ways to reshape multilateral development banks.

Background on the Last Trade Dispute

The dispute resolved over poultry products had been ongoing since 2012 when the US initiated proceedings against India at the WTO. The dispute centered on India’s ban on the import of poultry products from the US, which the WTO ruled was inconsistent with international norms. Subsequently, discussions between both nations aimed to find a mutually acceptable solution to the case.

Significance of India-US Trade Relations

The United States is India’s largest trading partner, and the bilateral goods trade between the two nations witnessed growth, reaching USD 128.8 billion in 2022-23 compared to USD 119.5 billion in the previous fiscal year (2021-22). Resolving these trade disputes underscores the importance of healthy trade relations and cooperation between India and the United States, setting a positive tone for their economic engagement.

VoM News Desk

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