India files appeal against WTO panel

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India files appeal against WTO panel report on export subsidies

WTO’s recommendations

As per the WTO panel recommendations, India needed to withdraw the “prohibited subsidies” under the MEIS, EPCG, Export Oriented Units Scheme/Electronics Hardware Technology Parks Scheme/Bio Technology Park Schemes, within 120 days from adoption of the report. For sops under the Special Economic Zones (SEZ) scheme, India has been given a period of 180 days.

India has filed an appeal against the World Trade Organisation (WTO) panel report which recently ruled that many of the country’s popular export promotion incentives were not in sync with multilateral trade rules and needed to be withdrawn. The case was initiated by the United States (US).

While the Centre was initially considering replacement of the MEIS scheme voluntarily by January 1, 2020, with the Remission of Duties or Taxes on Export Product (RoDTEP) scheme — a scheme to remit all input taxes at the State or Central level, which is compliant with WTO norms — the recent fall in India’s exports made it consider an extension of the scheme till the end of March 2020 as remissions were higher under it.

Source: thehindubusinessline

 

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