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<ul class="summary-list"><li>US economic sanctions have spawned something of a global backlash, in the form of the dedollarization movement.</li><li>This was anticipated as early as 2019, by an expert who warned the weaponization of the dollar could have serious consequences for the global economic system.</li></ul>Washington's penchant for wielding the dollar's global sway as an economic weapon has spooked countries from China and Brazil, fueling an unprecedented campaign to dethrone the greenback.But the so-called <a href="https://markets.businessinsider.com/news/currencies/dedollarization-faces-headwinds-argentina-dollar-zooms-5000-percent-vs-peso-2023-7" target="_blank" rel="noopener">dedollarization drive</a> doesn't come as a surprise to all – some experts have been warning of this for years.In a <a href="https://www.lse.ac.uk/ideas/Assets/Documents/updates/LSE-IDEAS-Weaponisation-Dollar.pdf" target="_blank" rel="noopener">2019 report</a> by the London School of Economics, political economy expert Julius Sen explored the way the Donald Trump administration weaponized the dollar by scrapping the Iran nuclear agreement signed in 2015. At the time, the US slapped a number of sanctions on Tehran for failing to curb its nuclear program, including restrictions on the country's use of the greenback."The term 'weaponization' is also apt as it explains how a relatively neutral but essential facility – the dollar and its accompanying payment system – have been turned into a powerful weapon by one UN member state against another without appropriate sanctions in place. In addition to weaponization, it also represents an aggressive form of extraterritoriality which has perhaps not been seen on this scale in the past," Sen said in the report.Sen suggested, clairvoyantly, that America's use of its currency as an instrument of economic offensive could prompt other countries to "find their own coping mechanisms" – such as a diversification of reserves away from the dollar, a shift away from greenback-based debt, and a reintroduction of capital and currency controls.<h2>Back in 2023, dedollarization is a thing</h2>Fast forward to 2023, and some of the recent rumblings across the global currency and monetary landscape are strikingly in line with Sen's prognostications. By now, the world has seen more instances of the dollar's weaponization – most recently against Russia, in response to its war on Ukraine.From barring Russia's access to <a href="https://www.businessinsider.com/us-putin-sanctions-russia-central-bank-war-chest-ukraine-crisis-2022-2" target="_blank" rel="noopener">$600 billion in reserves</a> to booting the nation out of the <a href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2" target="_blank" rel="noopener">SWIFT</a> international banking system, the US has gone more aggressive than ever with its dollar offensive. But a backlash is beginning to take shape – countries from China to India and Brazil are pushing for alternatives to the dollar for trade and investment. BRICS nations talk of a gold-backed currency. Even French President Emmanuel Macron has called for <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1">Europe to reduce its dependence on the "extraterritoriality of the US dollar."</a>Collectively, these efforts have come to be known as dedollarization.Household names like Tesla CEO Elon Musk have warned against weaponizing the dollar as the dedollarization movement gathers momentum, saying: "If you weaponize currency enough times, other countries will stop using it." <h2>'Complete reversal' of global integration</h2>Sen's 2019 analysis didn't stop at anticipating dedollarization – he also made some grim projections on the longer-term consequences of a weaponized dollar and its repercussions.All that could come at a huge cost to the global economy – and drive a "complete reversal of global economic integration," he wrote. "If the feeling is that these countries will now have to fend for themselves and find their own coping mechanisms, then the global system could quickly fragment as countries move to protect themselves from a more general breakdown in a global system that has provided the institutional and operational architecture for global trade, investment, finance and payments on which everyone substantially depends," he added.<h2>Much ado about nothing?</h2>However, <a href="https://markets.businessinsider.com/news/stocks/dedollarization-us-dollar-china-yuan-russia-brazil-currencies-investing-analysis-2023-7">optimists</a> including Nobel laureate Paul Krugman said fears about countries eroding the dollar's dominance were "<a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-paul-krugman-nyt-us-economy-china-yuan-2023-7?utm_medium=referral&amp;utm_source=yahoo.com" target="_blank" rel="nofollow noopener">much ado about nothing</a>". The greenback's status as the world's reserve currency faces no real threat for the foreseeable future, according to German financial-services giant Allianz.The <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-janet-yellen-usd-global-reserve-share-decline-2023-6">dollar's share of global reserves could slowly decline</a>, but no alternatives exist that could completely displace the US currency, Treasury Secretary Janet Yellen said last month.Back in 2019, Sen also anticipated some of the tectonic shifts in the global geopolitical landscape that may have been set in motion now. Russia's war on Ukraine and its political fallout has seen Moscow's relations with the West deteriorate further, and President Putin step up efforts to boost ties with Asian nations such as China and India.<h2>'The WTO system could crumble'</h2>"As countries come to terms with a new reality, political relationships will be redefined. Strategic friendships will be sought in order to mitigate some of the risks, particularly for economies dependent on food or energy," Sen wrote."This in turn will create a new pattern of interdependencies that will operate largely outside current global frameworks and will possibly develop rules, practices and procedures that are inconsistent with other international obligations. The WTO system, for example, would crumble completely in the face of this happening," he added.Read more: <a href="https://markets.businessinsider.com/news/currencies/dedollarization-global-forex-reserves-dollar-brics-russia-china-yuan-allianz-2023-7">Dedollarization of global FX reserves? Not so fast, Allianz says</a>

The weaponization of the dollar will reverse globalization and kill the WTO, it was warned. That's a real threat today as dedollarization gathers force.

<keyword id="6442632" type="General" weightage="20" keywordseo="Sunil-Bharti-Mittal" source="Orion">Sunil Bharti Mittal</keyword>, Chairman of <keyword id="6406583" type="General" weightage="80" keywordseo="bharti" source="Orion">Bharti</keyword> Enterprises and founder of Bharti <keyword id="15491" type="General" weightage="20" keywordseo="airtel" source="Orion">Airtel</keyword> revealed a significant technological leap for <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> during his address at the 7th edition of the India Mobile Congress. Speaking to a captivated audience, Mittal declared, "A new technology is now available for our country. <keyword id="1552898" type="General" weightage="20" keywordseo="satellite-communication" source="Orion">Satellite communication</keyword> is here to serve every inch of our country and of course the globe." Mittal credited this achievement to the successful collaboration with ISRO (Indian Space Research Organisation), stating, "With your intervention, we were able to get two rockets GSLV Mk 3 from ISRO to launch 72 satellites last year." He went on to unveil the ground-breaking OneWeb constellation, in which Bharti holds the largest stake, now poised to serve both the nation and the entire world. Starting next month, India will witness an unprecedented era of connectivity, as Mittal proudly announced, "Anybody anywhere in the country, however remote or far or in difficult areas, can be connected from our Satellite ground station that has been set up in Mehsana, Gujarat." This technological advancement in satellite communication promises to bridge the digital divide in India, connecting even the most isolated regions, fostering development, and transforming the way the nation communicates. Mittal's announcement marks a pivotal moment for India's technological landscape, opening up a world of possibilities for connectivity, communication, and progress. The Chairman of Bharti Enterprises also spoke about how India's digital infrastructure can accelerate the World economy. "Two pillars are very important for IMC 2023...First was Digital India...You raised the slogan of JAM Trinity which was based on Jan Dhan, Aadhar and Mobile is being discussed across the world. Whether it is the World Bank, UN, WTO, African Union, European Nation, G20, OECD Countries, or BRICS, there is only one slogan, the Digital Infrastructure that India has built can accelerate the world economy, especially in those countries which have a lack of infrastructure...The second most important one is Make in India" Sunil Bharti Mittal said. The India Mobile Congress serves as a platform to showcase India's technological advancements and innovations while facilitating discussions on the nation's digital future.

Sunil Bharti Mittal announces satellite communication breakthrough for India at India Mobile Congress 2023

New Delhi, Jan 20 () India has made an advance payment of Swiss Franc 44,55,445 (about Rs 33 crore) as its contribution to the WTO for 2020, an official said.
The payment was made in December last year.
The World Trade organisation (WTO) derives most of the income for its annual budget from contributions by its member countries.
These contributions are based on a formula that takes into account each member's share of international trade. Miscellaneous income mainly consists of contributions from observer countries, income from sale of publications and rental of meeting rooms.
"India has made its advance payment of its WTO contribution. It was CHF 44,55,445 for 2020. It was paid in December 2019 itself for 2020. India is one of the few countries who pay their dues well on time," the official said.
 The WTO also manages a number of trust funds, which have been contributed by members.
These are used in support of special activities for technical cooperation and training meant to enable least-developed and developing countries make better use of the WTO and draw greater benefit from the multilateral trading system.
Geneva-based WTO is a global trade rule making body. It has 164 members. India is its member since January 1, 1995. 
 RR ANU
ANU

India makes payment to WTO for 2020 in advance

<ul class="summary-list"><li>President <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword> is being urged to suspend patents for <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> <keyword id="79555" type="TECHNOLOGY" weightage="60" keywordseo="Vaccines">vaccines</keyword>.</li><li>The move would allow developing countries to produce the vaccines on their own.</li><li>The request came in a letter signed by over 100 Nobel laureates and 75 former world leaders.</li></ul>US pharmaceutical companies have developed the world's most effective vaccines for the coronavirus, helping Americans get inoculated faster than people in most other countries. Now President Joe Biden is being urged not just to share the vaccines with the less fortunate, but to share the knowledge that would allow developing nations to manufacture the vaccines themselves.In a <a href="https://peoplesvaccinealliance.medium.com/open-letter-former-heads-of-state-and-nobel-laureates-call-on-president-biden-to-waive-e0589edd5704">letter</a> on Wednesday, over 100 Nobel laureates and 75 former world leaders called on Biden to suspend vaccine patents, by way of a waiver at the World Trade Organization, calling it "a vital and necessary step to bringing an end to this pandemic."They added that this would "save lives and advance us towards global herd immunity."The letter, published by the People's Vaccine Alliance, was signed by former UK Prime Minister Gordon Brown, former Soviet Union President Mikhail Gorbachev, and former French President François Hollande.A waiver would allow <keyword id="6357761" type="UNKNOWN" weightage="60" keywordseo="WTO">WTO</keyword> members to <a href="https://www.businessinsider.com/vaccine-patents-ips-monopoly-vaccination-process-us-biden-africa-2021-2">suspend the intellectual property rights</a> currently enjoyed by the likes of Pfizer, Moderna, and Johnson &amp; Johnson, enabling developing countries to produce vaccines and treatments without fear of reprisal. Last fall, South Africa and India <a href="https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/IP/C/W669.pdf&amp;Open=TrueTrue">submitted a proposal</a> to the WTO seeking such a suspension "until widespread vaccination is in place globally."Resistance has been fierce, however. In March, the US, UK, and the European Union all voted to block such a waiver from being granted, arguing that they need to preserve an economic incentive for the development of new medical technologies.Their opposition is shared by the private sector.The US Chamber of Commerce called such proposals "misguided" and a "distraction" from efforts already underway to share vaccines with the developing world. The <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">International</keyword> Federation of Pharmaceutical Manufacturers &amp; Associations likewise argued that a waiving of IP protections would be "counterproductive," undermine confidence in a for-profit system that helped develop several highly effective vaccines.But the charity group Médecins Sans Frontières (<keyword id="6510987" type="ORGANIZATION" weightage="60" keywordseo="msf">MSF</keyword>), or Doctors Without Borders, has argued that mindset reeks of provincialism."Countries must stop obstructing and show the leadership required to deliver on the 'global solidarity' they have so often declared during the pandemic," Dr. Christos Christous, the group's president, said in a statement. "It's time to champion access to medical tools for everyone, where they live."The World Health Organization (WHO) has already started shipping vaccines through its <a href="https://www.businessinsider.com/covid-vaccine-ghana-drones-covax-who-coronavirus-zipline-rural-communities-2021-3">COVAX initiative</a>, which aims to provide poorer countries with enough doses to cover 20% of their population. But the letter's signatories described its impact as "limited, while welcome."They added that, at the current pace, "many nations will be left waiting until at least 2024 to achieve mass <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> immunization."Have a news tip? Email this reporter: <a href="mailto:cdavis@insider.com">cdavis@insider.com</a>

Make coronavirus vaccines patent-free, former world leaders urge Biden

New Delhi, Jan 28 () India has pitched for elimination of trade-distorting subsidies on agriculture and ensuring differential treatment to developing countries by the WTO members, the commerce ministry said on Tuesday.
 Quoting Commerce Minister Piyush Goyal, it said that during his participation in an informal ministerial gathering in Davos last week, he also made a case for working out a permanent solution for public stockholding for food security purposes.
 During his intervention at the gathering, he said the current challenges throw up some key priorities for the forthcoming ministerial meeting of WTO members in June in Nur-Sultan, Kazakhstan.
 On the World Trade Organization's (WTO) appellate body for dispute settlement, he said early restoration of the full strength of the body will help in realising the objectives of the WTO.
 "The agenda for WTO reforms should be balanced and inclusive, to address the historic asymmetries in the Uruguay Round agreements" he said.
 He said that a "good starting point for the reform agenda" of the WTO would be "removing the imbalances" in the agreement on agriculture, and ensuring a level-playing field, particularly for developing economies.
 He further said that as long-standing proponents of WTO reform, developing countries have, for almost 20 years, sought the elimination of unequal and trade-distorting entitlements in the Agreement on Agriculture.
 "Another positive step will be to build upon the work of the last several years, and to implement existing mandates such as a permanent solution for public stockholding for food security purposes," he said.
 The minister also said developing countries, particularly the least-developed countries (LDCs), have not been able to achieve an equitable share in world trade, therefore, the continued availability of special and differential treatment, for these countries, is imperative for them to address their development aspirations.
 Goyal said the reform process should not be used to further restrict the flexibilities, and policy space required by developing countries, to better integrate with the global trading system.
 "It should open more opportunities for them, taking into account the contrasting levels of prosperity, unequal levels of economic development, and vast disparity in human development indicators, so that global trade becomes sustainable," he added.
 Goyal said that significant outcome at Kazakhstan is essential, for further strengthening the role of the WTO in global trade.
 "To achieve this, he added that it is necessary to put in place a structured process that will help finalise a limited list of focussed, doable and fair proposals, that may be concluded at MC12 (12th ministerial conference meet)," he said.
 Talking about fisheries subsidies, he said unregulated industrial fishing by some nations, has led to a major depletion of the global marine stock.
 "There is an urgent need for strong disciplines to regulate harmful fisheries subsidies in order to ensure the sustainable use of marine resources for securing inter-generational equity," he said.
 The minister cautioned that countries need to be cognizant of the existence of a large population of subsistence and artisanal fishermen in LDCs and developing countries who rely on fishing for their basic livelihood.
 He urged that as they have no other livelihood options, all nations must collectively care for this vulnerable population of marginalised fishermen.
 " Adequate policy space, to ensure a decent standard of living for subsistence-level fishermen, by modernizing their fishing fleet and expanding their fishing capacity, is a critical outcome for India," he said. RR CS RR HRS

India for elimination of trade-distorting subsidies on agriculture in WTO

In a landmark development, China has lost a dispute to the European Union at the World Trade Organization (WTO) for a market economy status, as the former allowed the dispute to lapse. The development comes after four years of battle for the market-economy status by China. The designation would have put the country in a stronger position in respect of its commercial and trade partners. A note by the WTO Secretariat said China allowed the dispute to lapse. "At the request of China, the panel suspended its work on 14 June 2019 (WT/DS516/13). Since the panel has not been requested to resume its work, pursuant to Article 12.12 of the DSU, the authority for establishment of the panel lapsed as of 15 June 2020," read the Secretariat's note. According to the EU, China subsidizes its industries to a great extent, particularly steel and aluminum, making their sales prices in the international market unfair. After the latest development, to protect their industries, the EU and the United States will be able to apply high anti-dumping tariffs on goods from China. Similar issues have also been faced by India in terms of "dumping" of low-cost products by China. India has imposed anti-dumping duties on several occasions on several items. Further, amid the ongoing border tussle, India may impose higher tariffs on products that are mostly imported from China. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/the-wto-warns-that-the-coronavirus-pandemic-could-create-another-great-depression/articleshow/75070595.cms">The WTO warns that the coronavirus pandemic could create another Great Depression</a> <a href="https://www.businessinsider.in/business/news/used-peace-clause-to-provide-excess-support-to-rice-farmers-india-to-wto/articleshow/74949091.cms">Used peace clause to provide excess support to rice farmers: India to WTO</a> <a href="https://www.businessinsider.in/business/news/taiwan-seeks-formation-of-wto-dispute-panel-in-case-against-indias-import-duties-on-ict-products/articleshow/74888005.cms">Taiwan seeks formation of WTO dispute panel in case against India's import duties on ICT products</a>

China loses WTO dispute against EU for market economy status

<ul><li>India has hiked import duty on key mobile phone components like PCBA and <keyword id="1455969" type="PERSON" weightage="20" keywordseo="display-panels">display panels</keyword>, which could make <keyword id="6354775" type="TECHNOLOGY" weightage="20" keywordseo="Smartphones">smartphones</keyword> more expensive.</li><li>Earlier, the EU, Japan and Taiwan claimed that the import duties on <keyword id="38260" type="TECHNOLOGY" weightage="20" keywordseo="mobile-phones">mobile phones</keyword> exceed the limit agreed to by India.</li><li>On the other end of the spectrum, Indian mobile phone makers are fearing for their jobs after a reduction in incentives and growing global competition.</li><li>FM Sitharaman had announced that the government would soon announce a new policy to incentivize domestic manufacturing of mobile phones.</li></ul>The Indian government announced import duty hikes on several key components of mobile phones, a move that could likely attract <keyword id="6357761" type="UNKNOWN" weightage="20" keywordseo="WTO">WTO</keyword>’s ire. Key WTO members like the EU, Japan and Taiwan could once again challenge India for violating the IT Agreement which came into force in 1997 and was further enhanced in 2015. “India’s import duties on mobile phones and some communication equipment have already been challenged at the WTO by members such as the EU, Japan and Taiwan. The additional import duties on mobile phone parts can be challenged by the same members,” said an official to <a href="https://www.thehindubusinessline.com/economy/india-calling-for-trouble-at-wto-with-fresh-duties-on-mobile-phone-parts/article30777184.ece">Business Line</a>. Budget 2020 doubles customs duties on key mobile phone components In the <a href="https://www.businessinsider.in/budget/news/government-to-announce-new-policy-to-encourage-domestic-manufacturing-of-mobile-phones-and-electronic-equipment/articleshow/73834403.cms">Union Budget 2020</a>, Finance Minister Nirmala Sitharaman announced an increase in duties on key mobile phone components. Duty on printed circuit board assemblies (PCBA), which is an integral part of mobile phones and other electronic equipment, was increased from 10% to 20%. Duty on display panels has been increased from nil to 10%. Given that the cost of displays form a major part of the overall cost of making mobile phones, it is very likely that this could result in a substantial increase in prices of phones. Will India back down or take on EU, Japan and Taiwan for the second time? The complaints of the EU, Japan and Taiwan revolve around the argument that the import duties levied on mobile phones and parts, and other electronic equipment exceed the limits agreed to at WTO by India. However, the Indian side’s argument was that these items were not covered in the agreement. It remains to be seen if the government issues an official clarification on these increased duties this time around. Although the Indian government has <a href="https://www.businessinsider.in/budget/news/government-to-announce-new-policy-to-encourage-domestic-manufacturing-of-mobile-phones-and-electronic-equipment/articleshow/73834403.cms">announced its intent</a> to give a boost to domestic manufacturing of mobile phones with a new policy, hiking important duties on key mobile phone parts could seem counterproductive at least in the short run. On the other hand, Indian mobile phone makers <a href="https://www.businessinsider.in/tech/news/budget-2020-indias-mobile-phones-makers-fear-for-jobs-in-the-face-of-fewer-incentives-and-global-competition/articleshow/73261138.cms">fearing</a> for their jobs in the eye of falling incentives and increasing global competition. It would be wise on the government’s part to announce its much-promised new policy, soon. See also: <a href="https://www.businessinsider.in/budget/news/government-to-announce-new-policy-to-encourage-domestic-manufacturing-of-mobile-phones-and-electronic-equipment/articleshow/73834403.cms">Government to announce new policy to encourage domestic manufacturing of mobile phones and electronic equipment</a> <a href="https://www.businessinsider.in/tech/news/budget-2020-indias-mobile-phones-makers-fear-for-jobs-in-the-face-of-fewer-incentives-and-global-competition/articleshow/73261138.cms">Budget 2020: India’s mobile phones makers fear for jobs in the face of fewer incentives and global competition</a> <a href="https://www.businessinsider.in/budget/news/elon-musk-budget-2020-electric-cars-custom-duty-increased/articleshow/73844919.cms">Elon Musk alert! India just hiked customs duty on imported electric vehicles to 40%</a>

You Searched For "India and the WTO" and got 7 results

The weaponization of the dollar will reverse globalization and kill the WTO, it was warned. That's a real threat today as dedollarization gathers force.

Zahra Tayeb

Sunil Bharti Mittal announces satellite communication breakthrough for India at India Mobile Congress 2023

ANI

India makes payment to WTO for 2020 in advance

PTI

Make coronavirus vaccines patent-free, former world leaders urge Biden

Charles Davis

India for elimination of trade-distorting subsidies on agriculture in WTO

PTI

China loses WTO dispute against EU for market economy status

IANS

India risks WTO wrath with higher duties on mobile phones as it seeks to boost domestic manufacturing

Rounak Jain

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