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Four top Republican <keyword id="78619" type="COMPANY" weightage="20" keywordseo="Senators">senators</keyword> on Friday urged US President <keyword id="99719" type="PERSON" weightage="20" keywordseo="Joe-Biden">Joe Biden</keyword> not to accept a proposal by India and South Africa to the <keyword id="84934" type="COMPANY" weightage="20" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword> to waive anti-Covid vaccine patents to boost its supply. India, South Africa and <keyword id="2386915" type="PERSON" weightage="20" keywordseo="other-countries">other countries</keyword> are presenting a proposal at the World Trade Organisation to waive all <keyword id="80726" type="PERSON" weightage="20" keywordseo="Intellectual-Property-Rights">intellectual property rights</keyword> for any innovation related to COVID-19," the group of four Republican senators wrote in a letter to Biden. The proponents of this scheme argue that if we just destroy the intellectual property developed by American companies, we will suddenly have more manufacturers producing COVID-19 <keyword id="79555" type="TECHNOLOGY" weightage="20" keywordseo="Vaccines">vaccines</keyword>, they said. In the letter, Senators Mike Lee, <keyword id="2309726" type="PERSON" weightage="20" keywordseo="Tom-Cotton">Tom Cotton</keyword>, Joni Ernst and Todd Young urged Biden to reject the upcoming proposal at the WTO. But the opposite is true. By destroying the intellectual property of every American company that has worked on COVID-19 vaccines and treatments, we would be ending the progress -- started under Operation Warp Speed -- that led to the fastest development of life-saving vaccines in history," the Senators wrote. They alleged that some countries believe that they would benefit from seizing America's intellectual property. But this is a mistake, they said. Waiving all rights to intellectual property would end the innovation pipeline and stop the development of new vaccines or boosters to address variants in the virus. It also wouldn't increase the supply of vaccines because of the tremendous time and resources needed to build new manufacturing plants and acquire the knowhow to produce these complex medicines, they said. Even if the waiver may temporarily result in a few copycats attempting to produce what American companies developed, it would introduce major quality control problems, the Senators said. As a global leader and a force for good, we can do a lot to help other countries overcome the virus. But destroying our rights to intellectual property wouldn't advance our mission of fighting the virus -- it would make the problem worse, for America and for the world, they wrote. The end of this pandemic is in sight. More than 50 million Americans have been vaccinated, and cases have declined by more than 75 percent from their recent high. We stand ready to work with you to bring an end to this deadly crisis and urge you to take a strong stand against this scheme that would halt our progress, the Senators said. In a statement, the US Chamber of Commerce's Global Innovation Policy Centre (GIPC) senior Vice president Patrick Kilbride said the proposals to waive intellectual property rights are misguided and a distraction from the real work of reinforcing supply chains and assisting countries to procure, distribute and administer vaccines to billions of the world's citizens. Diminishing intellectual property rights would make it more difficult to quickly develop and distribute vaccines or treatments in the future pandemics the world will face, he said. Early this week, hundreds of American civil society organizations and three top Congressmen urged Biden not to block the waiver to COVID-19 vaccines at the World Trade Organisation, a move they said would boost the treatment of coronavirus patients worldwide. The COVID-19 pandemic knows no borders and the need for vaccine development and dissemination across the globe is critically important. The TRIPS waiver raised by India and South Africa at the WTO would help the global community move forward in defeating the scourge of COVID-19 by making diagnostics, treatments, and vaccines available in developing countries, Congressman Rosa DeLauro, chairman of the House Appropriations Committee told reporters at a news conference. The WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) requires countries to provide lengthy monopoly protections for medicines, tests and technologies used to produce them. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-find-my-stalking-airtags-item-safety-alerts/articleshow/81342449.cms">Apple’s new Find My feature updated to prevent stalking as launch of the rumoured AirTags nears</a> <a href="https://www.businessinsider.in/tech/news/regulating-digital-news-is-important-but-freedom-of-press-is-precious/articleshow/81341289.cms">OPINION: Regulating digital news is important but freedom of press is precious</a> <a href="https://www.businessinsider.in/stock-market/news/heranba-industries-ipo-makes-a-bumper-debut-on-stock-exchanges/articleshow/81342578.cms?upcaceh=2">Heranba Industries makes a bumper debut on stock exchanges — shares soar 44% over the issue price band</a> <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme</a>

Republican senators urge Biden not to accept India and South Africa proposal to WTO to waive COVID-19 vaccine patents

<ul><li>India has reportedly decided to not participate in the e-commerce discussions with the World Trade Organisation (WTO) scheduled to begin in March. </li><li>India is concerned about the proposed custom duties of electronic transmissions. </li><li>India’s own draft e-commerce policy that was released on Saturday could help strengthen the opposition against the WTO’s e-commerce rules.</li></ul>India won’t be participating in the World Trade Organization (WTO) talks on e-commerce next month because of concerns over unfair market access to foreign players. India also just came out with its own draft of the e-commerce policy on Saturday, but its main concern with WTO is the proposed custom duties on electronic transmissions. A commerce department official <a href="https://www.business-standard.com/article/economy-policy/india-refuses-to-join-e-commerce-talks-at-wto-says-rules-to-hurt-country-119022500014_1.html">told</a> Business Standard, “WTO rules come into effect for all 164 members and need to be ratified by each, but for the first time a major decision has been taken without complete consensus among member nations. We will not encourage a multilateral platform to run, based on the interests of a few nations. Our policy will deal with concerns such as cross-border data flow.” Most global e-commerce players haven’t been too subtle about the fact that India is a ‘strategic market’ for them. India claims the new rules put forth by the WTO could provide unfair market access to foreign companies, something they’ve been working hard to deter despite opening the Foreign Direct Investment (FDI) pipelines. Tax on tax The draft e-commerce policy that the Indian government put out on Saturday favours not imposing any customs duties on electronic transmissions — basically any type of digital trade — which is in contradiction to the WTO’s e-commerce policy. 
 
 
 
 
 <div type="ExtQuote" text="“With increasing digitisation, more and more products such as books, music, films, video games, etc. are being traded electronically. By agreeing to the permanent moratorium, countries with tariff schedules, which allow putting duties on these kinds of products, will give up these rights and lose revenues.”" auname="India’s draft e-commerce policy"></div>









 Even developed nations like the US have called for “non-discrimination in treatment of digital products” since it is “at the core of the digital trading system.” Other developed nations likes the Singapore and South Korea are also propagating that custom duties should not be imposed on the transaction of digital products. On the other hand, China is in favour of the deal, according to officials. They told Business Standard that Alibaba, the Chinese multinational conglomerate, has partnered with the WTO and the World Economic Forum (WEF) to create an Electronic World Trade Platform (eWTP). While data is at the heart of India’s new e-commerce, it can help India’s cause at the WTO by strengthening the opposition. See also: <a href="https://www.businessinsider.in/amazon-india-finds-way-around-new-e-commerce-rules-for-cloudtail-and-appario/articleshow/67831376.cms">Amazon may have found a way around India’s new e-commerce rules</a> <a href="https://www.businessinsider.in/e-commerce-wars-amazons-jeff-bezos-vs-mukesh-ambani-in-india/articleshow/67620116.cms">Amazon's newest challenger may be the richest man in Asia</a> <a href="https://www.businessinsider.in/amazon-walmart-owned-flipkart-set-back-by-new-e-commerce-rules-that-help-mukesh-ambanis-reliance-retail/articleshow/67751026.cms">Mukesh Ambani may be the surprise winner from India's new rules hurting Amazon and Walmart</a>

India decides to opt-out of WTO e-commerce talks over digital tax concerns: Report

The Indian Government is suggesting several measures and lobbying the <a href="http://www.businessinsider.in/searchresult.cms?query=world+trade+organisation&amp;sortorder=effectivedate">World Trade Organisation</a> (WTO) in the backdrop of rising clamour of protectionism. 
 
India is looking for support on increased trade in services, making sure the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+IT+sector&amp;sortorder=effectivedate">Indian IT services </a>are not severely hit due to changing policies by the <a href="http://www.businessinsider.in/searchresult.cms?query=donald+trump&amp;sortorder=effectivedate">Donald Trump</a> administration. 
 
For starters, the Indian Government has suggested multiple entry visas for professionals meeting the host country's immigration criteria in a comprehensive proposal on cross-border movement of services. 
 India made these proposals in the draft legal text of the <keyword id="4225017" type="UNKNOWN" weightage="20" keywordseo="Trade-Facilitation-Agreement-for-Services">Trade Facilitation Agreement for Services</keyword> that it submitted to the WTO on February 23. 
 
As per reports, India has also suggested scrapping the social security contributions by professionals on short stints overseas. 
 
The proposal also calls for insurance portability and quicker visas for those seeking medical treatment. 
 
The proposal also suggests that countries shouldn't impose barriers on the flow of personal information on account of differing data protection measures.

Indian Govt is looking at multiple options to ensure IT sector is not severely hit due to protectionism. Here’s what it is doing

India is looking forward to making a global pitch in order to make it easier to travel for work across borders at international fora like the <a href="http://www.businessinsider.in/searchresult.cms?query=G-20&amp;sortorder=effectivedate">G-20</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=BRICS&amp;sortorder=effectivedate">BRICS</a>. This moves come in order to protect Indians from the protectionist wave in the West which has unsettled the India’s services industry. 
 According to a ministry official, The plan is to approach other countries and get potential partners to support its proposed paper on <keyword id="4156942" type="UNKNOWN" weightage="20" keywordseo="trade-facilitation-in-services">Trade Facilitation in Services</keyword> (TFS) that seeks to remove unnecessary regulations on trade in services. 
 "<keyword id="51196" type="ORGANIZATION" weightage="20" keywordseo="G-20">G-20</keyword> (Group of 20 major economies) and <keyword id="175259" type="ORGANIZATION" weightage="20" keywordseo="Brics">BRICS</keyword> (association of emerging economies of Brazil, Russia, India, China and South Africa) are the right fora to build advantage of coalitions," the official told ET. 
 
Currently, the sector accounts for about 60% in the country's <a href="http://www.businessinsider.in/searchresult.cms?query=GDP&amp;sortorder=effectivedate">GDP</a> and 28% of total employment. 
 The commerce ministry along with the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> is also planning on holding a workshop on TFS next month to support awareness building and better understanding of the issue. 
 "Officials from the <keyword id="6356984" type="ORGANIZATION" weightage="20" keywordseo="OECD">OECD</keyword> will also be part of the workshop," a person aware of the programme, told ET. 
 
India had submitted the concept note on reducing regulations involved in trade in services in September last year to the <a href="http://www.businessinsider.in/searchresult.cms?query=World+Trade+Organisation&amp;sortorder=effectivedate">World Trade Organisation</a> (<keyword id="6357761" type="ORGANIZATION" weightage="20" keywordseo="wto">WTO</keyword>). The note is currently being legally vetted.

India is pushing for easier rules for travel to work across borders as protectionism in West rises

If you are at a juncture in life where you want to give up, here's a little story that could be your dose of motivation. 
 Meet <keyword id="947045" type="ORGANIZATION" weightage="20" keywordseo="Karanvir">Karanvir</keyword> Singh, a student of the executive MBA programme at IIM-Rohtak, who is also on the board of directors of 22 companies. The catch is he is merely 26 years' old and has represented the country at forums like the <keyword id="6355833" type="ORGANIZATION" weightage="20" keywordseo="united-nations">United Nations</keyword> Organisation, World Economic Forum and the <keyword id="84934" type="ORGANIZATION" weightage="20" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword>. 
 This Ludhiana lad is currently the founder-chairman of <keyword id="4020034" type="UNKNOWN" weightage="20" keywordseo="visionum-group">Visionum Group</keyword>, a multifaceted organization working in pursuit of undertaking entrepreneurial activities to make India a better equipped society. 
 
Karanvir also runs welfare projects in partnership with four state governments. His journey started when he moved to Indore in Madhya Pradesh to pursue BTech in electronics and telecommunication. 
 
He worked in a US based multinational CSC for about two years. Soon, he dropped out of MBA from NMIMS and quit his job at CSC just to accomplish his dream of entrepreneurship. He soon kickstarted a tele-rickshaw project in Indore by linking auto-rickshaws through mobile app and telecall network, and in no time rose to fame. 
 
Not just that, he also helped in empowering the wives and other family-members of auto-rickshaw operators by connecting them with self-help groups for skill development sessions so they could be self employed. 
 Moreover, Karanvir worked elaborately to get toilets constructed in state-run schools in Indore. Apart from getting an overseas grant , he got school teachers and panchayat members to encourage the project as well. In Ludhiana, he partnered with the <keyword id="48285" type="COMPANY" weightage="20" keywordseo="Municipal-Corporation">Municipal Corporation</keyword> to develop a public Wi-Fi zone under the PPP model. 
 
At 26 years of age, it's no mean feat to be making such a difference to peoples' lives and taking India to places.

Meet Karanvir, an IIM student who runs 22 firms and represents India at Global Forums merely at 26 years of age

A global trade deal is likely to be signed between India, the United States and the <keyword id="6355110" type="ORGANIZATION" weightage="60" keywordseo="European-Union">European Union</keyword> (EU). The US and the EU may accept India's demand of providing some flexibility to developing countries in fixing the minimum support price for certain crops. In return, India will sign the trade deal on easier customs rules. 
 Praising the efforts of India and the US to end the stalemate, the <keyword id="84934" type="ORGANIZATION" weightage="100" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword> (WTO) director general Roberto Azevedo has expressed hope that talks will be fruitful and help end the deadlock. "The director general was pleased to hear that the dialogue between the US and India had resumed. He hopes that this dialogue will continue and will be fruitful in advancing efforts to resolve the current impasse, but he is not aware that any understanding has been reached as yet," as per a statement issued by WTO. 
 
The tough stand taken by India has plunged the WTO into its worst crisis in two decades. This had led WTO Director General Roberto Azevedo to consider the idea of abandoning the consensus principle on which the organisation works. There was a deadlock after India refused to agree to a trade facilitation agreement, unless its concerns on food security were addressed.

Global Trade Deal Likely To Be Signed As WTO Talks Back On Track

NEW DELHI: The Modi government promises a 40% increase in the supply of heavily subsidised grain as it seeks to expand coverage under the food security law, a move that can inflate the subsidy bill and disappoint critics who thought the new regime would abandon UPA’s entitlement-based approach. 
 Food Minister Ram Vilas Paswan said monthly entitlement of 5 kg foodgrain per person under food security law was meagre. “The focus of the government will be on providing food security to all. With huge <keyword id="6354298" type="ORGANIZATION" weightage="80" keywordseo="stocks">stocks</keyword> of grain in the country we want to increase monthly entitlement to 7 kg,” he told ET in an interview. He said the food law passed by the previous government was inadequate. 
 
“I feel the Food Security Act was prepared hurriedly. In my understanding during three months in government, it does not have clear concepts,” Paswan said. 
 
He said Modi himself, when he was chief minister of Gujarat, had observed that the grain provided under the Act was too less. 
 
Paswan was silent about the food subsidy bill, which is already projected to be Rs 1.15 lakh crore this year, but analysts said additional grain would cost a lot of money. 
 
Tejinder Narang, a Delhi-based analyst said the bill may rise by about 15% apart from starving the open market, which would raise prices. Pramod Joshi, director, International Food Policy Research Institute, said if the government is raising the quantity of susbsidised grain it would also be looking at steps like focusing on the poorest households and direct cash transfers subsidies following the campaign to open bank accounts. 
 The issue of food security came to the centre stage last year when <keyword id="689" type="PERSON" weightage="80" keywordseo="Sonia-Gandhi">Sonia Gandhi</keyword> spearheaded the food security law in the last year of the UPA government. 
 
 
 It aims to give over 61 million tonnes of wheat, rice and coarse grains priced between Re 1 and Rs 3 per kg to 81 crore people. The law was seen as a key tool in the Congress party’s bid to be voted back to power but it was eventually trounced by Modi-led BJP. The <keyword id="58687" type="ORGANIZATION" weightage="80" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> had earlier showcased the food security apparatus in states ruled by the party as better solutions for combating hunger and deprivation. 
 Paswan said welfare of the people was a key priority and the Central government would not budge from its position despite international pressure to change its stance to facilitate an agreement under the <keyword id="84934" type="ORGANIZATION" weightage="80" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword> (WTO). Some analysts say the issue of food security may be raised during Modi’s visit to the US. Paswan said there was a huge difference in the mindset of a developing and developed country. 
 
“We are a welfare state and we have a public responsibility. We have to protect the interest of farmers and the poor man. Not just USA, but some of our own experts feel that subsidy should end,” he said. Paswan said it was a huge challenge to store grain and check leakages in transportation and distribution. 
 A high-powered committee under <keyword id="6358126" type="CITY" weightage="80" keywordseo="Himachal-Pradesh">Himachal Pradesh</keyword> MP <keyword id="194696" type="PERSON" weightage="80" keywordseo="Shanta-Kumar">Shanta Kumar</keyword> would submit its report in three months on restructuring Food Corporation of India (FCI). 
 
He said there were numerous complaints about irregularities in the FCI, the biggest organisation under its ministry. “The first major problem is on damage. Products that come from FCI godown or from rakes is not of proper quality. Sometimes it doesn’t reach fair price shops or beneficiaries,” the food minister said. “It goes to the open market. Quality is only on paper, not physically. Sometimes, we find grain rotting in the open. There is nobody to buy it. If it has been bought, then it is not stored properly,” he added. 
 
“In the public distribution system, there so much 'dhandebazi' (corruption) irrespective of states. Wherever you go, you will not find the correct beneficiary’s names; there are problems in quality and quantity. We have started door-todoor delivery. Now with the usage of new technology like CCTV and GPS, we should be able to track trucks, storage position in grounds. We have to see how successful we are,” he said.

Narendra Modi-Led Government Promises 40% Increase In Supply Of Grain Under Food Law

Several members of the <keyword id="84934" type="ORGANIZATION" weightage="100" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword> were annoyed after India's demands for concessions on agricultural stockpiling led to the failure of the first major global trade reform pact in two decades. 
 
"We have not been able to find a solution that would allow us to bridge that gap," WTO Director General Roberto Azevedo said in Geneva. 
Most diplomats had expected the pact to be rubber-stamped this week, marking a unique success in the WTO's 19-year history, which as per estimates, would add $1 trillion and 21 million jobs. They were anguished when India exercised its veto and the failure drew severe criticism. 
 
"Australia is deeply disappointed that it has not been possible to meet the deadline. This failure is a great blow to the confidence revived in Bali that the WTO can deliver negotiated outcomes," Australian Trade Minister Andrew Robb said. "There are no winners from this outcome - least of all those in developing countries which would see the biggest gains."

WTO Talks Fail As India Remains Adamant

<ul class="summary-list"><li>China said it plans to sue the European Union after the bloc cracked down on its EV giants.</li><li>The EU imposed sweeping tariffs on Chinese EV companies, including BYD, last week.</li></ul>China is hitting back against <a target="_blank" class="" href="https://www.businessinsider.com/tesla-could-come-out-on-top-eu-tariffs-chinese-evs-2024-6">Europe's crackdown on its EV giants</a>.The Chinese commerce ministry said on Monday it would file a lawsuit with the World Trade Organisation (WTO) against the European Union's tariffs on Chinese electric car companies.The EU <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">voted to impose sweeping tariffs on Chinese EV companies like BYD in October</a>.The new tariffs, which were finalized last week, will see BYD face a levy of 17%, with other automakers facing tariffs as high as 35.3% on top of an existing 10% tax.A translated statement from China's commerce ministry announcing the lawsuit said the tariffs lack "factual and legal basis" and violate WTO rules. The Chinese government had previously requested a dispute consultation with the international body over the subsidies in August. A WTO official confirmed to Business Insider that the organization had received a request from China for consultations with the EU over the latter's import taxes.The EU's tariffs have sparked fears that China, which has already opened probes into European brandy and cheese, may retaliate by imposing its own trade barriers on European automakers operating in the country.China is a huge market for German carmakers like Volkswagen, BMW, and Mercedes, but they have been <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">increasingly struggling in the country amid an onslaught from local rivals</a>, who have taken market share from European automakers thanks to their lineup of cheap, high-tech EVs.Some Chinese players are now expanding into Europe despite the European Union's tariffs.BYD is planning <a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-byd-chinese-evs-expands-in-europe-new-factory-2024-7">factories in Hungary and Turkey,</a> while Tesla rivals Xpeng and Leapmotor have also expanded into new European markets in recent months.

China and Europe's EV fight just stepped up a notch       

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

<ul><li>Reportedly, the <keyword id="6595454" type="General" weightage="20" keywordseo="directorate-general-of-trade-remedies" source="Orion">Directorate General of Trade Remedies</keyword> has recommended anti-dumping duty on Caprolactam from the European Union, Korea, Russia and Thailand.</li><li>This is seen benefiting the company as it had filed an application for anti-dumping duty on Caprolactam earlier.</li><li>Shares of the company rose 4% on Tuesday morning.</li></ul>Shares of <keyword id="625214" type="General" weightage="20" keywordseo="gujarat-state-fertilizers-and-chemicals" source="Orion">Gujarat State Fertilizers and Chemicals</keyword> rose over 4% on Tuesday after a report by news channel CNBCTV-18 said that India’s Directorate General of Trade Remedies (DGTR) has recommended anti-dumping duty on Caprolactam used in nylon-making from the European Union, Korea, Russia and Thailand. The Gujarat-based firm had earlier filed an application for anti-dumping duty on Caprolactam as cheap imports by some countries were disrupting trade for domestic players. The company manufactures fertilisers and industrial chemicals. <div type="image" title="gujarat state fert chart" height="900" width="1200" msid="86576500" hostid="261"></div> Basically, anti-dumping duty is a tariff imposed on imports from other countries that export products at cheaper value thereby disrupting trade in the domestic market. To ensure a level playing field in the domestic market, the government imposes anti-dumping duty on foreign imports when it believes that the goods are being “dumped” – through the low pricing – in the domestic market. Anti-dumping duty is imposed to protect local businesses and markets from unfair competition. The company had alleged that material injury was being caused to the domestic industry due to dumped imports from the subject countries and has requested the DGTR for the imposition of the anti-dumping duties on the imports. The imposition of anti-dumping duty is permissible under the World Trade Organisation (WTO) regime. The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/pine-labs-is-betting-on-these-two-segments-to-make-it-worth-6-billion-dollars/articleshow/86559235.cms">Nearly as old as Google, Pine Labs is betting on these two segments to make it worth $6 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-to-check-paras-defence-and-space-technologies-ipo-allotment/articleshow/86559437.cms">Paras Defence and Space Technologies IPO: Here’s how to check allotment status</a>

Gujarat State Fertilizers and Chemicals surges over 4% on reports of anti-dumping duty approval

<keyword id="6355408" type="General" weightage="80" keywordseo="imf" source="Orion">IMF</keyword>'s Chief Economist <keyword id="154034" type="General" weightage="20" keywordseo="Gita-Gopinath" source="Orion">Gita Gopinath</keyword> will leave her job in January next year and return to the prestigious <keyword id="53675" type="General" weightage="80" keywordseo="harvard" source="Orion">Harvard</keyword> University, according to the global financial institution. The 49-year-old prominent Indian-American economist had joined the International Monetary Fund (IMF) as the Chief Economist in January 2019. She was the John Zwaanstra Professor of International Studies and Economics at Harvard University when she joined the Washington-based global lender. IMF Managing Director <keyword id="2200950" type="General" weightage="20" keywordseo="kristalina-georgieva" source="Orion">Kristalina Georgieva</keyword> on Tuesday announced that the search for Gopinath's successor would begin shortly. "Gita's contribution to the Fund and our membership has been truly remarkable - quite simply, her impact on the IMF's work has been tremendous," Georgieva said. Mysuru-born Gopinath is the first-ever woman Chief Economist of the IMF. Harvard University had extended her leave of absence on an exceptional basis by one year, which has allowed her to serve as Chief Economist at the IMF for three years. "She made history as the first female Chief Economist of the Fund and we benefited immensely from her sharp intellect and deep knowledge of international finance and macroeconomics as we navigate through the worst economic crisis since the Great Depression. "Gita also won the respect and admiration of colleagues in the Research Department across the Fund, and throughout the membership for leading analytically rigorous work and policy-relevant projects with high impact and influence," Georgieva said. The IMF said that as part of her many significant initiatives, Gopinath co-authored the "Pandemic Paper" on how to end the COVID-19 pandemic that set globally endorsed targets for vaccinating the world. This work led to the creation of the Multilateral Task Force made up of the leadership of the IMF, the World Bank, the World Trade Organisation and the World Health Organisation to help end the pandemic and the establishment of a working group with vaccine manufacturers to identify trade barriers, supply bottlenecks, and accelerate delivery of vaccines to low- and lower-middle income countries, the IMF said in a statement. Among her other key accomplishments, Gopinath helped set up a Climate Change team inside the IMF to analyse, among other things, optimal climate mitigation policies. "I would like to express my personal appreciation to Gita for her impressive contributions, her always wise counsel, her devotion for the mission of the Research Department and the Fund more broadly, as well as her widely recognised inclusive and accessible approach to colleagues and staff," Georgieva added. Born in December 1971 to Malayalee parents, Gopinath had her schooling in Kolkata and graduated from the Lady Shri Ram College of Commerce in Delhi. She did Masters from the Delhi School of Economics as well as from the University of Washington. Gopinath did her Ph.D in economics from Princeton University in 2001 and she was guided by <keyword id="147334" type="General" weightage="20" keywordseo="kenneth-rogoff" source="Orion">Kenneth Rogoff</keyword>, Ben Bernanke and Pierre-Olivier Gourinchas. She joined the University of Chicago in 2001 as an Assistant Professor before moving to Harvard in 2005. She became a tenured Professor there in 2010. She is the third woman in the history of Harvard to be a tenured professor at its esteemed economics department and the first Indian since the Nobel laureate Amartya Sen to hold that position. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ril-jubilant-foodworks-bajaj-auto-and-other-stocks-to-watch-out-for-on-october-20/slidelist/87148904.cms">RIL, Jubilant Foodworks, Bajaj Auto and other stocks to watch out for on October 20</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/researchers-develop-ai-based-algorithm-that-can-detect-unseen-signs-of-heart-failure/articleshow/87136581.cms">Researchers develop AI-based algorithm that can detect unseen signs of heart failure</a>

You Searched For "World Trade Organisation" and got 12 results

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IMF chief economist Gita Gopinath to resign and return to Harvard University

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