A World Trade Organization (WTO) panel ruled on Thursday that Indian export subs...
FILE PHOTO: A man holds the flags of India and the U.S. while people take part in the 35th India Day Parade in New York August 16, 2015. REUTERS/Eduardo Munoz
GENEVA - A World Trade Organization panel ruled on Thursday that Indian export subsidies are prohibited and should be removed, upholding a complaint brought by the United States. The panel largely agreed with U.S. claims challenging export subsidies granted in the form of exemptions from customs duties and a national tax, while rejecting some U.S. arguments. It called on India to withdraw the export-contingent subsidies within periods varying from 90 to 180 days.
The U.S. Trade Representative’s Office, in a statement, said that the panel had agreed that India provides prohibited subsidies to Indian exporters worth more than $7 billion annually, including to producers of steel products, pharmaceuticals, chemicals, IT products and textiles.
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