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FILE PHOTO: A man holds the flags of India and the US while people take part in the 35th India Day Parade in New York
GENEVA (Reuters): A World Trade Organisation (WTO) 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 US claims challenging export subsidies granted in the form of exemptions from customs duties and a national tax, while rejecting some US arguments. It called on India to withdraw the export-contingent subsidies within periods varying from 90 to 180 days.
The US 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 (£ 5.4 billion) annually, including to producers of steel products, pharmaceuticals, chemicals, IT products and textiles.
