The WTO's dispute panel has said India's move to impose safeguard import duty on some iron and steel products was inconsistent with certain global trade norms.
India and several other Asian countries have in the past defied the belief that protectionism is good for developing economies as these nations reaped benefits of opening up trade and lower tariffs, eminent economist Arvind Panagariya said.
The US trade deficit increased last September by 1.3 per cent to reach $54 billion, inflated by a historic volume of imports that rose to $266.6 billion despite the protectionist policies of the White House, according to the Department of Commerce.
German Economy Minister Peter Altmaier called for the formation of a global alliance in favor of a market economy in the face of rising protectionism around the world.
European Union ambassadors agreed on Wednesday the draft schedule of tariff rate quotas that the bloc will apply after Britain leaves the European Union, an EU statement said.
The European Union should prepare for its companies to be targeted by American sanctions in a worsening trade dispute between the United States and China, former World Trade Organisation (WTO) director general Pascal Lamy said.
Russian will again ask the World Trade Organization to set up a panel of adjudicators in November to judge the legality of U.S. tariffs on steel and aluminum, the country’s economy ministry said.
The United States said it was “deeply disappointed” the European Union was pressing ahead with litigation over U.S. and aluminium tariffs at the World Trade Organization, and urged EU member states to consider carefully their broader interests.
The World Trade Organisation's dispute settlement body has set up a panel to examine the US complaint against certain export-subsidy measures by India as both the sides failed to resolve the issue at consultation level, an official said.
Asserting that the current situation at the World Trade Organization is no longer sustainable, the Ottawa Ministerial on WTO reform Thursday vowed to fight against protectionism.