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7th Trade Policy Review of India at WTO acknowledges India’s strong economic growth at 7.4%

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7th Trade Policy Review of India

On January 6, 2021, India’s seventh Trade Policy Review (TPR) initiated at the World Trade Organization in Geneva, Switzerland. India’s official delegation for the TPR is headed by the Commerce Secretary, Dr. Anup Wadhawan. India’s 6th TPR took place in 2015.

  • The TPR is an important mechanism under the WTO’s monitoring function, and involves a comprehensive peer-review of the Member’s national trade policies.
  • During the TPR, a comprehensive Report issued by the WTO Secretariat which acknowledged India’s strong economic growth at 7.4% during in the last five years i.e. 2015-20.

Key Points from Report:

–India implemented several measures to facilitate trade during 2015-20 such as simplification of procedures and customs clearances for imports and exports.

–The other trade-facilitation initiatives introduced by India since 2015 include introduction of Indian Customs Electronic Gateway (ICEGATE); Single Window Interface for Facilitation of Trade (SWIFT); the Direct Port Delivery and the Direct Port Entry facilities; and the increased use of the Risk Management System (RMS).

–To support trade, India also provides a number of incentives, in the form of direct subsidies and price support schemes, tariff concessions or exemptions, or preferential rates of interest.

–India’s role in the global efforts against the Covid-19 pandemic was appreciated and was acknowledged as the as the “pharmacy of the world”.

–The strong economic growth in India led to an improvement in socio-economic indicators, such as per-capita income and life expectancy in India.

Additional Info:

–FDI (Foreign Direct Investment) in India raised by more than 10% year-on-year to reach USD 40 billion in the first six months of 2020-21.

–In 2019-20, India received the highest ever FDI inflow of USD 74.39 billion.

— India’s World Bank’s Doing Business ranking improved from 142 in 2015 to 63 in 2019.

–India’s reforms have increased the efficiency and inclusiveness of the Indian economy thereby emerging as 5th largest economy in 2019.

Recent Related News:

i.On October 6, 2020, the WTO lowered its projection on the volume of world merchandise trade in 2020 to 9.2% as compared to 12.9% fall in April 2020. This is due to the strong trade performances in June-July, 2020 due to easing of lockdowns in many parts of the world.

About World Trade Organization (WTO):

Director-General– To be Appointed (Roberto Azevedo stepped down on 31 August 2020)
Members– 164 Nations