India and US Settle WTO Poultry Dispute, Reduce Tariffs on American Products
India and the United States have reached an agreement to settle their longstanding World Trade Organisation (WTO) poultry dispute. As part of the settlement, India will reduce tariffs on various American products, including frozen turkey, frozen duck, fresh, frozen, dried, and processed blueberries and cranberries.
This resolution was announced in a joint statement following a bilateral meeting between Indian Prime Minister Narendra Modi and US President Joe Biden. It marks the seventh and final outstanding WTO dispute settled between the two countries, with six disputes previously resolved in June 2023.
What was the WTO poultry dispute between India and the United States, and how has it been resolved?
The dispute centered on tariffs imposed by India on certain American poultry products. It has been settled through an agreement in which India will reduce tariffs on these products.
How many WTO disputes have India and the US resolved in total, and when were the previous six disputes settled?
India and the US have resolved seven WTO disputes in total, with six of them being settled in June 2023.
What is the significance of reducing tariffs on American agricultural products for both countries?
Reducing tariffs on American agricultural products creates economic opportunities for US producers in the Indian market and promotes bilateral trade relations.
What other products did India agree to reduce tariffs on during earlier negotiations?
During earlier negotiations, India agreed to reduce tariffs on products such as chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents.
Month: Current Affairs - September, 2023
Category: International / World Current Affairs