Commercial policy: GK, Current Affairs, Questions, Trivia and News

Mumbai venue of 80th Session of Policy Commission of World Customs Organization (WCO)

On 3rd December 2018, the 80th Session of the Policy Commission of the World Customs Organization (WCO) was held in Mumbai, Maharashtra . The Session is being organized by the WCO and hosted by the Central Board of Indirect Taxes and Customs (CBIC), India. The Indian delegation was headed by CBIC Chairman, S Ramesh. The ..

UNSC adopts Resolution 2428 to impose an arms embargo on South Sudan

The United Nations Security Council (UNSC) has adopted a resolution 2428 (2018) to impose an arms embargo on South Sudan. The measure will stop the flow of weapons to armed groups in the country. It is in addition to the current sanctions, till May 31, 2019. Under the terms of Resolution, all Member States must ..

Draft agri-export policy : Key Features

A draft Agri Export Policy has been released by the Commerce Ministry. The National Agriculture Export Policy is being formulated in line with the vision to double the farmer’s income and increase the share of agricultural exports from $30 billion to $60 billion by 2022. The features of the policy include Identification of commodities which ..

Inverted Duty Structure

Inverted duty structure is a situation where import duty on finished goods is low compared to the import duty on raw materials that are used in the production of such finished goods.  For example, suppose the tariff (import tax) on the import of tyres is 10% and the tariff on the imports of natural rubber which ..

China launches WTO dispute resolution case against US, EU

China has launched a dispute resolution case against US and EU at the World Trade Organisation regarding the surrogate country approach followed by the US and EU to calculate anti-dumping measures against exports from China. When China joined the WTO in 2001, it accepted to allow WTO members to treat it as a non-market economy to calculate anti-dumping ..

Gitanjali Gems’ SEZ project cancelled

The Board of Approval (BoA) headed by Commerce Secretary has cancelled the Gitanjali Gems’ special economic zone (SEZ) project in Maharashtra. In a similar move, BoA has also cancelled the approval of Karanja Infrastructure’s Free Trade and Warehousing Zones (FTWZ) in Raigad. Gitanjali Gems’ and jewellery SEZ was notified on June 9, 2008. The approval ..

M-SIPS: Special incentive package for ESDM sector

ESSDM-Electronic System Design and Manufacturing The Union Cabinet approved the proposal to grant a special incentive package to encourage large-scale manufacturing in the ESDM sector. It will promote the manufacturing of indigenously designed and manufactured chips building a more cyber secure network in the country. The scheme is named the Modified Special Incentive Package Scheme ..

Indian Ambassador asks US students to stay alert on effects of protectionism

Addressing the students at University of Florida, India’s Ambassador to the United States Nirupama Rao has asked American students to be alert to the crushing effects of protectionism as it is retrogressive and blocks economic growth and development in the age of globalization. She held that the borders b/w nations are becoming increasingly porous, and ..