New Delhi [India], August 9 : The World Trade Organization (WTO) has circulated two panel reports on the cases brought by India and the United States and stated both parties notified the WTO they have mutually agreed on a solution to the matters raised in the disputes.
The disputes revolved around US tariffs on steel and aluminium products and India's imposition of additional tariffs on “certain” products originating from the US.
“On 13 July, the parties notified the WTO that they had reached a mutually agreed solution to the matters raised in the two disputes. In accordance with Article 12.7 of the Dispute Settlement Understanding, the panel reports provide a brief description of the disputes and note that solutions have been reached,” WTO said Tuesday (local time) in a statement on it website.
Notably, during Prime Minister Narendra Modi’s State visit to the US in June, the two countries agreed to terminate six trade disputes.
“Underscoring the willingness and trust of both countries in resolving trade issues, the leaders welcomed the resolution of six outstanding WTO disputes between the two countries through mutually agreed solutions as well as their understandings on market access related to certain products of significance to the bilateral trade relationship,” read the India-US joint statement put out by Ministry of External Affairs after the State visit of PM Modi.
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