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An Indian delegation is scheduled to visit the U.S. to restart discussions on a stalled bilateral trade deal.
India's Commerce Minister has reiterated that the deal's progress hinges on India receiving preferential market access, as previously agreed.
The United States is currently in the process of finalizing its broader tariff policies concerning various global economies.
The WTO sets the multilateral framework for international trade, including principles like Most Favoured Nation (MFN) treatment, which bilateral preferential deals often navigate or seek exemptions from.
Trade deals directly impact a country's balance of trade (exports vs. imports) and, consequently, its balance of payments, affecting foreign exchange reserves and currency stability.
Trade negotiations primarily revolve around reducing or eliminating these barriers to facilitate smoother international commerce.
This bilateral deal falls under the broader category of preferential trade arrangements, aiming for specific concessions rather than comprehensive free trade.
GS-II: International Relations; GS-III: Indian Economy, Trade & Investment
General Awareness: Economy, Current Affairs
General Awareness: Economy, Banking & Finance, Current Affairs
General Awareness: Economy, Current Affairs
General Awareness: Current Affairs, International Relations
Consider the following markets: 1. Government Bond Market 2. Call Money Market 3. Treasury Bill Market 4. Stock Market How many of the above are included in capital markets?
Answer: Only two
Consider the following statements: Statement-I: India accounts for 3.2% of global export of goods. Statement-II: Many local companies and some foreign companies operating in India have taken advantage of India's 'Production-linked Incentive' scheme. Which one of the following is correct in respect of the above statements?
Answer: Statement-I is incorrect but Statement-II is correct
With reference to the international trade of India at present, which of the following statements is/are correct? 1. India's merchandise exports are less than its merchandise imports. 2. India's imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years. 3. India's exports of services are more than its imports of services. 4. India suffers from an overall trade/current account deficit. Select the correct answer using the code given below:
Answer: 1, 3 and 4 only
High for UPSC (Economy & IR), Medium for SSC/Banking (Current Affairs & Economy).
A trade arrangement where one country grants another country more favorable terms of trade (e.g., lower tariffs, fewer quotas) for specific goods or services than it offers to other trading partners.
Taxes imposed on imported goods and services, designed to raise revenue or protect domestic industries.
A trade agreement between two countries that aims to reduce or eliminate trade barriers between them.
A principle under WTO where any trade concession granted to one member country must be extended to all other WTO member countries, ensuring non-discrimination.