News Update

GST - Sushil Modi further sensitises Infosys; EDIT facility for returns to be activated soonGovt sets up Second National Judicial Pay CommissionImpact of Moody's rating upgrade - NHAI projects become less riskyIT infra missing at many Customs stations - CBEC Chairperson asks for speeding up installation of netwrok equipmentsIncome Tax seizes cash to tune of Rs 11 Crore from NSE brokerAustralians support same-sex marriage in national surveyDigital economy to the fore again (See 'TII EDIT')Renewable Energy - Challenge is research in storage technologyICAO Audit finds safety system in placeI-T - Interest received towards late payment following award passed by District Court is taxable income: HCPM reviews performance of key infra projectsCX – Blinds are in nature of curtains and cannot be said to become immovable properties when they are mounted on wall: CESTATGST Administration facing acute manpower shortage at Group 'A' level; About 1900 posts remain vacant against over 5800 posts in CBECJD(U) election symbol - EC verdict out; Nitish faction defeats Sharad Yadav splinter groupSEBI bans Swarnabhumi Agritech India & its Directors for four yearsGST - MRP - additional stickers allowed upto Dec 31, 2017CBDT invites comments of stakeholders for conversion of Indian branches of foreign banks to Indian subsidiary companyMoody's upgrade India's credit rating to Baa2CBDT issues transfer order of 7 DC/ACITsBudget 2018 - MoF invites suggestions from Industry and TradeCommerce Minister to participate in Shanghai Cooperation Organization meetingGST - CBEC clarifies on refund of unutilised ITC of GST paid on inputs by fabric exportersCBDT issues transfer order of 8 Addl / JCITsGST - FICCI steps up demand for inclusion of natural gasRevenue Secretary welcomes Moody’s upgraded rating; GST gets full creditGST receipts - Agency commission to banks - Mumbai office of RBI to settle all claimsTaxability of High Sea Sales under Customs & GST - A detailed analysisSiliguri DRI seizes over 7 kg gold worth Rs 2.3 Crore smuggled from Bhutan & MyanmarCabinet sanctions posts of Chairman & Members of National Anti-Profiteering AuthorityUnion Cabinet extends aid to strengthen infra for judiciaryCBEC notifies new Customs exchange rates effective from November 17, 2017
WTO Members emphasise on lower trade costs

By TIOL News Service

GENEVA, JULY 16, 2017: THE WTO member nations reaffirmed their commitment to the Aid for Trade initiative, and to the development of the organization at the closing session of the Aid for Trade Global Review 2017 on Friday. Particular emphasis was laid on the importance of the above exercise in aiding developing and least developed countries (LDCs) to connect to global markets and lower trade costs.

The enthusiasm in participation was reflected by the overall turnout, with over 1500 attendees arriving for the sessions, which was conducted over a three-day period. There were 55 sessions in all, wherein the particpants debated over the importance of Aid for Trade, and the direction for the initiative in the coming years. Dedicated to the theme of “Promoting Trade, Inclusiveness and Connectivity for Sustainable Development”, the Global Review provided a platform for high-level discussions on the Aid for Trade initiative.

In its decade-long existence, the Aid for Trade initiative made significant achievements, such as -

  • Disbursal in aid of almost 300 billion dollars in support of Aid for Trade since 2006;
  • Disbursements reached an all time high of 39.8 billion dollars in 2015;
  • Such disbursal of aid benefitted 146 developing countries till date, mainly African and Asian nations - with 27% of the total going to LDCs.
WTO DG Roberto Azevêdo stressed upon the close synergy between Aid for Trade and the Sustainable Development Goals, and that in fact the achievement of the latter required an increase in Aid for Trade support for developing countries, particularly LDCs. Thereupon, he sought to ensure that Aid for Trade continues delivered more & improved its coordination internationally. DG Azevêdo further called upon members to pay more attention to the specific needs of LDCs & on ensuring such needs  were met. He also echoed the calls from many members and institutions to mainstream gender issues into the Aid for Trade work. It was also proposed that the Aid for Trade initiative could be used to tell the success story of how trade helped nations escape poverty and connect to global value chains. The DG Roberto Azevêdo lastly expressed hope that such meeting of minds and exchange and free flow of ideas would enable the Aid for Trade initiative to march from strength to strength.