World Trade Organisation (WTO) Current Affairs - 2020

India’s New representative of UN; India to become member of UNSC

The 1985 Indian Foreign Officer T S Trimurti is to succeed Syed Akbaruddin as the permanent representative of the United Nations. Mr Trimurti was serving as the Secretary to Economic relations. The appointment announcement was made by the External Affairs ministry.

Recently, announcement was made that India is to become a member of UNSC.

Permanent Representative to the UN

The permanent representative is the head of the diplomatic mission to an international organization. The organizations that have permanent representative include United Nations, NATO, World Trade Organization, African Union, European Union, Organization of Islamic Cooperation and Organization of American States.

India’s membership at UNSC

India has been striving hard to get a permanent membership at the United Nations Security Council. Currently, there are five permanent members namely US, France, UK, Russia and china.

Non-Permanent Member

India is to become a non-permanent member at the UNSC in 2021. Along with 5 permanent members, there are 10 non-permanent members at the UNSC. A non-permanent member holds term for two years. In order to become a non-permanent member, a country should gain confidence of at least two-thirds of the members.

Akbaruddin

Akbaruddin was a 1985 IFS officer. He had served twice in Saudi Arabia. He also served as a representative of India at the International atomic energy Agency. His works at the United Nations against terrorism, climate change and peace keeping were commendable.

MEIS scheme to be replaced with RoDTEP Scheme

On March 13, 2020, the Union Cabinet approved to withdraw the MEIS (Merchandise Export from India) Scheme in phases. It is later to be replaced with RoDTEP (Remission of Duties or Taxes on Export Product) scheme.

Highlights

The MEIS is being replaced as the exports are to fall further due to Corona Virus outbreak. The exports of India have already fallen by 2% for the year April-January 2019-20. The RoDTEP is compliant with WTO (World Trade Organization) norms.

RoDTEP

The RoDTEP is a scheme for exporters to reimburse their taxes and duties. The scheme was announced by the Finance Minister to incentivize exporters at a cost of Rs 50,000 crores.

MEIS Scheme

The MEIS scheme offers export incentives between 2% and 5%. It was introduced under the Foreign Trade Policy of India (FTP 2015-20). Two schemes were launched under the policy namely MEIS and SEIS. The aim of MEIS scheme is to make Indian products competitive at the Global market.