WTO Current Affairs - 2020

G20 Video Summit on Corona Virus

The Saudi Arabian King Salman is to chair the G20 summit on Corona Virus through a video conference. The Summit is to be held on March 26, 2020. The summit becomes significant as several international organizations are to participate in the summit.

India is a member of G20.

International Organizations

Several worldwide international organizations are to participate in the summit. It includes WHO (World Health Organization), FAO (Food and Agriculture Organization), WTO (World Trade Organization), IMF (International Monetary Fund), ASEAN (Association of South East Asian Nations), Organization for Economic Cooperation and Development, Gulf Cooperation Council and NEPAD (New Partnership for Africa’s Development).

Significance

From India, PM Modi is to attend the summit. The leaders will strategize methodology to combat virus. The global growth for the year is negative according to IMF. The recession is to bring about the biggest financial crisis in history. G20 suggests “A Moment for Solidarity” in this situation. The finance ministers of G20 had already held a meeting under this theme virtually.

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US removed “Developing” Tag for India: What are its implications?

Recently, the United States of America removed the “developing” tag for dozens of countries. India is one amongst them. These countries are to be classified as developed economies

Highlights

The “Developing” status for a country in the US is associated with US Trade Act, 1974. The act authorized General System of Preferences (GSP). The intention of the system is to help the poor countries develop faster. The act was later adopted by the World Trade Organization (WTO) and was extended to other rich countries as well. In WTO, around two-thirds of the countries classify themselves as developing.

Background

Recently US had withdrawn India from its GSP listings. Under this preference there were more than 2,000 items that were of worth 6.3 billion USD. This affects India harshly. Hence, India has been asking the US to re-include the GSP status. Unfortunately, US has permanently put an end to India’s GSP status by removing it from the list of developing.