Mrunal Patel Unacademy's video: Economy WTO Ruling against India s tariff on imported mobile ICT products case by EU UPSC shorts

In 1997, India signed the Information Technology Agreement (ITA) which aimed to eliminate tariffs on products such as computers, telecom equipment, semiconductors and scientific instruments. However, in 2017, India imposed a 7.5% import duty on ICT products like mobile phones, components, and integrated circuits to increase domestic production and reduce imports. The duty was later increased to 15% and then 20% despite opposition from other WTO members. In 2019, the EU, Japan, and Taiwan challenged the import duty, leading to a recent ruling by a WTO dispute settlement panel that India violated global trade rules. India is expected to appeal the ruling to protect its domestic manufacturing initiatives, with the government's main argument being that some of the products mentioned in the ruling did not exist when India signed the ITA. Experts believe that if India loses the appeal, it could impact its domestic manufacturing initiatives, but the chances are low due to the current dysfunction of the WTO's appeals mechanism. 👩🏻‍🏫 Lecture Win23 Annual Economy Update 26th April URL: https://unacademy.com/class/win23-economy-pill4abc-agri-mfgservice-eod-ipr-update/NTT1E25C (🔖free unlock Code: 'Mrunal.org') 👩🏻‍🏫 Target UPSC-2024 Batch with 25% discount URL: https://unacademy.com/goal/upsc-civil-services-examination-ias-preparation/KSCGY/subscriptions (🔖discount Code: 'Mrunal.org') 🔠 MCQ Scholarship Test total upto Rs.3cr https://unacademy.com/scholarship/UST23 (🔖 Free Unlock Code: Mrunal.org) 🔠 MCQ Test Current Mrunal Monday 📲URL: https://unacademy.com/test-series/mrunals-monday-weekly-current-affairs-round-up/AV9Y4LET (🔖 Free Unlock Code: Mrunal.org) 🟧🟨🟧 ☑️📜Website: https://mrunal.org ☑️👬FB: https://www.facebook.com/Mrunal.org/ ☑️♐️Telegram: https://telegram.me/mrunalorg ☑️👨‍🏫Unacademy: https://unacademy.com/@mrunal.org (use 🔖coupon code "Mrunal.org" for an extra discount!🤑) ☑️📯Twitter: https://twitter.com/Mrunal_Patel ☑️🛒Amazon: https://www.amazon.in/shop/mrunal (For purchasing competitive exam books)