India assured by US, EU on textile quota

US and European Union (EU) have assured India of their commitment to the phase out of textile quotas and integration of textiles into the mu...

US and European Union (EU) have assured India of their commitment to the phase out of textile quotas and integration of textiles into the multilateral trading regime by the scheduled deadline of December 31, 2004.

This assurance was given by both Robert Zoellick, the US trade representative and Pascal Lamy, the EU trade commissioner as separate bilateral meetings with Arun Jaitley, India’s Minister for Commerce and Industry during the ongoing mini-ministerial meeting on WTO in Tokyo.

While talking to Zoellick, the minister also considered taking up India’s concern over the proposed New Jersey legislation which could have serious implications for the Indian software industry by imposing restrictions on outsourcing of business operations to overseas countries including Indian.

Jaitley also raised the issue of proposed anti-subsidy and anti-dumping trade measures against Indian sea food. During discussions with Lamy, Jaitley raised the issue of grant of generalised system of preferences (GSP) concessions to textiles under the drug window waiver to some countries which is estimated to have entailed a loss of nearly $300 million for Indian garment exports.

RBI keeps repo rate unchanged at 5.5%

Business24 min ago

The Reserve Bank of India Wednesday kept the repo rate unchanged at 5.5 per cent. "MPC decides to keep monetary policy stance unchanged at 'neutral'", says RBI Governor. This is the second time that the repo rate has been kept unchanged.

View all shorts

Live Blog

PHOTOS