BUSINESS

WTO accedes to India's request

NEW DELHI JAN. 28. In a significant move, the World Trade Organisation has agreed to India's request for establishment of a panel to examine tariff concessions granted by the European Union under its Generalised System of Preferences scheme (GSP) to some countries as a special incentive for combating drug trafficking.

Official sources told PTI here that the Dispute Settlement Body (DSB) under the WTO in its meeting in Geneva yesterday accepted India's request for a panel to examine EU's GSP. The constitution of the panel will, however, be decided after further consultations.

New Delhi had on December 6, 2002 approached the DSB for establishment of a panel after bilateral consultations held in March 2002 failed to arrive at a mutually satisfactory resolution of the matter.

The EU had in 2001 announced duty benefits to Pakistan under its special GSP scheme for countries combating drugs. The concessions were earlier extended to several Latin American countries. — PTI

Recommended for you