Compendium admissions 2023-25
World Trade Organization (WTO)
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- Russian Oil Export Ban
- India-Australia Economic Cooperation Trade Agreement
| World Trade Organization (WTO) ● Headquarters - Geneva, Switzerland ● Director-General - Ngozi Okonjo-Iweala ● The World Trade Organization (WTO) is the only international organization dealing with global trade rules between nations. Its primary function is ensuring trade flows as smoothly, predictably, and freely as possible. ● Trade friction is channeled into the WTO’s dispute settlement process Russian Oil Export Ban Russian President Vladimir Putin announced a ban on exporting Russian Ural grade crude oil to G countries, the EU, and Australia, effective February 1, 2023. This will primarily affect countries that have implemented a price cap of $60 barrel on the oil prices over Moscow’s special military operation in Ukraine. This price cap was implemented to cripple the Russian economy amid the tensions between Russia and Ukraine. The Ural grade oil has been trading around $55 USD while the brent oil is constantly hovering over $85 USD a barrel. With Russia being the second-largest oil exporter in the world, this decision can have far-reaching consequences for global energy supplies, especially in the EU, which is already facing an energy crisis. India-Australia Economic Cooperation & Trade Agreement India and Australia have brought into action a free trade agreement on 29 th December 2022 to benefit both countries in terms of trade in goods and services. Through this trade agreement, Indian goods will access Australian markets with zero customs duty. This includes all labour-intensive sector products like textiles, jewellery, footwear, furniture & many engineering products. 40 The ECTA is expected to create 10 Lakh more jobs and generate $10 billion USD over 5 years through additional exports, while more than 1 lakh students are expected to benefit through a post-study work visa. The agreement has removed the possibility of any discrepancy about the use of the Double Taxation Avoidance Agreement for taxation that occurs during the trade of goods and services between both nations. Download 4.08 Mb. Share with your friends:
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