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Topic: Foreign trade
International trade is set to get a new lease of life as Covid-hit countries learn the value of global supply chains in the fight against the pandemic.
On 3 March, DGFT imposed export restrictions on 26 APIs and formulations, under which exporters had to obtain a licence or permission from it.
EU urges WTO to set up dispute panel on the issue, but while India has blocked the first move, Brussels plans to approach the trade body again.
For decades, India has remained among the most protectionist of the developing economies, despite adopting liberalisation policies nearly 30 years ago.
President Donald Trump informed the US Congress Tuesday he will terminate preferential trade treatment for India by striking it off the GSP list.
PM Modi's regime has lost the opportunity to lobby for the benefits one last time before the general election.