Following the Indian sugar subsidies, many countries knocked the World Trade Organisation’s (WTO) door to get respite. Recently, Brazil, along with Australia, asked WTO to form a panel to resolve their dispute over Indian sugar subsidies. But even after that, Australia feels its relationship with India will remain healthy.
In a released statement, Trade Minister Simon Birmingham said, “Australia’s relationship with India is strong, and it shows how valuable the trading system is that even close partners with good relations can utilise WTO processes to address trade disputes.”
Various countries allege that India’s sugar subsidies are inconsistent with global trade rules and distorting the sugar market. Also, they claim it also aids in building global surplus sugar, which is ultimately affecting the farmers and millers of their respective countries.
According to the reports, Brazil and Australia’s request will be taken during WTO’s meeting scheduled for July 22.
Indian sugar Industry is suffering from various hurdles from last two to three years, and to bring the sector out of the crisis, the government had introduced various measures like soft loan scheme, hike in minimum selling price, scrapping of export duty, 100 per cent rise in import duty, and others.
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