GENEVA (Reuters) - A World Trade Organization (WTO) panel ruled on Thursday that Indian export subsidies are prohibited and should be removed, upholding a complaint brought by the United States.
The panel largely agreed with U.S. claims challenging export subsidies granted in the form of exemptions from customs duties and a national tax, while rejecting some U.S. arguments. It called on India to withdraw the export-contingent subsidies within periods varying from 90 to 180 days.
The U.S. Trade Representative’s Office, in a statement, said that the panel had agreed that India provides prohibited subsidies to Indian exporters worth more than $7 billion (£5.4 billion) annually, including to producers of steel products, pharmaceuticals, chemicals, IT products and textiles.
Reporting by Stephanie Nebehay; Editing by Michael Shields