Question: At present, how many countries are member of World Trade Organisation?
(a)164
(b)162
(c)169
(d)172
Answer: (a)
Related facts:
- US President slammed the India for imposing 100% tariffs on American products, including the iconic Harley Davidson motorcycles.
- He claimed India a ‘tariff king’ for not being parallel in tax structure with US.
- Currently, world’s two largest economies US and China are locked in a trade war since Trump imposed heavy tariffs on imported steel and aluminium items from China.This move sparked fears of a global trade war.
- Countries in which India has trade surplus (during 17-18 H1):- USA (11.9 billion dollar) – Nepal (2.6 billion dollar) – UK (2.2 billion dollar).
- Countries in which India has trade deficit (during 17-18 HQ):- China (-32.1 billion dollar) – Switzerland (-9.2 billion dollar) – Saudi Arabia (-7.3 billion dollar) – South Korea (-6.7 billion dollar) – South Korea (-6.7 billion dollar) – Iraq (-5.0 billion dollar).
- India’s total trade deficit (2017-18 H1) is 74.3 billion dollar.
India-China Trade:
- India’s major items of imports from China are telephone sets including mobiles, automatic data processing machines, diodes and other semiconductor devices, electronic devices chemical fertilizers, etc.
- India’s major items of export to China are cotton yarn, copper, refined and copper alloys unwrought, POL (Petroleum Oil and Lubricants) items, granite, aluminum ores other fixed vegetable fats and oils, cycle hydrocarbons, cotton, polymers and iron ore.
Links:
https://www.financialexpress.com/economy/india-among-highest-taxing-nations-donald-trump-slams-for-100-tariffs-on-us-products/1537590/
http://mofapp.nic.in:8080/economicsurvey/pdf/080-098_Chapter_06_Economic_Survey_2017-18.pdf