India's sugar subsidies resulted in a glut: Brazil, Australia to WTO



Brazil has joined Australia to lodge a formal complaint against India, the world's second-largest sugar producer, with the World Trade Organisation (WTO), alleging that India's continued sugar subsidies to farmers have led to a "glut" and "depressed" global prices.
The Australian Government first lodged a counter-notification with the WTO over to India's sugar subsidy practices last November.
Australian Minister for Trade, Tourism and Investment Simon Birmingham on Thursday said India's sugar subsidy regime was inconsistent with WTO rules and had helped create a glut in the global sugar market.
"That's hurting sugercane growers and sugar millers whether they're in Australia, Brazil, or any other country in the world," Birmingham said.
Birmingham said Australia was "left with no other choice but to initiate formal WTO dispute action, together with Brazil".
"The Liberal-National Government continues to stand side-by-side with our sugar industry on this matter, Birmingham said in a statement.
He said Australia respects the rights of WTO members to support their farmers and agricultural industries, this support must be consistent with WTO rules and provide a level playing field. Read More



Article Source -> Business Standard

Comments

Post a Comment

Popular posts from this blog

Cafe Coffee Day names S V Ranganath as interim chairman

Image
Coffee Day Enterprises Ltd named S.V. Ranganath as interim chairman after founder V.G. Siddhartha was confirmed dead by the police on Wednesday. Ranganath is currently a non-executive independent director. The company has also set up a committee that will be vested with the powers of the chief executive and explore opportunities to deleverage the Coffee Day Group, the company said. Article Source -> Business Standard
Read more

Kohli only Indian among Forbes highest paid athletes, Messi tops the list

Image
Star cricketer Virat Kohli remains the sole Indian in the Forbes list of world's highest-paid athletes with estimated annual earnings of $25 million. However, the Indian captain has dropped 17 spots to be 100th in the rankings. The list is headed by Barcelona and Argentina football superstar Lionel Messi. According to the Forbes list announced on Tuesday, Kohli's estimated earnings are $21 million from endorsements and USD 4 million from salary and winnings, taking his total tally to $25 million for the last 12 months. Ranked 83rd last year, Kohli has climbed down to the 100th and last spot despite an increase of $1 million in endorsements. Messi has dethroned retired boxer Floyd Mayweather as the sports world's highest earner, raking in $127 million via salary and endorsement deals. Messi is now ahead of long-time rival Cristiano Ronaldo, the Juventus and Portugal star who is second with earnings of $109 million. Read More Article Source -> Busin...
Read more

Mia Khalifa engaged to beau Robert Sandberg

Image
Former porn star-turned-sports commentator Mia Khalifa is engaged to long-time boyfriend chef Robert Sandberg . Sandberg proposed to her in Chicago. Sandberg reportedly hid a ring in a bowl of dried ingredients and the Lebanese-American star almost ate the ring but he was on ground to warn her, and he proposed to her on the spot. She said yes, reports guardian.com. Sharing the news on his Instagram page, Sandberg wrote: "We went to Chicago this weekend and had a wonderful dinner at Smyth. I proposed to Mia Khalifa and she said yes! "The ring was hidden in a bowl of dried ingredients and came out as a 'new serving'. Mia was too curious and too eager to taste so she started to eat the inedible ingredients. I told her not do it and then I put the ring on the finger. I love you so much." Khalifa confirmed the news on her Instagram page. "Thank you a million times over for the entire team at Smyth Chicago for helping Robert Sandberg propose... Th...
Read more