Facebook Blogging

Edward Hugh has a lively and enjoyable Facebook community where he publishes frequent breaking news economics links and short updates. If you would like to receive these updates on a regular basis and join the debate please invite Edward as a friend by clicking the Facebook link at the top of the right sidebar.

Tuesday, October 28, 2003

Stop Gloating Mr. Jaitley

It's time for Arun Jaitely to stop lapping up the applause and find a way to get the WTO going again. It's important to stop grandstanding--free trade is in our national self-interest. As the article things are already getting bad:

The Europeans have fired the first salvo. It hurts. India's textile industry is in a tizzy as new duties on bed linens and other textile products will hurt textile majors with considerable clout. Eight Indian cotton textile exporters were told that their products would face an 8.4 percent duty in the European and the US market under the anti-dumping law. The textile industry is not optimistic of a favorable outcome at the October 30-31 meeting they sought with the European Union and the US representatives.

India has taken serious note of the European decision to impose 8.4 percent duty on Indian textile products as, with a European Union custom tariff of 9.6 percent, the duty on Indian products rise to 18 percent. Among the eight Indian companies affected are textile majors Bombay Dyeing, Prakash Cotton, Vigneswara Mills, Brijmohan Tex, Divya Textiles and Purushotam Das.


No comments: