The Swadeshi Jagran Manch asserts that WTO agreements, particularly TRIPS and TRIMS, are causing India substantial financial losses, calling for a reevaluation of the nation’s trade strategies and potential exit from these agreements. Amidst imposed U.S. tariffs, the organization suggests pursuing bilateral trade agreements and exploiting new market opportunities.

The Swadeshi Jagran Manch (SJM), linked to the Rashtriya Swayamsevak Sangh, has raised concerns over India’s participation in the World Trade Organization (WTO), citing significant financial losses incurred due to agreements like TRIPS and TRIMS. The organization called for a reassessment of India’s international trade strategies, especially in light of recent actions by the United States, which imposed a 26% tariff on Indian imports, asserting that India maintains high tariffs on American goods.

According to SJM, the TRIPS agreement has resulted in royalty expenditures skyrocketing from under one billion USD in the 1990s to over 17 billion USD annually. The TRIMS agreement, on the other hand, restricts certain investment measures that can distort trade. SJM national co-convenor Ashwani Mahajan stated that the unilateral tariffs imposed by the U.S. showcase a blatant disregard for WTO rules, urging India to rethink its commitments to multilateral agreements that may not be beneficial for developing nations.

Mahajan emphasized that the time has come for India to consider withdrawing from WTO agreements deemed exploitative, including TRIPS. He suggested that bilateral trade agreements may serve India better, particularly now that developed countries like the U.S. are not adhering to WTO regulations. Mahajan believes India’s international trade strategy should evolve to capitalize on the current situation, leading to potential growth in exports, particularly to the U.S.

The imposition of tariffs by the U.S. presents opportunities for India to expand its market reach while simultaneously affecting Chinese exports negatively. Mahajan remarked on the importance of supporting Indian industries, particularly amidst the potential for new partnerships with the EU and other nations in areas like defense. He also pointed out the adverse impacts of practices such as dumping from China and unfair agricultural subsidies from developed nations due to the WTO’s prevailing “rule-based” trade system.

In summary, the Swadeshi Jagran Manch advocates for a strategic exit from WTO agreements that they view as detrimental to India’s economic interests. The organization highlights the significant increase in royalty payments attributed to TRIPS and suggests leveraging the current geopolitical landscape for bilateral agreements. With changing trade dynamics, SJM sees potential growth opportunities for Indian exports, largely dependent on revising the nation’s international trade strategy.

Original Source: www.hindustantimes.com

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