WTO rules against India
THE World Trade Organisation has ruled that India can no longer use balance-of-payments problems as an excuse for maintaining import restrictions.
The US challenged the balance-of-payments excuse offered by India which has restrictions on 700 items, requiring special licences to import hundreds of others.
The US will now press for sanctions unless India agrees to a timetable to phase out the restrictions.
Last month, India announced it was lifting restrictions on 894 items, including consumer goods, fruits, vegetables and even some dairy products.
- Financial Times 09/04/99 page 8