1995, to eliminate export subsidies. An interpretation provided in a 2001 report of the Chairman of the Committee on Subsidies and Countervailing Measures, which is also considered as the document providing the methodology for implementing Annex VII of the agreement, says that countries like India must eliminate export subsidies immediately upon crossing the above-mentioned threshold. The latter set of countries was required to phase out their export subsidies within eight years of joining the WTO. The policymakers recognised that the extant WTO rules and those under negotiation were aimed at eventually phasing out export subsidies. The utility of export subsidies to promote exports has long been questioned.

Source: The Hindu March 19, 2018 18:45 UTC