India’s merchandise exports jump by 17.25% in Oct
The trade deficit was widened to USD 27.14 billion. Imports increased by 3.9% to USD 66.34 billion in October compared to USD 63.86 billion in the year-ago period.
India, in December last year, made an advance payment of Swiss Franc 44,55,445 (about Rs 33 crore) as its contribution to the WTO for 2020, an official said.
The World Trade Organisation (WTO) derives most of the income for its annual budget from contributions by its member countries. These contributions are based on a formula that takes into account each member’s share of international trade. Miscellaneous income mainly consists of contributions from observer countries, income from sale of publications and rental of meeting rooms.
“India has made its advance payment of its WTO contribution. It was CHF 44,55,445 for 2020. It was paid in December 2019 itself for 2020. India is one of the few countries who pay their dues well on time,” the official said.
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Other than receiving income for its annual budget, the WTO also manages a number of trust funds, which have been contributed by members.
These funds are used to provide special activities for technical cooperation and training meant to enable least-developed and developing countries make better use of the WTO and draw greater benefit from the multilateral trading system.
The WTO is based in Geneva and has 164 countries onboard as its member nations. The body keeps an eye on global trade and is responsible for making global trade rules.
India is WTO’s member since January 1, 1995.
(With input from agencies)
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