India, 17 others reserve right to participate in Russia's dispute with EU
India and 17 other countries, including the US, UK and China, have reserved third-party rights in Russia’s WTO dispute against the European Union’s Carbon Border Adjustment Mechanism. The WTO Dispute Settlement Body has agreed to establish a panel to examine Russia’s claims that CBAM creates trade barriers and violates WTO rules.
India, along with 17 other nations including the United States, United Kingdom, and China, has reserved the right to take part in proceedings concerning Russia's trade dispute with the European Union over the Carbon Border Adjustment Mechanism (CBAM), according to an official source familiar with the matter. The World Trade Organization (WTO) Dispute Settlement Body (DSB) has agreed to form a panel to investigate the issue, following a request from Russia.
Russia claims that the CBAM creates significant trade barriers for goods imported into the EU, is inconsistent with World Trade Organization rules, and that the EU's allocation of allowances under the Emissions Trading System serves as an export subsidy aimed at bolstering the competitiveness of domestic industries. In its trade agreement with the EU, India is collaborating to develop domestic capacity for CBAM verification, which includes recognizing at least 10 Indian verification agencies, with six applications already submitted.
Additionally, India is working on its Carbon Credit Trading Scheme and discussing carbon pricing with the EU. The CBAM came into effect on January 1.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
