The two-day meeting is an opportunity for participating countries to develop a common proposal for WTO reform as a matter of priority and of interest to developing countries. How do countries like India and China benefit from this special status? Similarly, Article 10.2 provides that if the appropriate level of health or plant health protection allows for the gradual introduction of new sanitary or plant health measures, for products of interest to developing countries, compliance times should be longer in order to preserve export opportunities. The Indian Ocean Rim Association for Regional Cooperation was recently established with 13 other countries in the region. The Association`s Charter was adopted in March 1997. Economic cooperation must take place in the areas of trade facilitation, promotion and liberalization, promotion of foreign investment, scientific and technological cooperation, tourism, the free movement of individuals and service providers, and the development of infrastructure and human resources. An enabling clause to identify other areas of cooperation is also included. India has also signed sub-regional agreements with Nepal, Bangladesh, Myanmar and Bhutan, most recently with Bangladesh, Sri Lanka and Thailand. Details of the agreement, known as BISTEC, are being worked out. He said the steady increase in protectionist measures was tainting the global economic environment, and this situation “does not bode well for developing countries, including LDCs (LDCs).” Several new measures to streamline and streamline the tax structure have been launched.
The MODVAT regime has been extended to the textile sector by streamlining the tariff structure for the modernisation and relaunch of the textile industry. The direct tax system has been strengthened by measures such as the transition to a “suspected” tax system, greater reliance on payment and self-assessment systems, limiting the “audit rating” to a limited number of cases, extending the tax base by the “four economic criteria” system and introducing the minimum reference tax (MAT) for the business sector (with the exception of companies active in the energy and infrastructure sector) and measures such as computerization. Similarly, corporate tax rates for the 1998-99 tax year were gradually reduced to 35% and the corporate tax increase was abolished. India has signed bilateral agreements with two neighbouring countries, Bhutan and Nepal, to give them preferential access.