Word: indianness
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...just days after Nath's warning, India is being accused of raising trade tensions between the world's two largest emerging economies by imposing a temporary ban on imports of Chinese-made toys. The six-month ban was announced Jan. 23 by the Indian Directorate-General of Foreign Trade, which issued a two-sentence notification saying the restriction was being made "in public interest." Today, two weeks after the announcement, Nath finally spoke up on the matter, saying that India's step is WTO-compatible, and has been taken to ensure public safety. "The decision to ban was taken...
...trade policymakers, a resonant message from the recent World Economic Forum conference in Davos, Switzerland, was the need to guard against protectionism amid the global financial crisis. Indian Trade Minister Kamal Nath led a chorus of Davos voices warning that governments, desperate for measures to preserve their slumping domestic industries, might move to restrict imports to ease competitive pressures - a formula that in the past has only exacerbated economic downturns by sparking commerce-killing trade wars...
...Indian industry officials were just as quick to deny India was violating the international fair-trade standards. "There is nothing protectionist about it," says Anjan Roy, economic affairs advisor at the Federation of Indian Chambers of Commerce and Industry. Roy pointed to a spate of scandals in 2007 over the safety of Chinese-made toys. In August 2007, Mattel, the U.S.'s leading toy company, was forced to recall 9 million of its products made in Chinese factories due to high lead levels in paint and other safety issues. "If it is a very harmful product, India has a right...
...More than $330 million worth of Chinese toys are imported by India annually, which accounts for over 60% of the total sold by Indian retailers. D.S. Rawat, secretary-general of the Associated Chambers of Commerce and Industry, says the ban is necessary not for safety reasons, but to guard against Chinese toymakers flooding the market with its products. "We have already been warning the government against dumping by China, Indonesia, Malaysia and Thailand," he says...
...Plenty of people lost their livelihoods when the Chinese swamped the market," says Subhash Gorwaney of Khazana, which manufactures wooden educational toys, "They offered similar products, more variety, unbelievably low prices, but also lower quality." He added that the competition has not been without benefit. Indian manufacturers "have changed their methods, introduced innovations, and overall the bar has been raised...