“Foreign Trade Policy will be unveiled very soon, it will be different from earlier policies,” said Union Commerce Minister Nirmala Sitharaman.

“Very hopeful that WTO members will understand India's position on public stockholding of food grains, “she said.

When asked about Chinese President's proposed visit to India, Sitharaman said, “We hope there will be directional change in India-China trade relations post his visit.”

Sitharaman said, “Decisions on modification of MAT and Dividend Distribution Tax are on cards to encourage Special Economic Zones (SEZs).”

However, she added that the government will consider dual usage of SEZ land to help developers earn faster returns.

Sitharaman further highlighting said, “The Current Account Deficit (CAD) has come down, but no plans to lower gold import duty immediately.”

The WTO has resumed work at Geneva from September 1 after a month long vacation.

"We will start from where we have left. The bottom line is already made clear. We are willing to talk but achieve the same objectives in whatever manner," Commerce Secretary Rajeev Kher said.

"We are talking to few countries...a good number of countries," Kher said when asked whether India is engaging with other WTO members to garner support on its tough stand which led to failure of talks in Geneva.

At its last meeting at Geneva on July 31, the 160-member WTO failed to agree on a global customs pact popularly called as the Trade Facilitation Agreement (TFA).

India had decided not to ratify WTO's TFA, which is dear to the developed world, without any concrete movement in finding a permanent solution to its public food stock-holding issue for food security purposes.

India has asked WTO to amend the norms for calculating agriculture subsidies so that the country could continue to procure foodgrains from farmers at minimum support price and sell them to poor at cheaper rates without violating the norms.

The current WTO norms limit the value of food subsidies at 10 percent of the total value of foodgrain production. However, the quantum of subsidy is computed after taking into consideration prices that prevailed two decades ago.

India seeks for a change in the base year (1986-88) for calculating food subsidy as it would capture the impact of inflation and currency movements over the years.

There are apprehensions that once India completely implements its food security programme, it could breach the 10 percent cap. Breach of the cap may lead to imposition of hefty penalties, if a member country drags India to the WTO.

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