Donald Trump asks WTO to redefine developing country status, move likely to affect India
President Donald Trump on Friday asked the World Trade Organisation to define how it designates developing-country status. In a memorandum, Trump empowered the US Trade Representative (USTR) to start taking punitive actions if any country, advanced economies, are inappropriately taking benefits of the WTO loopholes. Observing that nearly two-thirds of the WTO members have been able to avail special treatment and take on weaker commitments under the WTO framework by designating themselves as developing countries, Trump said while some developing-country designations are proper. purchasing-power parity basis -- Brunei, Hong Kong, Kuwait, Macao, Qatar, Singapore, and the United Arab Emirates -- currently claim developing-country status," he said. "When the wealthiest economies claim developing-country status, they harm not only other developed economies but also economies that truly require special and differential treatment. Such disregard for adherence to the WTO rule...