A Strong Regulatory Framework Must Precede the Opening Up of India’s Commodity Derivatives Market

By Kavaljit Singh | Commentary | March 27, 2017

The Securities and Exchange Board of India (SEBI) is preparing to introduce options contracts and allow the entry of financial institutions in the Indian commodity derivatives market. Detailed guidelines and necessary amendments in the law are currently being worked out to implement these measures in the coming months. The purported objectives behind these measures are to deepen the Indian commodity derivatives market by allowing the entry of financial institutions (such as mutual funds, banks, insurance companies, alternative investment funds and other financial investors) and to widen it by allowing options with commodity futures contracts as underlying. At present, only futures contracts are allowed on…

Exploring the UK Trade Landscape after Brexit

By Kavaljit Singh | Commentary | March 10, 2017

With the UK government preparing to trigger Article 50 of Lisbon Treaty – the formal process to exit the European Union – later this month, let us explore the opportunities and challenges of its future trade relations with the EU and the rest of the world. Post-Brexit, there are numerous policy options available to the country to establish its new trade relationships with the rest of the world. In fact, Brexit provides an excellent opportunity to the UK to rethink and reshape its trade policy in the light of growing domestic concerns over the loss of sovereignty and policy autonomy.

Many commentators have observed that…

Civil Society Letter to Roberto Azevêdo, Director General, WTO

By CSOs | Letter | February 9, 2017

This letter is addressed to you as DG, WTO on the occasion of your visit to India. This is being sent collectively from civil society groups, including farmers, workers, people living with cancer, HIV and HCV, health groups, retailers, and grass-root constituencies in India who are calling on you for a change in approach in the WTO negotiations, by advancing its development mandate rather than pursuing a trade agenda essentially for increasing the stranglehold of the dominant corporations.

Since its inception, the WTO has not addressed the legitimate developmental concerns even when it was mandated to do so. In the past two decades during which WTO has implemented the Uruguay…

Supreme Court Brexit Ruling: What Happens Next?

By Kavaljit Singh | Commentary | January 26, 2017

In a landmark judgement delivered on January 24, the UK’s Supreme Court ruled that the government must obtain the approval of parliament before triggering Article 50 of the Lisbon Treaty – the legal process to leave the European Union. By upholding the 2016 High Court verdict, the judges of Supreme Court ruled by a margin of 8-3 that the UK government cannot use the so-called royal prerogative powers to leave the EU without the prior authorization of parliament.

Prime Minister Theresa May had insisted that her government has the authority to enter into and withdraw from treaties under royal prerogative powers and therefore it…

Britain Heading Towards a ‘Hard’ Brexit

By Kavaljit Singh | Commentary | January 19, 2017

After months of speculation, British Prime Minister Theresa May finally revealed her plans for Britain’s clean break from the European Union (Brexit). In a much-anticipated speech to European diplomats at Lancaster House (London) on Tuesday, May outlined her government’s strategy for Brexit by confirming that Britain wants a wants a complete break from the EU’s single market, which allows free movement of goods, services, capital and people within 28-nation bloc. Instead, her government will pursue a “new, comprehensive, bold and ambitious” free trade agreement with the EU.

Opting for a so-called ‘hard’ Brexit strategy, she said: “I want to be clear: What I am proposing…