Modi–Putin Call Amid Trump’s Tariff Blitz: A Strategic Balancing Act
- Dr.SanjayKumar Pawar
Table of Contents
- Introduction
- Historical Background
- Economic & Political Context Pre-2025
- Triggering Event: Trump’s 50% Tariff
- Modi–Putin Conversation: Current Situation
- Geopolitical Analysis
- Economic, Strategic & Social Impacts
- Possible Scenarios
- Case Studies & Comparisons
- Way Forward
- Pros and Cons
- Key Facts Recap
- Recent Developments
- Conclusion
- FAQs
1. Introduction
In a world where global alliances are constantly tested, the recent phone call between Prime Minister Narendra Modi and Russian President Vladimir Putin stands out as a masterclass in strategic diplomacy. Taking place on August 8, 2025, just days after U.S. President Donald Trump announced a steep 50% tariff on Indian goods over New Delhi’s continued purchase of Russian oil, the conversation came at a pivotal moment.
For India, this exchange was more than just a routine bilateral update—it was a calculated signal of strategic autonomy, reaffirming its commitment to balancing relationships with both Eastern and Western powers. Modi and Putin discussed preparations for the upcoming 23rd Annual India–Russia Summit, reviewed developments in the Ukraine conflict, and reinforced their “special and privileged strategic partnership.”
Against the backdrop of heightened U.S. pressure, this dialogue underscores India’s determination to protect its energy security, safeguard defense cooperation, and maintain economic resilience. It also reflects New Delhi’s long-standing stance on the Ukraine crisis: advocating for dialogue, diplomacy, and peaceful resolution rather than taking sides in a polarized world.
As global markets and political observers watch closely, this call symbolizes India’s tightrope walk—asserting independence while navigating one of the most complex geopolitical landscapes of the decade.
2. Historical Background
India’s current position in the Modi–Putin–Trump tariff standoff is best understood through the lens of history, where defense partnerships, diplomatic balancing, and evolving trade talks all play a role.
1. India–Russia Strategic Partnership
- Born during the Cold War era, when India leaned on the Soviet Union for defense equipment, technology transfers, and political backing in global forums.
- Over decades, the relationship expanded into energy cooperation (nuclear power projects, oil imports), space technology, and infrastructure.
- The “Special and Privileged Strategic Partnership” formalized in 2000 remains a cornerstone of India’s foreign policy, with annual summits institutionalizing dialogue.
2. Diplomatic Nuances During the Ukraine Crisis
- Since Russia’s 2022 invasion of Ukraine, India has maintained neutrality, refraining from joining Western sanctions while consistently calling for peaceful resolution through dialogue.
- New Delhi’s stance is shaped by practical needs—Russian oil imports ensure energy security, while Russian defense hardware underpins India’s military readiness.
- India’s careful wording in United Nations votes reflects its dual objective: protecting strategic autonomy while avoiding a direct breach with the West.
3. U.S.–India Trade Negotiations Before 2025
- Early 2025 saw attempts at a bilateral trade thaw, with Washington and New Delhi exploring reduced tariffs and expanded energy partnerships.
- Proposals included easing duties on key Indian exports and facilitating LNG imports from the U.S.
- Talks stalled without a binding agreement, leaving unresolved frictions—now exacerbated by Trump’s 50% tariff move in August 2025.
The historical arc of India–Russia ties, coupled with nuanced diplomacy during the Ukraine crisis and incomplete trade talks with the U.S., sets the stage for today’s high-stakes geopolitical balancing act.
3. Economic & Political Context Economic & Political Context Pre-2025
Before the current tariff tensions erupted, India’s economic and political trajectory was already shaped by a complex interplay of global alliances, domestic priorities, and strategic positioning.
India’s continued energy partnership with Russia—particularly in crude oil imports—had been under the spotlight since the Ukraine conflict began in February 2022. Western allies, led by the United States and the European Union, repeatedly urged New Delhi to scale back purchases, arguing that such trade indirectly strengthened Moscow’s war economy. However, India defended its stance, citing the need for affordable energy to sustain growth and control inflation for its 1.4 billion citizens.
Economically, India entered 2025 as one of the fastest-growing major economies, with GDP growth projected at over 6%, robust manufacturing expansion under the “Make in India” initiative, and rising export competitiveness in sectors like pharmaceuticals, IT, and textiles. Yet, its trade profile remained vulnerable to external shocks, especially from policy shifts in key markets such as the U.S.
Politically, India was deepening its multi-aligned approach—maintaining strong ties with Washington, cultivating defense and energy cooperation with Moscow, and expanding partnerships with the Global South. This balancing act was on display during the 17th BRICS Summit in July 2025, where Prime Minister Narendra Modi called for reforms in global governance institutions like the United Nations and the IMF. His vision emphasized a multipolar world order, reflecting India’s aspiration to act as a bridge between competing geopolitical blocs.
This strategic autonomy—pursuing national interest while avoiding full alignment with any single power—set the stage for the current standoff. It made India a pivotal player in a world where economic security, energy diplomacy, and political influence are increasingly interlinked.
4. Triggering Event: Trump’s 50% Tariff
In early August 2025, U.S. President Donald Trump dealt a heavy blow to India’s trade prospects by doubling import tariffs to 50% on a wide range of Indian goods. This escalation came in the form of an additional 25% penalty, directly linked to New Delhi’s continued imports of Russian crude oil despite ongoing Western sanctions over the Ukraine conflict. For Washington, the move was framed as a pressure tactic—both to curb Moscow’s energy revenues and to push India toward alignment with U.S. strategic goals.
1. Escalation in the Trade War
- The tariff hike was not a standalone decision; it followed weeks of sharp rhetoric from the White House.
- Trump accused India of “funding Russia’s war machine” and ignoring civilian casualties in Ukraine.
- By targeting key export sectors—from textiles and gems to auto components—Washington signaled its willingness to leverage economic tools for geopolitical ends.
2. Economic Fallout
- Goldman Sachs projected a 0.6 percentage point dip in India’s GDP growth if tariffs remain in place for the rest of the fiscal year.
- Nomura went further, calling the action “tantamount to a targeted trade embargo” given the scale of exposure in certain industries.
- The U.S. is India’s largest export market, accounting for nearly 17% of total outbound trade. The 50% duty severely undermines competitiveness, especially in price-sensitive segments like garments, leather goods, and jewelry.
- Exporters warn of potential job losses in MSMEs, which form the backbone of India’s export economy.
3. Markets React
- Investor sentiment took a hit, with Indian equity benchmarks logging their sixth straight week of losses.
- Sectors heavily reliant on U.S. demand—particularly IT services, textiles, and manufacturing—saw sharp corrections.
- The rupee weakened against the dollar, reflecting fears of reduced foreign inflows and shrinking trade surpluses.
- Analysts noted increased volatility in mid-cap and export-heavy stocks, with some companies considering shifting focus to EU, Middle East, and ASEAN markets to offset losses.
4. Broader Implications
- The tariff row has added strain to already complex India–U.S. relations, just months after both sides expressed optimism about deepening strategic and economic ties.
- It underscores the interlinkage of trade and geopolitics, where energy sourcing decisions can trigger ripple effects across diplomatic and economic domains.
- For India, the challenge now is to protect its strategic autonomy while mitigating the economic shock through diversification and diplomatic engagement.
In essence, Trump’s 50% tariff is more than just a trade penalty—it’s a geopolitical stress test for India’s economic resilience and foreign policy balancing act.
5. Modi–Putin Conversation: Current Situation
On August 8, 2025, Prime Minister Narendra Modi held a “very good and detailed conversation” with Russian President Vladimir Putin, underscoring the resilience of the India–Russia strategic partnership amid mounting global tensions. Modi expressed gratitude for Putin’s detailed briefing on the Ukraine conflict and reiterated India’s consistent stance—advocating diplomacy, dialogue, and a peaceful resolution to the crisis.
The discussion came at a critical moment, just days after U.S. President Donald Trump announced a 50% tariff on Indian goods over its purchase of Russian oil. The timing reflects New Delhi’s delicate balancing act between its energy security needs and growing trade friction with Washington.
Modi also extended an invitation to Putin for the upcoming 23rd India–Russia Annual Summit, signaling continuity in high-level engagements despite external pressure. This call closely followed National Security Advisor Ajit Doval’s visit to Moscow, where talks centered on defense cooperation, counter-terrorism, and emerging security challenges.
For India, the conversation reaffirmed its strategic autonomy, showing that it intends to preserve long-standing ties with Moscow while navigating complex geopolitical fault lines. The upcoming summit will likely shape the next chapter of India–Russia relations in the shadow of the Ukraine war and U.S. trade actions.
6. Geopolitical Analysis
The Modi–Putin conversation on August 8, 2025, is a textbook example of geopolitical balancing in a polarized world. At its heart lies a contest of influence, where each key player has distinct motives and red lines.
Key Players & Motives
-
🇺🇸 U.S. (Trump Administration)
- Tariffs as leverage: By hiking tariffs on Indian goods to 50%, Washington aims to compel New Delhi to scale back Russian oil imports.
- Strategic bargaining: The move also sets the stage for extracting trade concessions from India while positioning the U.S. as a global moral authority on the Ukraine war.
-
🇮🇳 India
- Strategic autonomy: India has consistently avoided aligning fully with any bloc, focusing on a multi-aligned foreign policy.
- Energy security: Cheap Russian oil keeps inflation in check and supports economic growth.
- Defense continuity: Russia remains a major supplier of defense technology and hardware.
-
🇷🇺 Russia
- Market retention: With Europe shutting its doors, India is a vital buyer of Russian crude.
- Diplomatic showcase: Maintaining ties with India signals Moscow’s ability to defy Western isolation.
Alliances & Alignments
- BRICS strengthening: India’s growing coordination with Brazil under President Lula suggests deeper Global South solidarity on resisting unilateral Western measures.
- Russia–India axis: Despite U.S. pressure, the “special and privileged strategic partnership” remains intact, reinforced by defense cooperation and energy trade.
This geopolitical triangle is not merely about oil or tariffs; it’s about redefining the balance of power in a multipolar world, where India is determined to be a shaper—not just a subject—of global rules.
7. Economic, Strategic & Social Impacts
The recent Modi–Putin conversation, set against the backdrop of U.S. President Donald Trump’s 50% tariff on Indian goods, carries wide-ranging economic, strategic, and social implications. While India remains committed to strategic autonomy, the ripple effects of this standoff are already visible across trade, security, diplomacy, and livelihoods.
1. Trade Impact
- Export-heavy sectors at risk: Key industries such as textiles, gems & jewelry, automotive, and engineering goods face steep price disadvantages in the U.S. market. This could lead to reduced order volumes and loss of market share to competitors from Southeast Asia and Latin America.
- MSME vulnerability: Many small and medium exporters depend heavily on U.S. demand; prolonged tariffs may push them towards downsizing or closure.
- Global supply chain shift: India might seek to reroute exports to Europe, the UK, and emerging African markets to offset U.S. losses.
2. Strategic & Security Dimensions
- Defense ties intact: Despite Western pressure, India’s joint defense projects with Russia—such as S-400 missile systems and BrahMos missile production—remain on track.
- Energy security: Continued Russian crude imports secure India’s energy needs, but risk further Western sanctions or trade penalties.
- Balancing act: India’s alignment with both the U.S. (for technology and trade) and Russia (for defense and energy) is becoming more complex, requiring careful diplomatic calibration.
3. Diplomatic Implications
- Global South leadership: India is leveraging platforms like BRICS and G20 to push for reforms in global governance, advocating for more equitable representation for developing nations.
- Bridge-builder role: By maintaining dialogue with both Washington and Moscow, New Delhi positions itself as a potential mediator in the Ukraine conflict.
- Risk of alienation: Prolonged standoffs with the U.S. could slow progress in technology transfers, semiconductor collaborations, and defense co-production.
4. Social & Everyday Life Effects
- Job market strain: If export revenues decline, employment in manufacturing hubs such as Surat (diamonds), Tiruppur (textiles), and Pune (automotive) could take a hit.
- Rising costs: Tariffs may raise input costs for U.S.-bound goods, which can trickle down to domestic inflation in some product categories.
- MSME challenges: Small exporters may face liquidity crunches, reduced credit availability, and delays in payments from U.S. buyers.
The Modi–Putin call reaffirmed strategic ties, but the Trump tariff shock is a stress test for India’s economic resilience, foreign policy autonomy, and social stability. Balancing energy needs, defense cooperation, and trade diversification will be crucial to weathering this geopolitical storm.
8. Possible Scenarios
| Time Horizon | Scenario | Risks | Opportunities |
|---|---|---|---|
| Short-term (<3 months) | Diplomatic thaw or partial rollback of tariffs | Continued export decline, investor uncertainty | Summit diplomacy, backchannel U.S.–India talks |
| Long-term (6–12 months) | Structural realignment: entering RCEP, pivot to EU/UK | Economic loss if unresolved; reduced U.S. collaboration | New trading blocs, energy diversification, multilateral reforms |
In the short term (under three months), India faces a high-stakes window where diplomatic breakthroughs could lead to a partial rollback of Trump’s 50% tariff. However, risks remain significant—exports may continue to slide, hurting MSMEs, and investor confidence could stay muted. The upcoming India–Russia Summit and potential backchannel U.S.–India negotiations offer a rare chance for a thaw, provided both sides find common ground on energy imports and trade terms.
Looking at the long term (six to twelve months), a more structural realignment is possible. India might accelerate talks to join RCEP or deepen trade ties with the EU and UK to offset U.S. market losses. Yet, this path carries its own risks—persistent economic losses if tariffs remain, and a gradual cooling of U.S. collaboration in tech, defense, and investment. On the flip side, it could diversify India’s energy basket, reduce overreliance on any single partner, and strengthen India’s leadership in multilateral trade reform.
Whether through summit diplomacy or strategic pivoting, India’s next moves will decide if the current crisis becomes a short-term turbulence or a catalyst for a more resilient, multi-aligned trade future.
9. Case Studies & Comparisons
Examining past and present trade tensions offers valuable insight into India’s current standoff with the U.S. over Russian oil imports. Two examples stand out: the 1980s U.S.–Japan trade disputes and the ongoing U.S.–China dynamics. Both reveal how economic pressure can be wielded strategically—and why responses matter.
1. 1980s U.S.–Japan Trade Tensions
In the 1980s, Japan emerged as a manufacturing powerhouse, particularly in steel and automobiles, threatening U.S. industry dominance.
- Tariffs and Quotas: The U.S. imposed steep tariffs and negotiated “voluntary export restraints” on Japanese cars, effectively limiting Japan’s market share.
- Outcome: Japan adapted by setting up manufacturing plants in the U.S. (Toyota, Honda, Nissan), creating American jobs while maintaining access to the market.
- Key Lesson: Strategic adaptation—rather than outright confrontation—can preserve market access and reduce tensions. India could explore similar “win-win” mechanisms, such as U.S.-based investments or joint energy projects, to offset tariff hostility.
2. Current Parallels with China
China, like India, buys Russian oil and maintains complex trade interdependence with the U.S. Yet:
- Fewer Immediate Penalties: While Washington has threatened China over its Russia ties, punitive tariffs have been less aggressive compared to India.
- Possible Reasons:
- China’s role as a global manufacturing hub makes sudden decoupling economically risky for the U.S.
- Larger trade deficits give the U.S. less leverage without harming its own economy.
- Implication for India: This perceived double standard suggests that economic size and integration can shield a country from the harshest measures. Building stronger global supply-chain roles could make India less vulnerable in future disputes.
Strategic Takeaways for India
- Diversification is Key: As Japan did, India can expand U.S.-friendly investment avenues while maintaining other energy partnerships.
- Leverage Economic Interdependence: Like China, India should embed itself deeper into critical global supply chains, making punitive actions costly for partners.
- Balance Autonomy with Engagement: Avoiding overdependence on any single partner ensures flexibility in negotiations.
History shows that trade disputes are rarely just about economics—they are also about leverage, perception, and long-term strategy. India’s challenge will be turning current pressure into an opportunity for deeper, more resilient economic positioning, much like Japan did in the 1980s, while learning from China’s ability to navigate U.S. scrutiny without severe penalties.
10. Way Forward
India’s evolving geopolitical and economic strategy demands a balanced, forward-looking approach that safeguards national interests while maximizing global opportunities. The following steps can help chart a sustainable path:
-
Intensify engagement with the U.S. via multilateral forums (G20, QUAD)
Deepening strategic cooperation with the U.S. through platforms like the G20 and QUAD can strengthen India’s position in global trade, technology, and security dialogues. This approach ensures India remains a key stakeholder in shaping rules on climate change, digital governance, and supply-chain security. -
Bolster energy partnerships beyond Russia—Middle East, U.S., and renewable alternatives
While Russian oil offers short-term cost advantages, diversifying energy sources is crucial for long-term stability. Expanding crude and LNG deals with Middle Eastern suppliers, increasing U.S. LNG imports, and scaling renewable energy capacity will reduce dependency risks and align with India’s clean energy targets. -
Build MSME resilience through diversification of export destinations
Small and medium enterprises are particularly vulnerable to geopolitical disruptions. By targeting emerging markets in Africa, Latin America, and Southeast Asia, MSMEs can reduce over-reliance on traditional buyers like the U.S. and EU, tapping into new consumer bases and minimizing trade shocks. -
Continue BRICS leadership to strengthen Global South negotiation leverage
As a prominent BRICS member, India can amplify the collective bargaining power of developing nations in areas like trade reform, climate finance, and debt restructuring. Coordinated efforts within BRICS will help ensure the Global South has a stronger voice in international policymaking.
In essence, the way forward for India lies in strategic diversification—of alliances, energy sources, and markets—combined with active leadership in global governance. This multi-pronged approach can shield the economy from volatility while positioning India as a pivotal force in the changing world order.
11. Pros and Cons
India’s balancing act between Russia and the West brings both tangible benefits and significant risks. The stakes are high—especially with U.S. tariffs in play—making it essential to weigh the advantages and drawbacks clearly.
Pros
- Maintains energy security via Russian imports – Continued access to discounted Russian crude and coal helps India curb inflationary pressures and keep domestic fuel prices in check.
- Reinforces long-term strategic ties with Russia – Decades of defense cooperation, technology transfers, and geopolitical support mean that nurturing this relationship secures critical military and strategic assets.
- Asserts foreign policy independence – By engaging with Russia despite Western pressure, India signals its commitment to a multipolar world and the pursuit of its own national interests, free from bloc-based alignment.
Cons
- Severe economic blow from U.S. tariffs – Higher duties on key exports like textiles, gems, and engineering goods could slash revenues, threatening jobs and weakening export competitiveness.
- Trade disruption and investor anxiety – The perception of India being caught in a geopolitical tug-of-war may deter foreign direct investment, unsettle financial markets, and disrupt global supply chains linked to India.
- Possible diplomatic strain with Western allies – Persistent engagement with Russia risks straining ties with the U.S., EU, and G7 partners, potentially undermining collaborations in technology, defense, and climate initiatives.
This nuanced equation forces India to carefully calibrate its diplomatic and trade strategy—leveraging Russian partnerships for energy and defense security while avoiding prolonged friction with Western allies that could have lasting economic repercussions.
12. Key Facts Recap
The latest developments in global trade and diplomacy have set the stage for a new chapter in U.S.–Russia–India relations. Here’s a concise, fact-driven breakdown:
-
50% U.S. Tariff Imposed
The United States has announced a sweeping 50% tariff on certain imports, with an additional 25% penalty for countries purchasing Russian oil. This move is aimed at tightening economic pressure on Moscow, but it also places strategic partners like India in a delicate position—balancing economic needs with geopolitical realities. -
Modi–Putin Call Strengthens Strategic Ties
In a recent high-level phone call, Prime Minister Narendra Modi and President Vladimir Putin reaffirmed their strategic partnership. Both leaders emphasized the importance of a peaceful resolution to ongoing global tensions, signaling that dialogue remains a preferred pathway over confrontation. -
Global Markets Remain Unshaken
Despite the announcement, global markets showed limited panic. Oil prices actually dipped slightly, suggesting traders believe the long-term disruption risk is minimal—at least for now. This market resilience reflects a belief that supply adjustments and alternative sourcing could cushion the blow. -
India’s Diplomatic Openness on Display
India has welcomed the upcoming U.S.–Russia summit in Alaska scheduled for August 15, seeing it as a constructive step toward de-escalation. This stance showcases New Delhi’s multi-alignment strategy—maintaining strong ties with Washington while engaging deeply with Moscow.
In summary, while the U.S. tariff escalation introduces new trade complexities, India’s balanced diplomacy and the measured market reaction suggest that the global economic order is not in immediate turmoil. For policymakers and businesses, these developments underline the importance of flexible strategies, diversified trade partnerships, and continued diplomatic engagement.
13. Recent Developments
India’s energy trade dynamics with Russia have entered a cautious phase, reflecting both market realities and geopolitical considerations.
-
Indian refiners pause Russian oil purchases:
Several major state-run and private refiners have temporarily scaled back Russian crude imports, largely due to tariff pressures and tightening payment mechanisms. With global shipping and insurance costs climbing, the once-significant price advantage of Russian barrels has narrowed. Industry sources indicate that some refineries are waiting for clearer signals on price stability and regulatory flexibility before resuming large-scale purchases. -
Abhijit Banerjee’s call for reassessment:
Nobel laureate economist Abhijit Banerjee has urged policymakers to reconsider the long-term cost-benefit balance of cheap Russian oil. While discounted supplies have helped India contain inflationary pressures, Banerjee warns that over-reliance may carry strategic risks—particularly in the form of diplomatic frictions with Western allies and potential exposure to future sanctions regimes. -
Strategic implications:
This pause in purchases could provide India with a window to diversify its sourcing mix, strengthen ties with Middle Eastern suppliers, and negotiate better terms with multiple partners. It also aligns with the government’s ongoing push for energy security through increased investment in renewables and domestic exploration. -
Market reaction:
Oil traders note that spot prices for alternative grades—such as Middle Eastern and West African crudes—have firmed in recent weeks, reflecting India’s pivot. However, industry analysts believe that if Russian crude prices adjust downward or payment channels stabilize, imports could rebound in the short term.
India’s recent stance blends economic pragmatism with strategic foresight, signaling a willingness to adapt its energy trade policy in response to shifting geopolitical and market pressures. This calculated pause could ultimately strengthen the nation’s negotiating position in the global oil market.
14. Conclusion
Prime Minister Narendra Modi’s conversation with Russian President Vladimir Putin highlights India’s bold pursuit of strategic autonomy in a volatile geopolitical landscape. At a time when punitive U.S. tariffs are reshaping global trade flows, New Delhi is carefully calibrating its position—maintaining deep energy and defense partnerships with Russia while expanding economic ties with emerging markets and multilateral institutions.
This balancing act reflects India’s long-standing tradition of non-alignment reinvented for the 21st century—what many analysts call a “multi-aligned” approach. Rather than choosing sides, India is leveraging relationships to secure affordable energy, diversify supply chains, and strengthen its voice in global governance forums. However, this strategy is not without challenges.
As geopolitical rivalries intensify and economic nationalism gains momentum, India will need exceptional diplomatic agility to navigate sanctions risks, technology access hurdles, and competing trade blocs. The success of this approach will depend on the government’s ability to blend pragmatism with principle—protecting national interests while reinforcing its role as a credible, independent power.
Ultimately, Modi’s engagement with Putin is more than a bilateral conversation—it’s a signal that India aims to shape a resilient, self-reliant, and globally influential future despite mounting external pressures.
15. FAQs
Q1: Why did Trump impose tariffs on India?
To penalize India’s continued purchase of Russian oil, which the U.S. views as indirectly supporting Russia’s war in Ukraine.
Q2: What did Modi–Putin discuss?
They discussed Ukraine updates, reaffirmed their strategic partnership, and planned Putin’s visit to India later this year.
Q3: What’s India’s response to tariffs?
India called the tariffs “unfair,” paused some Russian oil imports, and called for trade diversification and continued diplomacy.
Q4: What’s next?
Global eyes are on the Trump–Putin summit in Alaska (August 15), which could reset pressure dynamics and open diplomatic windows.
Here’s your APA-style references list for the case studies and comparisons section:
References
Council on Foreign Relations. (n.d.). The U.S.-Japan trade conflict of the 1980s. Retrieved August 11, 2025, from https://www.cfr.org/
Irwin, D. A. (1996). Against the tide: An intellectual history of free trade. Princeton University Press.
Office of the United States Trade Representative. (2023). 2023 report to Congress on foreign trade barriers. Retrieved August 11, 2025, from https://ustr.gov/
Reuters. (2025, August 6). Trump threatens more tariffs over India’s Russian oil imports. Retrieved August 11, 2025, from https://www.reuters.com/
U.S. Department of Commerce. (2024). U.S.-China trade facts. Retrieved August 11, 2025, from https://www.commerce.gov/
World Trade Organization. (2024). Trade policy review: China. Retrieved August 11, 2025, from https://www.wto.org/
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