Indian and The World Trade Organisation

Articles

Established as a successor to General Agreement in Trade and Tariffs (GATT), the main function of WTO is to deal with the rules of trade between member countries at the global platform. Wherein all the member nations are bound to follow trade agreement as decided by the WTO.

Role

WTO helps in the promotion of prosperity across the globe.
It promotes free trade which reduces the cost of living & investment of household income.
Its rule & regulation bring about discipline in trade in trade & commerce, thus in the acceleration of economic growth across the globe.

India's Role

Being one of the founding members of WTO along with more than 130 nations, India has played a very important role in the formulation of major trade policies. It is believed that India's increasing participation in the International Trade would lead to better prosperity in the global context. Till now various trade disputes of India with other countries have been settled through WTO. Also India has urged member countries to get multilateral trade deal done within the mandates of the WTO, not only for the trade liberalization but also for the credibility of the trading system.

Important from examination point of view:

Shot Note - WHO
Structure & Function of WTO, India's role and initiatives.
2008-09 - M-PII-6(a)

"In the WTO negotiations over the years of the DOHA round. India appears to be diluting its stand on agricultural issues to pursue perceived gains in services" Critically examine.

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