Question

briefly define the impact of WTO on the Indian economy

Answer 1

WTO is the world trade organization..

it is an intergovernmental organization which regulates the trade in international arena..

the main function of WTO is to deal with the rules of trade between nations..

it also provides fair platform for its member countries to help in services like import,export and to conduct their business in peaceful manner...

WTO has 163 countries (members) and 23 observer government..


it was commenced on 1 January1995 under the Marrakesh Agreement, signed by 124 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade, which commenced in 1948...


The WTO has six key objectives:

(1) to set and enforce rules for international trade,


(2) to provide a forum for negotiating and monitoring further trade liberalization,


(3) to resolve trade disputes,


(4) to increase the transparency of decision-making processes,


(5) to cooperate with other major international economic institutions involved in global economic management,

(6) to help developing countries benefit fully from the global trading system. 


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Answer 2

WTO is stand for world trade organisation
positive impact
1. The aim of WTO is conduct the international trade among countries of the world in an open, uniform and non discriminatory manner.
2. The world trade organization or the WTO also handles trade disputes.
3. The world trade organization provide technical assistance and training to developed and under developed economies.
4. It forms rules and regulations which all the members have to adopt for the running of trade.
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