Discuss the impact of gats trims and trips on global trade
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GATS (General Agreements on Trade in Services)
It is a known fact that trade in services is the rapidly growing field in the global scenario. According to WTO, in the year 2001, services constituted about 60% of the world’s output (in GDP). The trade in services has particularly increased in developing countries. The total trade in services occupied more than 50% in the exports of the developing countries. The rapid growth and change has prompted the members of the WTO to bring in changes in rules and regulations on trade in services and GATS was introduced on 1st January 1995. This is one of the important agreements of WTO which contains two main parts: the frame work of agreement containing rules and regulations and the schedule of Nations who gave the commitment on access to their domestic markets by foreign suppliers. Now WTO has 148 member countries.
Each WTO member lists in its national schedule those services, which it wished to guarantee access to foreign suppliers. All member countries are considered as MFNs (Most Favoured Nations) i.e, all commitments apply on non – discriminatory basis to all member countries.
It is a known fact that trade in services is the rapidly growing field in the global scenario. According to WTO, in the year 2001, services constituted about 60% of the world’s output (in GDP). The trade in services has particularly increased in developing countries. The total trade in services occupied more than 50% in the exports of the developing countries. The rapid growth and change has prompted the members of the WTO to bring in changes in rules and regulations on trade in services and GATS was introduced on 1st January 1995. This is one of the important agreements of WTO which contains two main parts: the frame work of agreement containing rules and regulations and the schedule of Nations who gave the commitment on access to their domestic markets by foreign suppliers. Now WTO has 148 member countries.
Each WTO member lists in its national schedule those services, which it wished to guarantee access to foreign suppliers. All member countries are considered as MFNs (Most Favoured Nations) i.e, all commitments apply on non – discriminatory basis to all member countries.
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