Impact of WTO on Indian economy
Answers
1. WTO and its impact on Indian economy Presented By :Dudhat kenal S. En. No. : 08 Std :-IMBA -3 7/3/2017 1
2. What is the World Trade Organization? “The World Trade Organization is ‘member-driven’, with decisions taken by General agreement among all member of governments and it deals with the rules of trade between nations at a global or near-global level. But there is more to it than that.”
3. They deal with: agriculture, textiles and clothing, banking, telecommunications, government purchases, industrial standards and product safety, food sanitation regulations, intellectual property, and much more. The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities.
4. Introduction • The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade. The WTO is the only global international organization dealing with the rules of trade between nations. • At its heart are the WTO agreements, negotiated and signed by the bulk of world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters and importers conduct their business.
5. • The WTO superseded and replaced the GATT which was a provisional, multilateral agreement governing. • international trade from 1947 until Jan 1, 1995. • The WTO has larger membership than GATT. • the number of members stand at 153. • India is one the founding members of the WTO.
6. WTO: The Beginnings/ History • The World Trade Organization (WTO) came into being on January 1st 1995. It was the outcome of the lengthy (1986-1994) Uruguay round of GATT negotiations. The WTO was essentially an extension of GATT. • It extended GATT in two major ways. First GATT became only one of the three major trade agreements that went into the WTO (the other two being the General Agreement on Trade in Services (GATS) and the agreements on Trade Related Aspects of Intellectual Property Rights (TRIPS)).
7. Cont... • Second the WTO was put on a much sounder institutional footing than GATT. With GATT the support services that helped maintain the agreement had come into being in an ad hoc manner as the need arose. The WTO by contrast is a fully fledged institution (GATT also was, at least formally, only an agreement between contracting parties and had no independent existence of its own while the WTO is a corporate body recognized under international law).
8. Information Established: 1st January 1995. Created By: Uruguay Round negotiations (1986-1994) Headquarter: Geneva, Switzerland Membership: 153 member states (till 2008) Secretariat Staff: 625 Head: Pascal Lamy (Director-General) Budget: 196 million Swiss francs (approx)WTO headquarters: Geneva
9. Objective of WTO • The primary aim of WTO is to implement the new world trade agreement. • To promote multilateral trade . • To promote free trade by abolishing tariff & non-tariff barriers. • To enhance competitiveness among all trading partners so as to benefit consumers.
10. • To increase the level of production & productivity with a view to increase the level of employment in the world. • To expand & utilize world resources in the most optimum manner. • To improve the level of living for the global population & speed up economic development of the member nations. • To take special steps for the development of poorest nations.
Hope it will help you
