Profile
Settings
Refer your friends
Sign out
In 1995, an institute called the WTO was established. The full form of WTO is the World Trade Organisation. World Trade Organisation is an intergovernmental organisation that regulates & facilitates international trade between various nations. The World Trade Organisation was established as an organisation of the GATT. GATT stands for General Agreement on Trade and Tariff.
The reason behind the formation of the WTO is to form up a law-based government that is experienced in trading where the various countries cannot place uncooperative restrictions on trade. With the help of 23 nations in 1948, the GATT was formed as a GTO (International Trade Organisation). The World Trade Organization (WTO) is headquartered in Geneva, Switzerland, at the Centre William Rappard. India is generally at the forefront of developing fair global laws, shields, and sculptures, as well as containing the unrest in this developing system. By reducing quantitative restrictions on bringing (importing) goods into the country and lowering tariffs, India has kept its pledge to the World Trade Organization on trade liberalisation (WTO).
Role of WTO in India
India was among just 23 countries to join the General Agreement on Tariffs and Trade (GATT), which came to an end in 1947. India has successfully engaged with the plan of all large multilateral trade agreements since that time. India has regularly positioned itself as a leader of emerging countries in global trade talks under the GATT and has pushed these countries to test several of GATT’s core norms, notably communication.
When the World Trade Organization (WTO), the successor to the GATT, was established in 1995, India was a founding member. Regardless, India’s idealistic approach to the multilateral financial system – a fair, open, transparent, and adaptable monetary system that benefits agricultural nations – remained in WTO deliberations.
Indian Strategies of WTO
The World Trade Organization (WTO) does not run by majority vote, but rather by consensus, which implies that all members must agree on a final document. As a result, several WTO ministerial conferences have ended in utter disaster, with no progress made at all. As a result, if the final text was so harmful to Indian trade interests, India could have blocked it. The Doha Declaration was drafted at the Fourth Ministerial Conference in 2001. Since little progress on DDA has been made in the last 15 years, many members have come to believe that DDA is dead. However, for the time being, putting DDA in the background appears to be a flop. By embracing problems other than the DDA, India will be able to introduce any new concern impacting it to the bargaining table in the future, such as a service agreement. Because of India’s fastest-growing sector of services, a favourable services agreement would be extremely beneficial to the Indian economy.
How WTO Strategies Have Impacted the Indian Economy
According to a WTO secretariat study on India’s trade policies and practices, the Indian economy has risen significantly over the last decade, with real GDP growth averaging around 6% annually, in part due to sustained structural transformation, including trade liberalisation.
Over the last ten years, social indicators like unemployment and infant mortality have also improved. To achieve further major reductions in poverty, India is currently targeting greater real GDP growth of between 7% and 9% (compared to 5.4 per cent predicted in 2001/02). To reach this goal, it will be necessary to continue, if not accelerate, the reform process, and promote economic competition as the authorities have emphasised.
Strategy failure of WTO in India
The first three aspects of the Nairobi Package, Export Competition, Public Stockholding, and SSMs were of particular interest to India. While the withdrawal of subsidies by the industrialised nations will assist in levelling the playing field in the agricultural goods market, the lack of a deadline for SSMs means that SSMs will not be negotiated urgently.
The worst thing that occurred to India in Nairobi was that the final text eliminated the phrase “Doha Development Agenda (DDA)” in favour of “Doha Issues.” In the past, India has insisted that the DDA negotiations be completed before adding any additional issues to the table. In fact, after the meeting, India’s Commerce Minister expressed her disapproval.
