Friday, 1 November 2019

Unit 13: World Trade Organization

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                                     Unit 13: World Trade Organization   



WTO gives an opportunity to the nations to sit together and talk trade.

It gives them the forum where nations can negotiate with the objective of a win-win situation.

WTO agreements include goods, services and intellectual property.

It has an objective of reducing tariffs to zero.

It enables liberalisation and allows limited exemption regarding duties.

The WTO is run by its member-governments.

All major decisions are made by the membership as a whole, either by ministers (who meet at least once ever two years) or by their ambassadors or delegates (who meet regularly in Geneva).

Many groups operate in the WTO.

Some are for economic integration – custom unions, free trade areas, and common markets, such as the European Union, ASEAN, NAFTA and MERCOSUR.

In WTO, the Dispute Settlement Body consists of all its members.

This body appoints a panel of experts to consider the case.

It has the authority to accept or reject the findings of the panel.

India is a founding member of the GATT (1947) as well as of the WTO, which came into effect from January 1, 1995.

By virtue of its WTO membership, India automatically avails of Most Favoured Nation Treatment (MFN) and National Treatment (NT) from all WTO members for its exports and vice versa.

GATT: General Agreement on Tariffs and Trade  SAARC: South Asian Association for Regional Cooperation  SAPTA: South Asian Preferential Arrangement  SELA: Latin American Economic System  TRIMS: Trade Related Investment Measures  TRIPS: Trade-related Aspects of Intellectual Property Rights    


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