present the context of the relationship of India with WTO it could be said that
India has been a founding member of the WTO when it was started long way back
in 1970 s and besides this fact India has always been in favour of multilateral
trading with the other countries of the world. In order to achieve the gains
from WTO the government of India has announced the Export-Import policy
1992-1997 to liberalize trade and boost domestic manufacturing sector. The
ministry of commerce of the Government of India expects that by WTO India would
benefit by creating 10 million additional jobs annually and India’s market
share in world exports would improve.
So what is actually WTO
and its relevant policies?
World Trade Organization abbreviated as WTO is an organization which is managed
by the collaborative efforts of different governments that regulates
international trade. The WTO was officially established on 1 January 1995 under
the Marrakesh Agreement, signed by a community of 123 nations on 15 April 1994.
It is enumerated amongst the largest international economic organization in the
world and also WTO deals with regulation of trade in goods, services and
intellectual property between the participating countries by providing them
with a sound framework for negotiating the trade agreements and a dispute
resolution process aimed at enforcing participants’ adherence to WTO
agreements, which are signed by representatives of the member governments and
verified properly by their parliaments. Most of the issues that the WTO focuses
on derive from previous trade negotiations, revolving around the Uruguay Round
held from the span of 1986 to 1994.
The WTO has many
roles to perform under different circumstances. It operates a global system of
trade rules, it acts as a forum for negotiating trade agreements, it settles
various trade disputes between its members and it supports the needs of
developing countries. The consequence is that, the number of free trade
agreements between governments of the different nations from both the ends have
increased substantially. During July 2012, many negotiation groups in the WTO
system for the current agricultural trade negotiation which is in the condition
of a halt or no progress. With the
advent of advanced technology, would be obtained at low cost and besides this because
of wide arrangement for resolving trade disputes under WTO, India would be in a
better position to get quick redressal of the trade disputes, if they exist.
The scope of creating