Note: This is an experimental initiative where we will be posting One Issue every Week – which will be comprehensive in its coverage. India and WTO – Detailed Analysis of All Related Issues and Concepts Table of Contents • Introduction • Why WTO replaced GATT?
• Uruguay round and outcomes • Principles of trading system – WTO • Major WTO agreements • Main Ministerial Meets • Impact of Regional Trading Agreement on WTO • Is WTO India’s friend or foe? • What is Indo-US’s WTO problem? • Why India stayed out of ITA-II in Nairobi? • How India’s stand differs when it comes to services? • Should India provide market access in higher education? • Conclusion Introduction. World Trade Organization, as an institution was established in 1995.
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It replaced General Agreement on Trade and Tariffs (GATT) which was in place since 1946. In pursuance of World War II, western countries came out with their version of development, which is moored in promotion of free trade and homogenization of world economy on western lines. This version claims that development will take place only if there is seamless trade among all the countries and there are minimal tariff and non- tariff barriers. That time along with two Bretton wood institutions – IMF and World Bank, an International Trade Organization (ITO) was conceived. ITO was successfully negotiated and agreed upon by almost all countries. It was supposed to work as a specialized arm of United Nation, towards promotion of free trade. Download Drastic Ds Emulator Latest Version.
However, United States along with many other major countries failed to get this treaty ratified in their respective legislatures and hence it became a dead letter. Consequently, GATT became de-facto platform for issues related to international trade. It has to its credit some major successes in reduction of tariffs (custom duty) among the member countries.
Measures against dumping of goods like imposition of Anti-Dumping Duty in victim countries, had also been agreed upon. It was signed in Geneva by only 23 countries and by 1986, when Uruguay round started (which was concluded in 1995 and led to creation of WTO in Marrakesh, Morocco), 123 countries were already its member. India has been member of GATT since 1948; hence it was party to Uruguay Round and a founding member of WTO. China joined WTO only in 2001 and Russia had to wait till 2012. Why WTO replaced GATT? While WTO came in existence in 1995, GATT didn’t cease to exist.
It continues as WTO’s umbrella treaty for trade in goods. There were certain limitations of GATT. Like – • It lacked institutional structure. GATT by itself was only the set of rules and multilateral agreements. • It didn’t cover trade in services, Intellectual Property Rights etc. It’s main focus was on Textiles and agriculture sector. • A strong Dispute Resolution Mechanism was absent.
• By developing countries it was seen as a body meant for promoting interests of wests. This was because Geneva Treaty of 1946, where GATT was signed had no representation from newly independent states and socialist states. • Under GATT countries failed to curb quantitative restrictions on trade.
(Non-Tariff barriers) Accordingly WTO seeks to give more weightage to interests of global south in framing of multilateral treaties. Here, a number of other aspects have been brought into, such as Intellectual property under Trade related aspects of Intellectual Property (TRIPS), Services by General Agreement on Trade in Service (GATS), Investments under Trade related Investment Measures (TRIMS). Download Tekken 5 For Pc Compressed. Uruguay Round and its Outcomes This (8 th round of multilateral negotiations) round begun in 1986 and went on till 1994. Uruguay Round of negotiations covered more issues and involved more countries than any previous round. It prescribes, among other things, that tariffs on industrial products be reduced by an average of more than one-third, that trade in agricultural goods be progressively liberalized, and that a new body, the World Trade Organization, be established both to facilitate the implementation of multilateral trade agreements and to serve as a forum for future negotiations.
Agreements to liberalize trade in industrial products include reductions in tariffs and removal of quantitative restrictions. The advanced countries agreed to reduce tariffs on industrial imports amounting to 64 percent of the total value of their imports of such products; 18 percent of their industrial imports were already duty-free under commitments made prior to the Round. By comparison, the developing countries agreed to lower their tariffs on about one-third of their industrial imports, and the participating transition countries on three-quarters of theirs.