After making this project I know many important fact about GATT & WTO's origin evaluation objectives principals functions decision making process, organizational structure which is really beneficial for me to know about the current scenario of global trade liberalization & various agreements which lead them in trade restriction tariff removal & free trade among all the world economy. My main objective in the project is to know about the implementation of WTO agreements of India & the impact of the WTO over India, are the WTO trade agreements of India beneficial or not? My project is totally based on the trade policy of India. As we all know that the WTO is the successor of GATT and is the promoter & regulator of international trade . the principal & agreements of the WTO have a very significant impact on the national economy & globalization.But after getting the current data about the WTO agreement I know that developing countries are terribly disadvantaged due to participation gap.
[...] The Britton Woods Conference of 1944, which had recommended the IMF & World Bank, had also recommended the establishment of ITO ITO charter was never rectified, because of objections that its enforcement provisions would interfere with the autonomy of domestic policy making GATT which was drawn up as an interim agreement to fill the gap until the ITO charter was rectified, became the framework for international trading system since 1948 GATT was transformed into WTO with effect from January The WTO which was a more powerful body than GATT, has enlarged the role of GATT India is one of the founder members of IMF, World Bank, GATT and WTO. [...]
[...] As a result, in India there was a requirement to change the patents act, Trade and merchandise mark act and the copyright right act. Besides these main laws, other related laws also required changes. The main impact of this is on industries such as pharma and bio-technology, because now with the law in place, it is not possible to reverse engineer the existing drugs and formulas, change the process and produce the same product. Now new investment in fresh research is required. [...]
[...] Such standards are likely to result in banning of certain items exports to developed world causing severe damage to industries such as Carpet manufacturing, crackers, leather, handicrafts and sports goods. There is another agreement, which is still under discussion by member countries; this is on Trade and Environment. Some countries wish to impose restrictions on trade on environmental grounds. The agreement revolves around protecting global environment by enforcing standards on production and consumption. The ranges of clauses are from production, packaging to transportation of the goods as specified by norms. [...]
[...] -(1995-2004) - Established Textiles Monitoring Body (TMB) to supervise implementation of ATC and ensure conformity of rules General Agreement on Trade in Services First ever legally enforceable ‘trade in services' & covers all internationally traded services. Classification into 4 categories: (next slide) Gats covers MFN treatment, transparency, Regulations impartiality, International payments & transfers. 5.Tradeble Service Classified under GATS Cross-border Supply Services supplied from one country to another e.g. ISD Consumption Abroad Consumers or firms making use of a service in another country e.g. [...]
[...] This principle along with the first principle would actually result in more and more liberalization of the world trade as any country relaxing its trade barriers need to extend it to all other members and this would be reciprocated. Thus progressive liberalization of the world trade was aimed at by WTO. Transparency The multilateral trading system is an attempt by governments to make the business environment stable and predictable. Thus this principle ensured that there is lots of transparency in the domestic trade policies of member countries. [...]
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