WTO AND INDIA PRESENTED BY:- Abhishek Bansal Chandni Chandok Anshum Garg Gaurav Jain
Introduction.• WTO was formed on 1st Jan, 1995.• DIRECTOR GENERAL- PASCAL LAMY• It took over GATT(general agreement on tariffs and trade).• India is one of the founder member of WTO.• WTO has 153 member nations representing 97% of world’s population.• Headquarter is at centre William Rappard, Geneva , Switzerland
WHY GATT OVERTAKEN BY WTO:• THE MAIN FOCUS OF GATT WAS ON TRADES IN GOODS.• LESS POWERFUL• DISPUTE SETTLEMENT WAS SLOW AND INEFFICIENT• NO PRE-DECIDED REGULAR TIME• NOT TIME BOUND RESTRICTIONS
Features of WTO• It is an international organization to promote multilateral trade.• It promotes free trade by removing tariff and non tariff barriers in international trade.• It includes trade in goods, trade in services, protection of intellectual property rights, foreign investment, etc.• It is not the member of united nations• All the WTO members have equal voting rights
Objectives• To implement the new world trade agreements• To promote multilateral trade among many nations.• To promote free trade by abolishing tariffs and non tariffs barriers.• To expand and utilize world resources to the most optimum level.• To improve standard of living of the global population.• To speed up economic development.
Functions• Implementing WTO agreements and administering the international trade.• Reviewing trade related economic policies of member countries• Acting as forum of trade liberalization• Cooperating with world bank and IMF and it’s associates for establishing coordination in global trade policy making.• Settling trade relating disputes among member nations of it’s dispute settlement body(DSB).
Scope• Trade in goods.• Trade Related Intellectual Rights.• Trade Related Investment Measures.• General Agreement On Trade In Services.
Agreements1. Trade in Agriculture.2. Trade in textile and Clothing3. Trade related intellectual property rights (TRIPs)4. Trade related investment measures (TRIMs)5. General agreement in trade in services (GATS)6. Disputes settlement7. Agreement of export subsidies8. Anti dumping agreements
Benefits for India• Increases in foreign trade• Increase in agriculture exports• Increase in inflow of foreign investment
CONTINUE………• Improvement in services• Benefits for clothing and textile industry• Restricts dumping• Promotion to research on patents
Effects of WTO in INDIA• Disadvantage to agriculture sector – reduction in subsidy – Import of food grains• Loss to domestic industries• Patent of Indian herbs by foreign companies
Progress in India• Reduction in tariff and non-tariff barriers.• Amendment in patent act• Sui-generis system• Copyright, trademark and industrial designs• Geographically indications