GATT TO WTO INDIA & WTO INTERNATIONAL MONETARY FUNDS

1. INDIA & WORLD TRADE ORGANIZATION
INTERNATIONAL MOTENARY FUND
CREATED & PRESENTED BY:-
1. HARSH OZA
2. PARAM GAJJAR
3. VINEET PANCHAL
Submitted To:-
Prof. Harshita Vijaywargi

2. GATT
• General Agreement on Tariffs and Trade
• GATT was formed in 1947 and lasted until 1994 was replaced by the
World Trade Organization
• On 1 January, 1948 the agreement was signed by 23 countries.
• GATT held a total of 8 rounds.

3. OBJECTIVES OF GATT
• Expansion of international trade
• Increase of world production by ensuring full employment in the
participating nations
• Development and full utilization of world resources
• Raising standard of living of the world community as a whole
• To promote economic development.

4. WORLD TRADE ORGANIZATION
• The WTO was born out of the General Agreement on the Tariff and
Trade(GATT).
• Headquarters: Geneva, Switzerland
• Formation: 1 January 1995
• Membership: 164 member countries
• Budget : 220 million USD(Approx.)

5. ABOUT WORLD TRADE ORGANIZATION
• It is an international organization designed to supervise and liberalize
international trade
• The WTO has 164 members, which represents more than 95% of total
world trade.
• WTO cooperate closely with 2 other component IMF and World Bank.
• Its main function is to ensure that trade flows as smoothly, predictably and
freely as possible.

6. OBJECTIVES OF WTO
• Improve the standard of living - member countries
• Ensure full employment and increase in demand
• Enlarge production and trade of goods
• Increase the trade of services
• Ensure optimum utilization of world resources
• Protect the environment
• Accept the concept of sustainable development

7. AIM & PURPOSE
• To create economic peace and stability in the world through a multilateral
system based on consenting member states, that have ratified the rules of
the WTO in their individual countries as Well.
• WTO is to ensure that global trade commences smoothly, freely and
predictably.
• Transparency in trade policies.
• Work as a economic research and analysis center.

8. DIFFERNECE BETWEEN WTO & GATT
WTO
• It is permanent.
• It has legal basis because member nations
have verified the WTO agreements.
• More authority than GATT & It doesn't
allow any contradictions in local law.
GATT
• It was ad hoc & provisional.
• It had no provision for creating an
organization.
• It allowed contradictions in local law &
GATT agreements.

9. INDIA & WTO
• India has been a member of the WTO since January 1995
• Also, had been a member of the WTO's forerunner General Agreement on
Tariffs and Trade (GATT) since July 1948.
• India leads efforts to reform WTO subsidy rules to enable developing
countries to engage in public food stockholding for food security purposes.
• It also calls for making the multilateral trading system more fair and
inclusive

10. INDIA’S PARTICIPATION
• GATT -1948
• WTO -1995
• Uruguay Round 1986-1994
• Doha Round 2001
• Bali Package 2013

11. URUGUAY ROUND AND INDIAN AGRICULTURE
• Conducted in Uruguay, South America in time span of 1986 to 1993 with 123
countries participated.
• The WTO Agreement on Agriculture was one of the main agreements which were
negotiated during the Uruguay Round.
• The WTO Agreement on Agriculture contains provisions in 3 broad areas of
agriculture
1. Market Access
2. Domestic support
3. Export subsidies

12. DOHA ROUND & DECLARATION
• Conducted in Doha, Qatar on November 14th , 2001
• Doha Declaration on the Agreement on Trade-Related Aspects of
Intellectual Property Rights (TRIPS) was adopted by the WTO Ministerial
Conference of 2001 in Doha on November 14, 2001.
• It reaffirmed flexibility of TRIPS member states in protecting patent rights
for better access to essential medicines.
• In doha declaration governments agreed that TRIPS will not interfere in
country matter in context to public health.

13. THREE PILLARS
1) Market Access (AoA Article 4.1, 4.2, 5) Encourages competitive
relationship between imported and domestic products; deals with
rules related to import of goods.
2) Domestic Support (AoA Article 4.1) Subsidies granted for the
domestic production of agricultural goods. These subsidies are
granted for the benefit of products regardless of exports.
3) Export Subsidies (AoA Article 8, 9.2 ) These are special incentives
provided by governments on products destined for foreign
markets to encourage increased export performance.

14. TRADE STATISTICS
Merchandise exports and imports by region, 2015Q1-2019Q4

15. RANK IN WORLD TRADE, 2019
• In Merchandise trade India ranked 18 & 10 in Exports & Imports respectively.
• In Commercial services India ranked 08 & 10 in Exports & Imports respectively.

16. INTERNATIONAL MONETARY FUND

17. INTRODUCTION TO IMF
• The International monetary Fund works to foster International monetary
cooperation, secure financial stability, facilitate international trade,
promote high employment and sustainable economic growth, and reduce
poverty around the world.
• Created in 1945, the IMF is governed by and accountable to the 190(2020)
countries that make up its near global membership.
• The IMF, also known as the “Fund”, was conceived at a United nations
conference convened in Bretton Woods, New Hampshire, United States, in
July 1944.

18. CONT.…
• The system is essential for promoting sustainable economic growth,
increasing living standards and reducing poverty.
• The 44 governments represented at that conference sought to build a
framework for economic cooperation that would avoid a repetition
contributed to the Great Depression of the 1930s.
• The fund’s mandate has recently been clarified and updated to cover the
full range of macroeconomic and financial sector issues that bear on global
stability.

19. GOALS OF IMF
• Promoting international monetary cooperation;
• Facilitating the expansion and balanced growth of international trade;
• Promoting exchange stability;
• Assisting in the establishment of a multilateral system of payments; and
• Making resources available (With adequate safeguards) to member
experiencing balance of payments difficulties.

20. SPECIAL DRAWING RIGHTS (SDR)
• The IMF issues an international reserve asset known as special drawing rights (SDR’s)
created in1969, that can supplement the official reserves of member countries.
• SDR’s are units of account for the IMF.
• They represent a claim to currency held by IMF member countries for which they may be
exchanged.
• Two allocations in August & September 2009 increased the outstanding stock of SDR
almost ten fold to total about SDR 204 billion ($ 310 Billion).
• Member can also voluntarily exchange SDRs for currencies among themselves.
• In a 2011 paper, IMF staff explore options to enhance the role of SDR to promote stability
of the international monetary system.

21. INDIAAND THE IMF
• India joined the IMF on December 27, 1945, as one of the IMF’s original members.
• India accepted the obligations of article VIII of the IMF Articles of agreement on
current account convertibility on August 20, 1994.
• India subscribes to the IMF’s special Data Dissemination Standard.
• In 1981-82, India borrowed SDR 3.9 billion under an Extended Fund Facility, the
largest arrangement in IMF history at the time.
• In 1991-93, India borrowed a total of SDR 2.2 billion under two stand-by arrangements,
and in 1991 it borrowed SDR 1.4 billion under the Compensatory Financing Facility.

22. FAST FACTS ABOUT IMF
• Membership: 190(2020) countries
• Headquarters: Washington, D.C.
• Executive Board: 24 Directors representing countries or group of countries
• Staff: Approximately 2.503 from 144 countries.
• Total quotas: US $360 billion (as 3/14/13)
• Loans committed (as of 3/7/13): US$226 billion, of which US$166 billion have
not been drawn
• Biggest borrowers: Greece, Portugal, Ireland
• Surveillance consultation: In 2011, 122 consultation were discussed and in
2012, 123 consultation were discussed
• The IMF issues an international reserve asset known as Special Drawing Rights
(SDRs) created in 1969.

23. CONCLUSION
• India, as a developing economy, has been benefitted being a founding
member of the World trade Organization & IMF.
• The country at large has seen many significant changes which have taken
place after the formation of WTO.
• IMF helped India to develop financially strong to sustain.
• There are some issues which are yet to be sorted out with the WTO and but
by and large things are falling in shape for the Indian Economy.

24. Q/A TIME
• If you have any questions Please refer the book.
• Just Kidding.

25. CREDITS
• Wikipedia
• WTO.org
• Google Images
• Shutterstock