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A PROJECT ON
A CRITICAL APPRAISAL ON PERFORMANCE OF WTO

IN THE SUBJECT
ECONOMICS OF GLOBAL TRADE & FINANCE
SUBMITTED BY
NAME: SOUMEET D. SARKAR
ROLL NO.: 041
DIVISIONS: A
M.Com. Part - I in Advance Accountancy
UNDER THE GUIDANCE OF
PROF. JOSE AUGUSTINE
TO
UNIVERSITY OF MUMBAI FOR
MASTER OF COMMERCE PROGRAMME (SEMESTER - I)
YEAR: 2013-14

SVKM’S
NARSEE MONJEE COLLEGE OF COMMERCE &ECONOMICS
VILE PARLE (W), MUMBAI – 400056.

1
EVALUATION CERTIFICATE

This is to certify that the undersigned have assessed and evaluated the
project on ―A CRITICAL APPRAISAL ON PERFORMANCE OF WTO‖
submitted by student of M.Com. – Part - I (Semester – I) for the academic
year 2013-14. This project is original to the best of our knowledge and has
been accepted for Internal Assessment.

Name & Signature of Internal Examiner

Name & Signature of External Examiner

PRINCIPAL
Shri. Sunil B. Mantri

2
DECLARATION BY THE STUDENT

I, student of M.Com. (Part – I) Roll No.:041 hereby declare that the project
titled ―A CRITICAL APPRAISAL ON PERFORMANCE OF WTO‖ for
the

subject

ECONOMICS

OF

GLOBAL

TRADE

AND

FINANCE

submitted by me for Semester – I of the academic year 2013-14, is based on
actual work carried out by me under the guidance and supervision of
PROF. JOSE AUGUSTINE. I further state that this work is original and not
submitted anywhere else for any examination.

Place: MUMBAI.
Date:

(SOUMEET D. SARKAR)
Name & Signature of Student
3
ACKNOWLEDGEMENT
It is indeed a great pleasure and proud privilege to present this project
work.
I thank my project guide and M-COM co-ordinator of SVKM‘S NARSEE
MONJEE COLLEGE OF COMMERCE AND ECONOMICS, VILE PARLE
(WEST). Their co-operation and guidance have helped me to complete this
project.
I would sincerely like to thank the principal of our college Shri. Sunil B.
Mantri for his support and guidance.
I would also like to thank the college library and its staff for patiently
listening and guiding me and finally. I would like to thank my family and
friends who supported me in this project.
THANK YOU.

4
CONTENT
Sr. No.

PARTICULARS

Page No.

CHAPTER I – INTRODUCTION
1.1

Meaning & Definition

6

CHAPTER II –World Trade Organization (WTO)
2.1

Functions of WTO

7

2.2

Principals of WTO

9

2.3

Objective of WTO

12

2.4

Benefits of WTO

14

2.5

Structure of WTO

17

CHAPTER III – AGREEMENTS OF WTO
3.1

Definition & Meaning

20

3.2

Tariff Cuts

21

3.3

Agriculture

22

3.4

Services

24

3.5

Intelluctual Property

27

3.6

Anti-Dumping Agreement

30

CHAPTER IV – CONCLUSION
4.1

Conclusion

34

4.2

Members & Observers of WTO

35

4.3

Biblography

41

5
INTRODUCTION:The World Trade Organization was founded on 1st Janaury 1995 to replace the General
Agreement on Tariffs and Trade (GATT). This multilateral organization aims to lower
tariffs and non-tariff barriers so as to increase international trade. The 159 member states
meet in ministerial sessions at least once every two years. The World Trade Organization
(WTO) is an international, multilateral organization, which sets the rules for the global
trading system and resolves disputes between its member states, all of whom are
signatories to its about 60 agreements.
WTO headquarters are located in Geneva, Switzerland. Pascal Lamy is the current
Director-General. As of now, there are 159 members in the organization, with. All WTO
members are required to grant one another most favoured nation status, such that ( with
some exceptions ) trade concessions granted by a WTO member to another country must
be granted to all WTO members. Since its inception in 1995, the WTO has been a
major target for protests by the anti-globalization movement.
The WTO was born out of negotiations, and everything the WTO does is the result of
negotiations. The bulk of the WTO‘s current work comes from the 1986–94 negotiations
called the Uruguay Round and earlier negotiations under the General Agreement on
Tariffs and Trade (GATT). The WTO is currently the host to new negotiations, under
the ‗Doha Development Agenda‘ launched in 2001.
Where countries have faced trade barriers and wanted them lowered, the negotiations
have helped to open markets for trade. But the WTO is not just about opening markets,
and in some circumstances its rules support maintaining trade barriers - for example, to
protect consumers or prevent the spread of disease.
At its heart are the WTO agreements, negotiated and signed by the bulk of the world‘s
trading nations. These documents provide the legal ground rules for international
commerce. They are essentially contracts, binding governments to keep their trade
policies within agreed limits. Although negotiated and signed by governments, the goal is
to help producers of goods and services, exporters, and importers conduct their business,
while allowing governments to meet social and environmental objectives.
6
The systems overriding purpose is to help trade flow as freely as possible - so long as
there are no undesirable side effects - because this is important for economic
development and well-being. That partly means removing obstacles. It also means
ensuring that individuals, companies and governments know what the trade rules are
around the world, and giving them the confidence that there will be no sudden changes
of policy. In other words, the rules have to be transparent and predictable.
Trade

relations

often

involve

conflicting

interests.

Agreements,

including

those

painstakingly negotiated in the WTO system, often need interpreting. The most
harmonious way to settle these differences is through some neutral procedure based on
an agreed legal foundation. That is the purpose behind the dispute settlement process
written into the WTO agreements.

FUNCTIONS OF WTO:While the WTO is driven by its member states, it could not function without its
Secretariat to coordinate the activities. The Secretariat employs over 600 staff, and its
experts - lawyers, economists, statisticians and communications experts - assist WTO
members on a daily basis to ensure, among other things, that negotiations progress
smoothly, and that the rules of international trade are correctly applied and enforced. The
former GATT was not really an organisation; it was merely a legal arrangement. On the
other hand, the WTO is a new international organisation set up as a permanent body. It
is designed to play the role of a watchdog in the spheres of trade in goods, trade in
services, foreign investment, intellectual property rights, etc. Article III has set out the
following functions of WTO:Trade Negotiations:The WTO agreements cover goods, services and intellectual property. They spell out the
principles of liberalization, and the permitted exceptions. They include individual
countries commitments to lower customs tariffs and other trade barriers, and to open and
keep open services markets. They set procedures for settling disputes. These agreements
7
are not static; they are renegotiated from time to time and new agreements can be added
to the package. Many are now being negotiated under the Doha Development Agenda,
launched by WTO trade ministers in Doha, Qatar, in November 2001.
Implementation and Monitoring:WTO agreements require governments to make their trade policies transparent by
notifying the WTO about laws in force and measures adopted. Various WTO councils
and committees seek to ensure that these requirements are being followed and that WTO
agreements are being properly implemented. All WTO members must undergo periodic
scrutiny of their trade policies and practices, each review containing reports by the
country concerned and the WTO Secretariat.
Dispute Settlement:The WTO‘s procedure for resolving trade quarrels under the Dispute Settlement
Understanding is vital for enforcing the rules and therefore for ensuring that trade flows
smoothly. Countries bring disputes to the WTO if they think their rights under the
agreements are being infringed. Judgements by specially appointed independent experts
are based on interpretations of the agreements and individual countries commitments.
Building Trade Capacity:WTO agreements contain special provision for developing countries, including longer time
periods to implement agreements and commitments, measures to increase their trading
opportunities, and support to help them build their trade capacity, to handle disputes and
to implement technical standards. The WTO organizes hundreds of technical co-operation
missions to developing countries annually. It also holds numerous courses each year in
Geneva for government officials. Aid for Trade aims to help developing countries
develop the skills and infrastructure needed to expand their trade.

8
Outreach:The WTO maintains regular dialogue with non-governmental organizations, parliamentarians,
other international organizations, the media and the general public on various aspects of
the WTO and the ongoing Doha negotiations, with the aim of enhancing cooperation and
increasing awareness of WTO activities.

PRINCIPLES OF WTO:The WTO agreements are lengthy and complex because they are legal texts covering a
wide range of activities. But a number of simple, fundamental principles run throughout
all of these documents. These principles are the foundation of the multilateral trading
system.
Non-discrimination:Under the WTO

agreements, countries cannot

normally discriminate between their

trading partners, grant someone a special favor (such as a lower customs duty rate for
one of their products). If you do the same you have to do that for all other WTO
members. This principle is known as Most Favoured Nation (MFN) treatment. It is so
important that it is the first article of the World Trade Organisation (WTO),
which governs trade in goods. MFN is also a priority in the General Agreement on
Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual
Property Rights (TRIPS); although in each agreement the principle is handled slightly
differently. Together, those three agreements cover all three main areas of trade handled
by the WTO. Some exceptions are allowed, for example, countries can set up a free
trade agreement that applies only to goods traded within the group discriminating against
goods from outside. Or they can give developing countries special access to their
markets. Or a country can raise barriers against products that are considered to be traded
unfairly from specific countries. And in services, countries are allowed, in limited
circumstances, to discriminate. But the agreements only permit these exceptions under
strict conditions. In general, MFN means that every time a country lowers a trade barrier
9
or opens up a market, it has to do so for the same goods or services from all its
trading partners – whether rich or poor, weak or strong.
Imported and locally – produced goods should be treated equally - at least after the
foreign goods have entered the market. The same should apply to foreign and domestic
services, and to foreign and local trademarks, copyrights and patents. This principle of
―national treatment‖ (giving others the same treatment as one‘s own nationals) is also
found in all the three main WTO agreements (GATT, GATS and TRIPS), although once
again the principle is handled slightly differently in each of these. National treatment
only applies once a product, service or item of intellectual property has entered the
market. Therefore, charging customs duty on an import is not a violation of national
treatment even if locally – produced products are not charged an equivalent tax.
More Open:Lowering trade barriers is one of the most obvious ways of encouraging trade; these
barriers include customs duties (or tariffs) and measures such as import bans or quotas
that restrict quantities selectively. From time to time other issues such as red tape and
exchange rate policies have also been discussed. The WTO agreements allow countries to
introduce changes gradually, through ―progressive liberalization‖. Developing countries are
usually given longer time to fulfill their obligations.
Predictable and Transparent:Sometimes, promising not to raise a trade barrier can be as important as lowering one,
because the promise gives businesses a clearer view of their future opportunities. With
stability and predictability, investment is encouraged, jobs are created and consumers can
fully enjoy the benefits of competition - choice and lower prices. The multi-lateral trading
system is an attempt by governments to make the business environment stable and
predictable. In the WTO, when countries agree to open their markets for goods or
services, they bind their commitments. For goods, these bindings amount to ceilings on
customs tariff rates. Sometimes countries tax imports at rates that are lower than the
bound rates. Frequently this is the case in developing countries. In developed countries
the rates actually charged and the bound rates tend to be the same. A country can
10
change its bindings, but only after negotiating with its trading partners, which could
mean compensating them for loss of trade. One of the achievements of the Uruguay
Round of multi-lateral trade talks was to increase the amount of trade under binding
commitments. In agriculture, 100% of products now have bound tariffs. The result of all
this:- a substantially higher degree of market security for traders and investors. The
system tries to improve predictability and stability in other ways as well. One way is to
discourage the use of quotas and other measures used to set limits on quantities of
imports - administering quotas can lead to more red tape and accusations of unfair play.
Another is to make countries trade rules as clear and public (transparent) as possible.
Many WTO agreements require governments to disclose their policies and practices
publicly within the country or by notifying the WTO. The regular surveillance of
national trade policies through the Trade Policy Review Mechanism provides a further
means of encouraging transparency both domestically and at the multi-lateral level.
More Competitive:The WTO is sometimes described as a free trade institution, but that is not entirely
accurate. The system does allow tariffs and, in limited circumstances, other forms of
protection. More accurately, it is a system of rules dedicated to open, fair and
undistorted competition. The rules on non-discrimination - MFN and national treatment are designed to secure fair conditions of trade. The issues are complex, and the rules try
to establish what is fair or unfair, and how governments can respond, in particular by
charging additional import duties calculated to compensate for damage caused by unfair
trade. Many of the other WTO agreements aim to support fair competition in agriculture,
intellectual property, services, for example, the agreement on government procurement (a
―pluri-lateral‖ agreement because it is signed by only a few WTO members) extends
competition rules to purchases by thousands of government entities in many countries.
More Beneficial for Less Developed Countries:Giving them more time to adjust, greater flexibility and special privileges; over threequarters of WTO members are developing countries and countries in transition to market

11
economies. The WTO agreements give them transition periods to adjust to the more
unfamiliar and perhaps difficult WTO provisions.
Protect the Environment:The WTO‘s agreements permit members to take measures to protect not only the
environment but also public health, animal health and plant health. However, these
measures must be applied in the same way to both national and foreign businesses. In
other words, members must not use environmental protection measures as a means of
disguising protectionist policies.

OBJECTIVES OF WTO:1. To create a knowledge base on various matter concerning various National and
International Trade Laws and Protocols, and their National and International
implications and ramifications.

2. Carry out research and development and the building up of a clearing-house of
cases on all matters of WTO agreements which are of national concern including
safeguards and redressal mechanisms and suggesting alternative formulation in
national interest which could form subject matters of future consultation or prenegotiations of WTO agreement.

3. Increasing awareness amongst domestic industry, business, agriculture, service and
other sectors on the impacts of trade laws arising out of WTO agreement and
other treaties as member of WTO.

4. Co-operating with industry associates, bodies set up by Government of India and
Export Promotion Council on various issues related to tariff, non-tariff and tactical
barriers and undertake drive for awareness campaign by jointly or severally
holding conferences, seminars, group discussions and other mode of awareness and
campaign as also to develop linkages with overseas organizations in order to
create a common perception and approach to the resolution of multilateral trade
issues.
12
5. Exploit all potential provisions of WTO agreement available to the developing
nations and advising and counseling the Government of India on all such issues
of national importance.

6. To assist the Government in negotiating with the International Community in the
perspective of the WTO regime and to help strengthen the Indian position in
these regards in all possible ways.

7. To co-ordinate efforts with the Government in creating a level playing field
particularly for the accounting professionals in India specially in view of the
implementation of the WTO regime on GATS through the most effective means
possible including the organization of seminars, publication of articles and
monographs, and presentation before the Government.

8. Identify areas of non-fulfillment of the WTO agreement which concern Indian
interest and suggest line of action and remedies open for fulfillment of these
obligations.

9. Initiate discussions on making the domestic trade and export and import policies
more WTO compatible and suggest initiatives to be taken in this respect at
various levels to ensure high growth in export and economy including the
development of various modes of synergy and effective regulation of trade laws
which are functionally divided between Commerce, Finance, Foreign and Product
related Ministries.

10.To study the impact and threat perception of WTO agreement on the growing
service sector industries including all those covered under 'business services' of
GATS agreement in general and knowledge, accountancy and consulting services,
transport, communication, medical, education, insurance, banking in particular and
suggest policy issues, develop research and education programs aimed at educating
members of ICAI.

11.To develop a base of expertise amongst the members of the Institute on
Intellectual Property Rights, TRIPS, Anti-dumping laws, EXIM Policy matters etc.,
through seminars, training programs and such other methods as may be considered
effective.

13
OTHER OBJECTIVES:i.
ii.
iii.

To implement the new world trade system as visualised in the Agreement;
To promote World Trade in a manner that benefits every country;
To ensure that developing countries secure a better balance in the sharing of the
advantages resulting from the expansion of international trade corresponding to
their developmental needs;

iv.

To demolish all hurdles to an open world trading system and usher in
international economic renaissance because the world trade is an effective
instrument to foster economic growth;

v.

To enhance competitiveness among all trading partners so as to benefit consumers
and help in global integration;

vi.

To increase the level of production and productivity with a view to ensuring level
of employment in the world;

vii.
viii.

To expand and utilize world resources to the best;
To improve the level of living for the global population and speed up economic
development of the member nations.

BENEFITS OF WTO:1. Helps promote peace within nations:- Peace is partly an outcome of two of the
most fundamental principle of the trading system; helping trade flow smoothly and
providing countries with a constructive and fair outlet for dealing with disputes
over trade issues. Peace creates international confidence and co-operation that the
WTO creates and reinforces.
2. Disputes are handled constructively:- As trade expands in volume, in the
numbers of products traded and in the number of countries and company trading,
there is a greater chance that disputes will arise. WTO helps resolve these
disputes peacefully and constructively. If this could be left to the member states,
14
the dispute may lead to serious conflict, but lot of trade tension is reduced by
organizations such as WTO.
3. Rules make life easier for all:- WTO system is based on rules rather than
power and this makes life easier for all trading nations. WTO reduces some
inequalities giving smaller countries more voice, and at the same time freeing the
major powers from the complexity of having to negotiate trade agreements with
each of the member states.
4. Free trade cuts the cost of living:- Protectionism is expensive, it raises prices,
WTO lowers trade barriers through negotiation and applies the principle of nondiscrimination. The result is reduced costs of production ( because imports used in
production are cheaper ) and reduced prices of finished goods and services, and
ultimately a lower cost of living.
5. It provides more choice of products and qualities:- It gives consumer more
choice and a broader range of qualities to choose from.
6. Trade raises income:- Through WTO trade barriers are lowered and this
increases imports and exports thus earning the country foreign exchange thus
raising the country's income.
7. Trade stimulates economic growth:- With upward trend economic growth, jobs
can be created and this can be enhanced by WTO through careful policy making
and powers of freer trade.
8. Basic principles make life more efficient:- The basic principles make the system
economically more efficient and they cut costs. Many benefits of the trading
system are as a result of essential principle at the heart of the WTO system and
they make life simpler for the enterprises directly involved in international trade
and

for

the

producers

of

goods/services.

Such

principles

include;

non-

discrimination, transparency, increased certainty about trading conditions etc.
together they make trading simpler, cutting company costs and increasing
confidence in the future and this in turn means more job opportunities and better
goods and services for consumers.
9. Governments are shielded from lobbying:- WTO system shields the government
from narrow interest. Government is better placed to defend themselves against
15
lobbying from narrow interest groups by focusing on trade-offs that are made in
the interests of everyone in the economy.
10. The system encourages good governance:- The WTO system encourages good
government. The WTO rules discourage a range of unwise policies and the
commitment made to liberalize a sector of trade becomes difficult to reverse.
These rules reduce opportunities for corruption.

16
STRUCTURE OF WTO:-

17
Highest Level:- Ministerial Conference
The topmost decision-making body of the WTO is the Ministerial Conference, which has
to meet at least every two years. It brings together all members of the WTO, all of
which are countries or customs unions. The Ministerial Conference can take decisions on
all matters under any of the multilateral trade agreements.

Second Level:- General Council
The daily work of the ministerial conference is handled by three groups:1. The General Council:- It is the WTO‘s highest – level decision - making body in
Geneva, meeting regularly to carry out the functions of the WTO. It has
representatives (usually ambassadors or equivalent) from all member governments
and has the authority to act on behalf of the ministerial conference which only
meets about every two years. The council acts on behalf of the Ministerial
Council on all of the WTO affairs. The current chairperson is Mr. Shahid Bashir
from Pakistan.
2. The Dispute Settlement Body:- Made up of all member governments, usually
represented by ambassadors or equivalent. The current chairperson is Mr. Jonathan
FRIED from Canada.
3. The Trade Policy Review Body (TPRB):- The WTO General Council meets as
the Trade Policy Review Body to undertake trade policy reviews of members
under the TRPM. The TPRB is thus open to all WTO members. The current
chairperson is Mr. Joakim REITER from Sweden.

Third Level:- Councils for Trade
The Councils for Trade work under the General Council. There are three councils:1. Council for Trade in Goods:- The workings of the General Agreement on
Tariffs and Trade (GATT) which covers international trade in goods, are the
18
responsibility of the Council for Trade in Goods. It is made up of representatives
from all WTO member countries. The current chairperson is Dr. Tom MBOYA
OKEYO from Kenya.
2. Council for Trade-Related Aspects of Intellectual Property Rights:- Information
on intellectual property in the WTO, news and official records of the activities of
the TRIPS Council, and details of the WTO‘s work with other international
organizations in the field. The current chairperson is Amb. Alfredo Suescum from
Panama.
3. Council for Trade in Services:- The Council for Trade in Services operates
under the guidance of the General Council and is responsible for overseeing the
functioning of the General Agreement on Trade in Services (GATS). It is open to
all WTO members, and can create subsidiary bodies as required. The current
chairperson is Dr. Abdolazeez AL-OTAIBI from Kingdom of Saudi Arabia.
Apart from these three councils, FIVE other bodies report to the General Council reporting on
issues:-

COMMITTEE

CHAIRPERSON

TRADE & DEVELOPMENT

Mrs. Marion WILLIAMS
(Barbados)

TRADE & ENVIRONMENT

Mr. Krisda PIAMPONGSANT
(Thailand)

BALANCE OF PAYMENTS

Mr. Md. Abdul HANNAN

RESTRICTION

(Bangladesh)

REGIONAL TRADE AGREEMENTS

Amb. Francisco LIMA MENA
(El Salvador)

BUDGET, FINANCE &

Mr. Michael STONE

ADMINISTRATION

(Hong Kong, China)

19
AGREEMENTS OF WTO:The WTO agreements cover goods, services and intellectual property. They spell out the
principles of liberalization and the permitted exceptions. They include individual countries
commitments to lower customs tariffs and other trade barriers, and to open and keep
open services markets. They set procedures for settling disputes. They prescribe special
treatment for developing countries. They require governments to make their trade policies
transparent by notifying the WTO about laws in force and measures adopted, and
through regular reports by the secretariat on countries trade policies.
These agreements are often called the WTO‘s trade rules, and the WTO is often
described as ―rules-based‖, a system based on rules. But it is important to remember that
the rules are actually agreements that governments negotiated. These agreements are not
static; they are renegotiated from time to time and new agreements can be added to the
package. Many are now being negotiated under the Doha Development Agenda, launched
by WTO trade ministers in Doha and Qatar.
Agreements starts with three broad principles:1. GENERAL AGREEMENT ON TARIFFS & TRADE (GATT)
2. GENERAL AGREEMENT ON TRADE IN SERVICES (GATS)
3. TRADE-RELATED

ASPECTS

OF

INTELLECTUAL

PROPERTY

RIGHTS

(TRIPS)
Then comes extra agreements and annexes dealing with special requirements of specific
sectors or issues. Finally, there are the detailed and lengthy schedules of commitments
made by individual countries allowing specific foreign products or service-providers
access to their markets. Underpinning these are dispute settlement, which is based on the
agreements and commitments, and trade policy reviews, an exercise in transparency.

20
UMBRELLA

AGREEMENT ESTABLISHING WTO
GOODS

SERVICES

INTELLECTUAL
PROPERTY

BASIC

GATT

GATS

TRIPS

ADDITIONAL

Others goods

Services annexes

-

DETAILS

agreements & annexes

MARKET

Countries schedules of

Countries schedules of

-

ACCESS

commitments

commitments

PRINCIPLES

COMMITMENTS
DISPUTE

DISPUTE SETTLEMENT

SETTLEMENT
TRANSPARENCY

I.

TRADE POLICY REVIEWS

TARIFFS CUTS:- Developed countries tariff cuts were for the most part phased
in over five years from 1 January 1995. The result is a 40% cut in their tariffs
on industrial products, from an average of 6.3% to 3.8%. The value of imported
industrial products that receive duty-free treatment in developed countries will
jump from 20% to 44%. There will also be fewer products charged high duty
rates. The proportion of imports into developed countries from all sources facing
tariffs rates of more than 15% will decline from 7% to 5%. The proportion of
developing country exports facing tariffs above 15% in industrial countries will
fall from 9% to 5%.
On 26 March 1997, 40 countries accounting for more than 92% of world trade
in information technology products, agreed to eliminate import duties and other
charges on these products by 2000 (by 2005 in a handful of cases). As with
other tariff commitments, each participating country is applying its commitments
equally to exports from all WTO members (i.e. on a most favoured nation basis),
even from members that did not make commitments.

21
Developed countries increased the number of imports whose tariff rates are bound
(committed and difficult to increase) from 78% of product lines to 99%. For
developing

countries,

the

increase

was

considerable:-

from

21%

to

73%.

Economies in transition from central planning increased their bindings from 73%
to 98%. This all means a substantially higher degree of market security for
traders and investors.

II.

AGRICULTURE:- The original GATT did apply to agricultural trade, but it
contained loopholes. For example, it allowed countries to use some non-tariff
measures such as import quotas and to subsidize. Agricultural trade became highly
distorted, especially with the use of export subsidies which would not normally
have been allowed for industrial products. The Uruguay Round produced the first
multilateral agreement dedicated to the sector. It was a significant first step
towards order, fair competition and a less distorted sector. It was implemented
over a six year period (and is still being implemented by developing countries
under their 10-year period), that began in 1995. The Uruguay Round agreement
included a commitment to continue the reform through new negotiations. These
were launched in 2000, as required by the Agriculture Agreement. The objective
of the Agriculture Agreement is to reform trade in the sector and to make
policies more market-oriented. This would improve predictability and security for
importing and exporting countries alike. The features of Agreement on Agriculture
are:a. Market Access:- This includes tariffication, tariff reduction and access
opportunities. Tariffication means that all non-tariff barriers such as quotas,
variable levies, minimum import prices, discretionary licensing, state trading
measures, voluntary restraint agreements, etc. need to be abolished and
converted into an equivalent tariff. Ordinary tariffs including those resulting
from their tariffication are to be reduced by an average of 36% with
minimum rate of reduction of 15% for each tariff item over a 6 year
period. Developing countries are required to reduce tariffs by 24% in 10
years. Developing countries as were maintaining Quantitative Restrictions
22
due to balance of payment problems, were allowed to offer ceiling
bindings instead of tariffication;
b. Domestic Support:- For domestic support policies, subject to reduction
commitments, the total support given in 1986-88, measured by the total
Aggregate Measurement of Support (AMS) should be reduced by 20% in
developed countries (13.3% in developing countries). Reduction commitments
refer to total levels of support and not to individual commodities. Policies
which amount to domestic support both under the product specific and
non-product specific categories at less than 5% of the value of production
for developed countries and less than 10% for developing countries are
also excluded from any reduction commitments. Polices which have no or
at most minimal trade distorting effects on production are excluded from
any reduction commitments (Green Box). The list of exempted green box
policies includes such policies which provide services or benefits to
agriculture or the rural community, public stock holding for food security
purposes, domestic food aid and certain de-coupled payments to producers
including direct payments to production limiting programmes, provided
certain conditions are met.;
c. Export Subsidies:- The agreement contains provisions regarding members
commitment to reduce Export Subsidies. Developed countries are required
to reduce their export subsidy expenditure by 36% and volume by 21% in
6 years, in equal installment (from 1986-1990 levels). For developing
countries the percentage cuts are 24% and 14% respectively in equal
annual installment over 10 years. The agreement also specifies that for
products not subject to export subsidy reduction commitments, no such
subsidies can be granted in the future.
The agreement does allow governments to support their rural economies, but
preferably through policies that cause less distortion to trade. It also allows some
flexibility in the way commitments are implemented. Developing countries do not
have to cut their subsidies or lower their tariffs as much as developed countries,
and they are given extra time to complete their obligations. Least-developed
23
countries don‘t have to do this at all. Special provisions deal with the interests of
countries that rely on imports for their food supplies, and the concerns of leastdeveloped economies. Peace provisions within the agreement aim to reduce the
likelihood of disputes or challenges on agricultural subsidies over a period of nine
years, until the end of 2003.

III.

SERVICES:- The General Agreement on Trade in Services (GATS) is the first
and only set of multilateral rules governing international trade in services.
Negotiated in the Uruguay Round, it was developed in response to the huge
growth of the services economy over the past 30 years and the greater potential
for trading services brought about by the communications revolution. The General
Agreement on Trade in Services has three elements:a. the main text containing general obligations and disciplines;
b. annexes dealing with rules for specific sectors;
c. individual countries specific commitments to provide access to their
markets, including indications of where countries are temporarily not
applying the most favoured nation principle of non-discrimination.
Prior to the Uruguay Round, services were considered to offer less potential for
trade expansion than goods, thanks to existence of technical, institutional and
regulatory barriers. However, the development of new transmission technologies
facilitating the supply of services (e.g. satellite communication, electronic banking,
tele-education),

the

opening

of

monopolies

in

many

countries

(e.g.

voice

telephony), and gradual liberalization of hitherto regulated sectors like transport,
banking and insurance combined with changes in consumer preferences, enhanced
the ―tradeability‖ of services. These developments increased international services
flows and created a similar need for multilateral disciplines – as in the area of
goods. Thus, the main purpose for the creation of the General Agreement on
Trade in Services (GATS) was to create a credible and reliable system of
international trade rules, which ensured fair and equitable treatment of all
countries on the principles of non-discrimination. It aims at stimulating trade and
development by seeking to create a predictable policy environment wherein the
24
member countries voluntarily undertake to bind their policy regimes relating to
trade in services.
IMPORTANCE OF GATS:a. Economic performance:- Presence of an efficient services infrastructure is
a precondition for economic success. Services such as tele-communications,
banking, insurance and transport, supply strategically important inputs for
all sectors, both in goods and services.
b. Development:- Access to world class services help exporters and producers
in developing countries to capitalize on their competitive strength, whatever
goods and services they are selling.
c. Consumer Choice:- There is strong evidence in many services, e.g:Telecom, that liberalization leads to lower prices, better quality and wider
choice for consumers.
d. Technology Transfer:- Services liberalization encourages, foreign direct
investment (FDI). Such FDI generally brings with it new skills and
technologies that spill over into the wider economy in various ways.
The GATS covers all internationally traded services with two exceptions:a. services provided to the public in the exercise of governmental authority;
b. in the air transport sector, traffic rights and all services directly related to
the exercise of traffic rights .
The WTO Secretariat has divided all services into the following 12 sectors:1. Business services (including professional and computer services),
2. Communication services,
3. Construction and Engineering services,
4. Distribution services (e.g. Commission agents, wholesale & retail trade and
franchising),
5. Education services,
6. Environment services,
7. Finance (including insurance and banking) services,
8. Health services,
9. Tourism and Travel services,
25
10. Recreation, Cultural and Sporting Services,
11. Transportation Services, and
12. Other services not elsewhere classified.

The GATS agreement covers four modes of supply for the delivery of services in
cross-border trade:-

MODE

CRITERIA

SUPPLIER
PRESENCE

MODE 1: Cross-border

Services delivered within

Service supplier not present

supply

the territory of the member,

within the territory of the

from the territory of another

member

member
MODE 2: Consumption

Service delivered outside

Service supplier not present

abroad

the territory of the member,

within the territory of the

in the territory of another

member

member, to a service
consumer of the member
MODE 3: Commercial

Service delivered within the

Service supplier present

presence

territory of the member,

within the territory of the

through the commercial

member

presence of the supplier
MODE 4: Presence of a

Service delivered within the

Service supplier present

natural person

territory of the member,

within the territory of the

with supplier present as a

member

natural person

26
IV.

INTELLUCTUAL PROPERTY:- The Agreement on Trade Related Aspects of
Intellectual Property Rights (TRIPS) is an international agreement administered by
the World Trade Organization (WTO) that sets down minimum standards for
many forms of intellectual property (IP) regulation as applied to nationals of other
WTO Members. It was negotiated at the end of the Uruguay Round of the
General Agreement on Tariffs and Trade (GATT) in 1994. The TRIPS agreement
introduced intellectual property law into the international trading system for the
first time and remains the most comprehensive international agreement on
intellectual property to date. In 2001, developing countries, concerned that
developed countries were insisting on an overly narrow reading of TRIPS,
initiated a round of talks that resulted in the Doha Declaration. The Doha
declaration is a WTO statement that clarifies the scope of TRIPS, stating for
example that TRIPS can and should be interpreted in light of the goal "to
promote access to medicines for all". Specifically, TRIPS requires WTO members
to provide copyright rights, covering content producers including performers,
producers

of

sound

recordings

and

broadcasting

organizations;

geographical

indications, including appellations of origin; industrial designs; integrated circuit
layout-designs;

patents;

undisclosed

or

procedures,

remedies,

new

confidential
and

plant

varieties;

information.
dispute

trademarks;

TRIPS

resolution

also

trade

specifies

procedures.

dress;

and

enforcement

Protection

and

enforcement of all intellectual property rights shall meet the objectives to
contribute to the promotion of technological innovation and to the transfer and
dissemination of technology, to the mutual advantage of producers and users of
technological knowledge and in a manner conducive to social and economic
welfare, and to a balance of rights and obligations. The agreement covers five
broad issues:a. how basic

principles

of

the

trading

system

and

other

international

intellectual property agreements should be applied,
b. how to give adequate protection to intellectual property rights,
c. how countries should enforce those rights adequately in their own
territories,
27
d. how to settle disputes on intellectual property between members of the
WTO, and
e. special transitional arrangements during the period when the new system is
being introduced.
Intellectual property rights included in TRIPS are:1. Copyrights & related rights:- Copyright is a right given by the law to
creators of literary, dramatic, musical and artistic works and producers of
cinematograph films and sound recordings. It is a bundle of rights
including, inter-alia, rights of reproduction, communication to the public,
adaptation and translation of the work. There could be slight variations in
the composition of the rights depending on the work.
2. Trademark:- Trademark is a distinctive sign which identifies certain goods
or services as those produced or provided by a specific person or
enterprise.

Its

origin

dates

back

to

ancient

times,

when

craftsmen

reproduced their signatures or marks on their artistic or utilitarian products.
Over the years these marks evolved into today's system of trademark
registration and protection. The system helps consumers identify and
purchase a product or service because its nature and quality, indicated by
its unique trademark, meets their needs. A trademark provides protection to
the owner of the mark by ensuring the exclusive right to use it to identify
goods or services or to authorize another to use it in return for a payment.
The period of protection varies, but a trademark can be renewed
indefinitely beyond the time limit on payment of additional fees. Trademark
protection is enforced by the courts, which in most systems have the
authority to block trademark infringement.
3. Geographical Indications:- Geographical Indications of goods are defined
as that aspect of intellectual property which refers to the geographical
indication referring to a country or to a place situated therein as being the
country or place of origin of that product. Typically, such a name conveys
an assurance of quality and distinctiveness which is essentially attributable

28
to the fact of its origin in that defined geographical locality, region or
country.
4. Industrial Designs:- Industrial designs are an element of intellectual
property. Industrial designs refer to creative activity, which result in the
ornamental or formal appearance of a product. Design rights refer to a
novel or original design that is accorded to the proprietor of a validly
registered design. But it does not include any mode or principle or
construction or anything which is in substance a mere mechanical device.
5. Patents:- A Patent is an exclusive right granted by a country to the
inventor to make, use, manufacture and market the invention that satisfies
the conditions of novelty, innovativeness and usefulness. Patents shall be
granted for any inventions, whether products or processes, in all field of
technology, provided they are new, involve an inventive step and are
capable of industrial application. No discrimination in respect to place of
invention. Exception available for diagnostic, therapeutic and surgical
methods of treatment for humans or animals, as well as plants and animals
and essentially biological processes for the production thereof.
6. Protection of undisclosed information:- A trade secret or undisclosed
information is any information that has been intentionally treated as secret
and is capable of commercial application with an economic interest. It
protects information that confers a competitive advantage to those who
possess such information, provided such information is not readily available
with or discernible by the competitors. They include technical data, internal
processes, methodologies, survey methods used by professional pollsters,
recipes, a new invention for which a patent application has not yet been
filed, list of customers, process of manufacture, techniques, formulae,
drawings, training material, source code, etc. Trade secrets can be used to
protect valuable know-how that gives an enterprise a competitive advantage
over its competitors.

29
V.

ANTI-DUMPING AGREEMENT:- If a company exports a product at a price
that is lower than the price it normally charges in its own home market, or sells
at a price that does not meet its full cost of production, it is said to be
"dumping" the product. It is a sub part of the various forms of price
discrimination and is classified as third degree price discrimination. Opinions differ
as to whether or not such practice constitutes unfair competition, but many
governments take action against dumping to protect domestic industry. The WTO
agreement does not pass judgment. Its focus is on how governments can or
cannot react to dumping — it disciplines anti-dumping actions, and it is often
called the "anti-dumping agreement". The legal definitions are more precise, but
broadly speaking, the WTO agreement allows governments to act against dumping
where there is genuine injury to the competing domestic industry. To do so, the
government has to show that dumping is taking place, calculate the extent of
dumping (how much lower the export price is compared to the exporter‘s home
market price), and show that the dumping is causing injury or threatening to
cause injury. There are many different ways of calculating whether a particular
product is being dumped heavily or only lightly. The agreement narrows down the
range of possible options. It provides three methods to calculate a product‘s
―normal value‖. The main one is based on the price in the exporter‘s domestic
market. When this cannot be used, two alternatives are available - the price
charged by the exporter in another country, or a calculation based on the
combination of the exporter‘s production costs, other expenses and normal profit
margins and the agreement also specifies how a fair comparison can be made
between the export price and what would be a normal price. According to
footnote 2 Anti-Dumping Agreement, domestic sales of the like product are
sufficient to base normal value on if they account for 5 percent or more of the
sales of the product under consideration to the importing country market. This is
often called the 5 percent or home market viability test. This test is applied
globally by comparing quantity sold of like product on the domestic market with
quantity sold to importing market. Normal value cannot be based on the price in
the exporter‘s domestic market when there are no domestic sales. For example, if
30
the products are sold only for foreign market, the normal value will have to be
determined on another basis. Besides, the products may be sold on both markets
but the quantity sold on the domestic market is small compared to quantity sold
on foreign market. This situation often happens in countries with small home
market (Hong Kong, Singapore for example). Large market, however, may face
the same situation while the like products are sold in significant on both markets,
some types of products are sold in larger quantity on foreign market while other
types are vice versa. This is because of differences in consumer tastes ,
maintenance, etc.. This leads to some exported types of products are sold in small
quantities on the domestic market. Calculating the extent of dumping on a product
is not enough. Anti-dumping measures can only be applied if the dumping is
hurting the industry in the importing country. Therefore, a detailed investigation
has to be conducted according to specified rules first. The investigation must
evaluate all relevant economic factors that have a bearing on the state of the
industry in question. If the investigation shows dumping is taking place and
domestic industry is being hurt, the exporting company can undertake to raise its
price to an agreed level in order to avoid anti-dumping import duty. Anti-dumping
investigations are to end immediately in cases where the authorities determine that
the margin of dumping is insignificantly small (defined as less than 2% of the
export price of the product). Other conditions are also set. For example, the
investigations also have to end if the volume of dumped imports is negligible (i.e.
if the volume from one country is less than 3% of total imports of that product –
although investigations can proceed if several countries, each supplying less than
3% of the imports, together account for 7% or more of total imports). The
agreement says member countries must inform the Committee on Anti-Dumping
Practices about all preliminary and final anti-dumping actions, promptly and in
detail. They must also report on all investigations twice a year. When differences
arise, members are encouraged to consult each other. They can also use the
WTO‘s dispute settlement procedure. This agreement does two things:a) it disciplines the use of subsidies, and
b) it regulates the actions countries can take to counter the effects of subsidies.
31
The agreement defines two categories of subsidies:1. Prohibited Subsidies:- Subsidies that require recipients to meet certain
export targets, or to use domestic goods instead of imported goods. They
are prohibited because they are specifically designed to distort international
trade, and are therefore likely to hurt other countries trade. They can be
challenged in the WTO dispute settlement procedure where they are
handled under an accelerated timetable. If the dispute settlement procedure
confirms that the subsidy is prohibited, it must be withdrawn immediately.
Otherwise, the complaining country can take counter measures. If domestic
producers are hurt by imports of subsidized products, countervailing duty
can be imposed.
2. Actionable Subsidies:- In this category the complaining country has to
show that the subsidy has an adverse effect on its interests. Otherwise the
subsidy is permitted. The agreement defines three types of damage they
can cause. One country‘s subsidies can hurt a domestic industry in an
importing country. They can hurt rival exporters from another country
when the two compete in third markets. And domestic subsidies in one
country can hurt exporters trying to compete in the subsidizing country‘s
domestic market. If the Dispute Settlement Body rules that the subsidy
does have an adverse effect, the subsidy must be withdrawn or its adverse
effect must be removed. Again, if domestic producers are hurt by imports
of subsidized products, countervailing duty can be imposed.
A WTO member may restrict imports of a product temporarily (take ―safeguard‖
actions) if its domestic industry is injured or threatened with injury caused by a
surge in imports. Here, the injury has to be serious. Safeguard measures were
always available under GATT (Article 19). The WTO agreement broke new
ground. It prohibits ―grey-area‖ measures, and it sets time limits (a ―sunset
clause‖) on all safeguard actions. The agreement says members must not seek,
take or maintain any voluntary export restraints, orderly marketing arrangements or
any other similar measures on the export or the import side. The bilateral
measures that were not modified to conform with the agreement were phased out
32
at the end of 1998. Industries or companies may request safeguard action by their
government. The WTO agreement sets out requirements for safeguard investigations
by national authorities. The emphasis is on transparency and on following
established rules

and

practices;

avoiding

arbitrary methods.

The authorities

conducting investigations have to announce publicly when hearings are to take
place and provide other appropriate means for interested parties to present
evidence. The evidence must include arguments on whether a measure is in the
public interest. To some extent developing countries exports are shielded from
safeguard actions. An importing country can only apply a safeguard measure to a
product from a developing country if the developing country is supplying more
than 3% of the imports of that product, or if developing country members with
less than 3% import share collectively account for more than 9% of total imports
of the product concerned.
The WTO‘s Safeguards Committee oversees the operation of the agreement and is
responsible for the surveillance of members commitments. Governments have to
report each phase of a safeguard investigation and related decision making, and
the committee reviews these reports. The committee monitors and reports annually
to the Goods Council, on the general implementation of the agreement. A member
affected by a safeguard measure may ask the committee to make a finding on
whether the measure complies with the agreement‘s procedural requirements. At
the request of members, the committee may assist consultations or review
proposals for retaliatory action. It monitors the phase-out of the notified ―greyarea‖ measures, and reviews all safeguard notifications.

33
CONCLUSION:The Uruguay Round and the establishment of the WTO changed the character of the
trading system. The World Trade Organization (WTO) deals with the global rules of
trade between nations. Its main function is to ensure that trade flows as smoothly,
predictably and freely as possible. At its heart are the WTO agreements, negotiated and
signed by the bulk of the world‘s trading nations and ratified in their parliaments. The
goal is to help producers of goods and services, exporters and importers conduct their
business. Its main aim is to – 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. The GATT was very much a
market access oriented institution. Its function was to harness the dynamics of reciprocity
for the global good. Negotiators could be left to follow mercantilist logic and the end
result would be beneficial to all contracting parties. This dynamic worked less well for
developing countries, where the burden of liberalization rested much more heavily on the
shoulders of governments. Even if they wanted to, their scope to use the GATT was
often limited because exporters had fewer incentives and were less powerful than in
industrial countries. The reciprocal, negotiation driven dynamic also worked much less
well for issues that were ―lumpy‖ and where the terms of the debate revolved around
what rules to adopt, not around how much of a marginal change was appropriate. Once
discussions center on rules, especially on disciplines for domestic policy and regulations,
it is more difficult to define intra issue compromises that make economic sense. Cross
issue linkage becomes necessary. WTO helped to cover up these loopholes. WTO‘s work
and performance on agreements like anti-dumping agreement, GATS, TRIP, agriculture,
etc. were explained earlier. Thus, WTO has worked on its founding and guiding
principles of open borders, the guarantee of most favoured nation principle and nondiscriminatory treatment by and among members and a commitment to transparency in
the conduct of its activities.

34
MEMBERS OF WTO:Currently WTO has 159 members. The list is as follows:-

MEMBER

DATE OF JOINING

MEMBER

DATE OF JOINING

ALBANIA

8 SEPTEMBER 2000

LITHUANIA

31 MAY 2001

ANGOLA

23 NOVEMBER

LUXEMBERG

1 JANUARY 1995

1 JANUARY 1995

MACAO, CHINA

1 JANUARY 1995

1 JANUARY 1995

MADAGASCAR

17 NOVEMBER

1996
ANTIGUA &
BARBUDA
ARGENTINA

1995
ARMENIA

5 FEBRUARY 2003

MALAWI

31 MAY 1995

AUSTRALIA

1 JANUARY 1995

MALAYSIA

1 JANUARY 1995

AUSTRIA

1 JANUARY 1995

MALDIVES

31 MAY 1995

BAHRAIN

1 JANUARY 1995

MALI

31 MAY 1995

BANGLADESH

1 JANUARY 1995

MALTA

1 JANUARY 1995

BARBADOS

1 JANUARY 1995

MAURITANIA

31 MAY 1995

BELGIUM

1 JANUARY 1995

MAURITIUS

1 JANUARY 1995

BELIZE

1 JANUARY 1995

MEXICO

1 JANUARY 1995

BENIN

22 FEBRUARY 1996

MOLDOVA

26 JULY 2001

BOLIVIA

12 SEPTEMBER

MONGOLIA

29 JANUARY 1997

1995
BOTSWANA

31 MAY 1995

MONTENEGRO

29 APRIL 2012

BRAZIL

1 JANUARY 1995

MOROCCO

1 JANUARY 1995

BRUNEI

1 JANUARY 1995

MOAZAMBIQUE

26 AUGUST 1995

BULGARIA

1 DECEMBER 1996

MYANMAR

1 JANUARY 1995

BURKINA FASO

3 JUNE 1995

NAMIBIA

1 JANUARY 1995

BURUNDI

23 JULY 1995

NEPAL

23 APRIL 2004

CAMBODIA

13 OCTOBER 2004

NETHERLANDS

1 JANUARY 1995

DARUSSALAM

35
MEMBER

DATE OF JOINING

MEMBER

DATE OF JOINING

CAMEROON

13 DECEMBER 1995

NEW ZEALAND

1 JANUARY 1995

CANADA

1 JANUARY 1995

NICARAGUA

3 SEPTEMBER 1995

CAPE VERDE

23 JULY 2008

NIGER

13 DECEMBER 1996

NIGERIA

1 JANUARY 1995

CENTRAL

31 MAY 1995

AFRICAN
REPUBLIC
CHAD

19 OCTOBER 1996

NORWAY

1 JANUARY 1995

CHILE

1 JANUARY 1995

OMAN

9 NOVEMBER 2000

CHINA

11 DECEMBER 2001

PAKISTAN

1 JANUARY 1995

COLOMBIA

30 APRIL 1995

PANAMA

6 SEPTEMBER 1997

CONGO

27 MARCH 1995

PAPUA NEW

9 JUNE 1996

GUINEA
COSTA RICA

1 JANUARY 1995

PARAGUAY

1 JANUARY 1995

COTE d‘LVOIRE

1 JANUARY 1995

PERU

1 JANUARY 1995

CROATIA

30 NOVEMBER

PHILIPPINES

1 JANUARY 1995

2000
CUBA

20 APRIL 1995

POLAND

1 JULY 1995

CYPRUS

30 JULY 1995

PORTUGAL

1 JANUARY 1995

CZECH REPUBLIC

1 JANUARY 1995

QATAR

13 JANUARY 1996

DEMOCRATIC

1 JANUARY 1997

ROMANIA

1 JANUARY 1995

1 JANUARY 1995

RUSSIAN

22 AUGUST 2012

REPUBLIC OF
CONGO
DENMARK

FEDERATION
DJIBOUTI

31 MAY 1995

RWANDA

22 MAY 1996

DOMINICA

1 JANUARY 1995

SAINT KITTS &

21 FEBRUARY 1996

NEVIS
-

-

-

-

36
MEMBER

DATE OF JOINING

MEMBER

DATE OF JOINING

DOMINICAN

9 MARCH 1995

SAINT LUCIA

1 JANUARY 1995

21 JANUARY 1996

SAINT VINCENT &

1 JANUARY 1995

REPUBLIC
ECUADOR

the GRENADINES
EGYPT

30 JUNE 1995

SAMOA

10 MAY 2012

EL SALVADOR

7 MAY 1995

SAUDI ARABIA

11 DECEMBER 2005

ESTONIA

13 NOVEMBER

SENEGAL

1 JANUARY 1995

1999
EUROPIAN UNION

1 JANUARY 1995

SIERRA LEONE

23 JULY 1995

FIJI

14 JANUARY 1996

SINGAPORE

1 JANUARY 1995

FINLAND

1 JANUARY 1995

SLOVAK

1 JANUARY 1995

REPUBLIC
FRANCE

1 JANUARY 1995

SLOVENIA

30 JULY 1995

GABON

1 JANUARY 1995

SOLOMON

26 JULY 1996

ISLANDS
The GAMBIA

23 OCTOBER 1996

SOUTH AFRICA

1 JANUARY 1995

GEORGIA

14 JUNE 2000

SPAIN

1 JANUARY 1995

GERMANY

1 JANUARY 1995

SRI LANKA

1 JANUARY 1995

GHANA

1 JANUARY 1995

SURINAME

1 JANUARY 1995

GREECE

1 JANUARY 1995

SWAZILAND

1 JANUARY 1995

GRENADA

22 FEBRUARY 1996

SWEDEN

1 JANUARY 1995

GUATEMALA

21 JULY 1995

SWITZERLAND

1 JULY 1995

GUINEA

25 OCTOBER 1995

CHINESE TAIPEI

1 JANUARY 2002

GUINEA-BISSAU

31 MAY 1995

TAJIKISTAN

2 MARCH 2013

GUYANA

1 JANUARY 1995

TANZANIA

1 JANUARY 1995

HAITI

30 JANUARY 1996

THAILAND

1 JANUARY 1995

LATVIA

10 FEBRUARY 1999

LIECHTENSEIN

1 SEPTEMBER 1995

LESOTHO

31 MAY 1995

-

-

37
MEMBER

DATE OF JOINING

MEMBER

DATE OF JOINING

HONDURAS

1 JANUARY 1995

THE FORMER

4 APRIL 2003

YUGOSLAV
REPUBLIC OF
MACEDONIA
HONG KONG,

1 JANUARY 1995

TOGO

31 MAY 1995

HUNGARY

1 JANUARY 1995

TONGA

27 JULY 2007

ICELAND

1 JANUARY 1995

TRINIDAD &

1 MARCH 1995

CHINA

TOBAGO
INDIA

1 JANUARY 1995

TUNISIA

29 MARCH 1995

INDONESIA

1 JANUARY 1995

TURKEY

26 MARCH 1995

IRELAND

1 JANUARY 1995

UGANDA

1 JANUARY 1995

ISRAEL

21 APRIL 1995

UKRAINE

16 MAY 2008

ITALY

1 JANUARY 1995

UNITED ARAB

10 APRIL 1996

EMIRATES
JAMAICA

9 MARCH 1995

UNITED KINGDOM

1 JANUARY 1995

JAPAN

1 JANUARY 1995

UNITED STATES of

1 JANUARY 1995

AMERICA
JORDAN

11 APRIL 2000

URUGUAY

1 JANUARY 1995

KENYA

1 JANUARY 1995

VANUATA

24 AUGUST 2012

KOREA

1 JANUARY 1995

VENEZUELA

1 JANUARY 1995

KUWAIT

1 JANUARY 1995

VIETNAM

11 JANUARY 2007

KYRGYZ

20 DECEMBER 1998

ZAMBIA

1 JANUARY 1995

2 FEBRUARY 2013

ZIMBABWE

5 MARCH 1995

REPUBLIC
LAO PEOPLE‘S
DEMOCRATIC
REPUBLIC

38
LIST OF OBSERVERS:1. AFGHANISTAN
2. ALGERIA
3. ANDORRA
4. AZERBAIJAN
5. BAHAMAS
6. BELARUS
7. BHUTAN
8. BOSNIA & HERZEGOVINA
9. COMOROS
10. EQUATORIAL GUINEA
11. ETHIOPIA
12. VATICAN
13. IRAN
14. IRAQ
15. KAZAKHSTAN
16. LEBANESE REPUBLIC
17. LIBERIA
18. LIBYA
19. SAO TOME & PRINCIPE
20. SERBIA
21. SEYCHELLES
22. SUDAN
23. SYRIAN ARAB REPUBLIC
24. UZBEKISTAN
25. YEMEN

39
MEMBERS
MEMBERS, dually present with EU
OBSERVERS
NON-MEMBERS

40
BIBLOGRAPHY:1. www.wto.org
2. www.commerce.nic.in
3. www.preservearticles.com
4. www.actionaid.org.uk
5. www.icai.org
6. www.en.wikipedia.org
7. INTERNATIONAL ECONOMICS, MISHRA & PURI
8. ECONOMICS of GLOBAL TRADE & FINANCE, KALKOTI &
RAJALAKSHMY

41

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A CRITICAL APPRAISAL ON PERFORMANCE OF WTO

  • 1. A PROJECT ON A CRITICAL APPRAISAL ON PERFORMANCE OF WTO IN THE SUBJECT ECONOMICS OF GLOBAL TRADE & FINANCE SUBMITTED BY NAME: SOUMEET D. SARKAR ROLL NO.: 041 DIVISIONS: A M.Com. Part - I in Advance Accountancy UNDER THE GUIDANCE OF PROF. JOSE AUGUSTINE TO UNIVERSITY OF MUMBAI FOR MASTER OF COMMERCE PROGRAMME (SEMESTER - I) YEAR: 2013-14 SVKM’S NARSEE MONJEE COLLEGE OF COMMERCE &ECONOMICS VILE PARLE (W), MUMBAI – 400056. 1
  • 2. EVALUATION CERTIFICATE This is to certify that the undersigned have assessed and evaluated the project on ―A CRITICAL APPRAISAL ON PERFORMANCE OF WTO‖ submitted by student of M.Com. – Part - I (Semester – I) for the academic year 2013-14. This project is original to the best of our knowledge and has been accepted for Internal Assessment. Name & Signature of Internal Examiner Name & Signature of External Examiner PRINCIPAL Shri. Sunil B. Mantri 2
  • 3. DECLARATION BY THE STUDENT I, student of M.Com. (Part – I) Roll No.:041 hereby declare that the project titled ―A CRITICAL APPRAISAL ON PERFORMANCE OF WTO‖ for the subject ECONOMICS OF GLOBAL TRADE AND FINANCE submitted by me for Semester – I of the academic year 2013-14, is based on actual work carried out by me under the guidance and supervision of PROF. JOSE AUGUSTINE. I further state that this work is original and not submitted anywhere else for any examination. Place: MUMBAI. Date: (SOUMEET D. SARKAR) Name & Signature of Student 3
  • 4. ACKNOWLEDGEMENT It is indeed a great pleasure and proud privilege to present this project work. I thank my project guide and M-COM co-ordinator of SVKM‘S NARSEE MONJEE COLLEGE OF COMMERCE AND ECONOMICS, VILE PARLE (WEST). Their co-operation and guidance have helped me to complete this project. I would sincerely like to thank the principal of our college Shri. Sunil B. Mantri for his support and guidance. I would also like to thank the college library and its staff for patiently listening and guiding me and finally. I would like to thank my family and friends who supported me in this project. THANK YOU. 4
  • 5. CONTENT Sr. No. PARTICULARS Page No. CHAPTER I – INTRODUCTION 1.1 Meaning & Definition 6 CHAPTER II –World Trade Organization (WTO) 2.1 Functions of WTO 7 2.2 Principals of WTO 9 2.3 Objective of WTO 12 2.4 Benefits of WTO 14 2.5 Structure of WTO 17 CHAPTER III – AGREEMENTS OF WTO 3.1 Definition & Meaning 20 3.2 Tariff Cuts 21 3.3 Agriculture 22 3.4 Services 24 3.5 Intelluctual Property 27 3.6 Anti-Dumping Agreement 30 CHAPTER IV – CONCLUSION 4.1 Conclusion 34 4.2 Members & Observers of WTO 35 4.3 Biblography 41 5
  • 6. INTRODUCTION:The World Trade Organization was founded on 1st Janaury 1995 to replace the General Agreement on Tariffs and Trade (GATT). This multilateral organization aims to lower tariffs and non-tariff barriers so as to increase international trade. The 159 member states meet in ministerial sessions at least once every two years. The World Trade Organization (WTO) is an international, multilateral organization, which sets the rules for the global trading system and resolves disputes between its member states, all of whom are signatories to its about 60 agreements. WTO headquarters are located in Geneva, Switzerland. Pascal Lamy is the current Director-General. As of now, there are 159 members in the organization, with. All WTO members are required to grant one another most favoured nation status, such that ( with some exceptions ) trade concessions granted by a WTO member to another country must be granted to all WTO members. Since its inception in 1995, the WTO has been a major target for protests by the anti-globalization movement. The WTO was born out of negotiations, and everything the WTO does is the result of negotiations. The bulk of the WTO‘s current work comes from the 1986–94 negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade (GATT). The WTO is currently the host to new negotiations, under the ‗Doha Development Agenda‘ launched in 2001. Where countries have faced trade barriers and wanted them lowered, the negotiations have helped to open markets for trade. But the WTO is not just about opening markets, and in some circumstances its rules support maintaining trade barriers - for example, to protect consumers or prevent the spread of disease. At its heart are the WTO agreements, negotiated and signed by the bulk of the world‘s trading nations. These documents provide the legal ground rules for international commerce. They are essentially contracts, binding governments to keep their trade policies within agreed limits. Although negotiated and signed by governments, the goal is to help producers of goods and services, exporters, and importers conduct their business, while allowing governments to meet social and environmental objectives. 6
  • 7. The systems overriding purpose is to help trade flow as freely as possible - so long as there are no undesirable side effects - because this is important for economic development and well-being. That partly means removing obstacles. It also means ensuring that individuals, companies and governments know what the trade rules are around the world, and giving them the confidence that there will be no sudden changes of policy. In other words, the rules have to be transparent and predictable. Trade relations often involve conflicting interests. Agreements, including those painstakingly negotiated in the WTO system, often need interpreting. The most harmonious way to settle these differences is through some neutral procedure based on an agreed legal foundation. That is the purpose behind the dispute settlement process written into the WTO agreements. FUNCTIONS OF WTO:While the WTO is driven by its member states, it could not function without its Secretariat to coordinate the activities. The Secretariat employs over 600 staff, and its experts - lawyers, economists, statisticians and communications experts - assist WTO members on a daily basis to ensure, among other things, that negotiations progress smoothly, and that the rules of international trade are correctly applied and enforced. The former GATT was not really an organisation; it was merely a legal arrangement. On the other hand, the WTO is a new international organisation set up as a permanent body. It is designed to play the role of a watchdog in the spheres of trade in goods, trade in services, foreign investment, intellectual property rights, etc. Article III has set out the following functions of WTO:Trade Negotiations:The WTO agreements cover goods, services and intellectual property. They spell out the principles of liberalization, and the permitted exceptions. They include individual countries commitments to lower customs tariffs and other trade barriers, and to open and keep open services markets. They set procedures for settling disputes. These agreements 7
  • 8. are not static; they are renegotiated from time to time and new agreements can be added to the package. Many are now being negotiated under the Doha Development Agenda, launched by WTO trade ministers in Doha, Qatar, in November 2001. Implementation and Monitoring:WTO agreements require governments to make their trade policies transparent by notifying the WTO about laws in force and measures adopted. Various WTO councils and committees seek to ensure that these requirements are being followed and that WTO agreements are being properly implemented. All WTO members must undergo periodic scrutiny of their trade policies and practices, each review containing reports by the country concerned and the WTO Secretariat. Dispute Settlement:The WTO‘s procedure for resolving trade quarrels under the Dispute Settlement Understanding is vital for enforcing the rules and therefore for ensuring that trade flows smoothly. Countries bring disputes to the WTO if they think their rights under the agreements are being infringed. Judgements by specially appointed independent experts are based on interpretations of the agreements and individual countries commitments. Building Trade Capacity:WTO agreements contain special provision for developing countries, including longer time periods to implement agreements and commitments, measures to increase their trading opportunities, and support to help them build their trade capacity, to handle disputes and to implement technical standards. The WTO organizes hundreds of technical co-operation missions to developing countries annually. It also holds numerous courses each year in Geneva for government officials. Aid for Trade aims to help developing countries develop the skills and infrastructure needed to expand their trade. 8
  • 9. Outreach:The WTO maintains regular dialogue with non-governmental organizations, parliamentarians, other international organizations, the media and the general public on various aspects of the WTO and the ongoing Doha negotiations, with the aim of enhancing cooperation and increasing awareness of WTO activities. PRINCIPLES OF WTO:The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities. But a number of simple, fundamental principles run throughout all of these documents. These principles are the foundation of the multilateral trading system. Non-discrimination:Under the WTO agreements, countries cannot normally discriminate between their trading partners, grant someone a special favor (such as a lower customs duty rate for one of their products). If you do the same you have to do that for all other WTO members. This principle is known as Most Favoured Nation (MFN) treatment. It is so important that it is the first article of the World Trade Organisation (WTO), which governs trade in goods. MFN is also a priority in the General Agreement on Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS); although in each agreement the principle is handled slightly differently. Together, those three agreements cover all three main areas of trade handled by the WTO. Some exceptions are allowed, for example, countries can set up a free trade agreement that applies only to goods traded within the group discriminating against goods from outside. Or they can give developing countries special access to their markets. Or a country can raise barriers against products that are considered to be traded unfairly from specific countries. And in services, countries are allowed, in limited circumstances, to discriminate. But the agreements only permit these exceptions under strict conditions. In general, MFN means that every time a country lowers a trade barrier 9
  • 10. or opens up a market, it has to do so for the same goods or services from all its trading partners – whether rich or poor, weak or strong. Imported and locally – produced goods should be treated equally - at least after the foreign goods have entered the market. The same should apply to foreign and domestic services, and to foreign and local trademarks, copyrights and patents. This principle of ―national treatment‖ (giving others the same treatment as one‘s own nationals) is also found in all the three main WTO agreements (GATT, GATS and TRIPS), although once again the principle is handled slightly differently in each of these. National treatment only applies once a product, service or item of intellectual property has entered the market. Therefore, charging customs duty on an import is not a violation of national treatment even if locally – produced products are not charged an equivalent tax. More Open:Lowering trade barriers is one of the most obvious ways of encouraging trade; these barriers include customs duties (or tariffs) and measures such as import bans or quotas that restrict quantities selectively. From time to time other issues such as red tape and exchange rate policies have also been discussed. The WTO agreements allow countries to introduce changes gradually, through ―progressive liberalization‖. Developing countries are usually given longer time to fulfill their obligations. Predictable and Transparent:Sometimes, promising not to raise a trade barrier can be as important as lowering one, because the promise gives businesses a clearer view of their future opportunities. With stability and predictability, investment is encouraged, jobs are created and consumers can fully enjoy the benefits of competition - choice and lower prices. The multi-lateral trading system is an attempt by governments to make the business environment stable and predictable. In the WTO, when countries agree to open their markets for goods or services, they bind their commitments. For goods, these bindings amount to ceilings on customs tariff rates. Sometimes countries tax imports at rates that are lower than the bound rates. Frequently this is the case in developing countries. In developed countries the rates actually charged and the bound rates tend to be the same. A country can 10
  • 11. change its bindings, but only after negotiating with its trading partners, which could mean compensating them for loss of trade. One of the achievements of the Uruguay Round of multi-lateral trade talks was to increase the amount of trade under binding commitments. In agriculture, 100% of products now have bound tariffs. The result of all this:- a substantially higher degree of market security for traders and investors. The system tries to improve predictability and stability in other ways as well. One way is to discourage the use of quotas and other measures used to set limits on quantities of imports - administering quotas can lead to more red tape and accusations of unfair play. Another is to make countries trade rules as clear and public (transparent) as possible. Many WTO agreements require governments to disclose their policies and practices publicly within the country or by notifying the WTO. The regular surveillance of national trade policies through the Trade Policy Review Mechanism provides a further means of encouraging transparency both domestically and at the multi-lateral level. More Competitive:The WTO is sometimes described as a free trade institution, but that is not entirely accurate. The system does allow tariffs and, in limited circumstances, other forms of protection. More accurately, it is a system of rules dedicated to open, fair and undistorted competition. The rules on non-discrimination - MFN and national treatment are designed to secure fair conditions of trade. The issues are complex, and the rules try to establish what is fair or unfair, and how governments can respond, in particular by charging additional import duties calculated to compensate for damage caused by unfair trade. Many of the other WTO agreements aim to support fair competition in agriculture, intellectual property, services, for example, the agreement on government procurement (a ―pluri-lateral‖ agreement because it is signed by only a few WTO members) extends competition rules to purchases by thousands of government entities in many countries. More Beneficial for Less Developed Countries:Giving them more time to adjust, greater flexibility and special privileges; over threequarters of WTO members are developing countries and countries in transition to market 11
  • 12. economies. The WTO agreements give them transition periods to adjust to the more unfamiliar and perhaps difficult WTO provisions. Protect the Environment:The WTO‘s agreements permit members to take measures to protect not only the environment but also public health, animal health and plant health. However, these measures must be applied in the same way to both national and foreign businesses. In other words, members must not use environmental protection measures as a means of disguising protectionist policies. OBJECTIVES OF WTO:1. To create a knowledge base on various matter concerning various National and International Trade Laws and Protocols, and their National and International implications and ramifications. 2. Carry out research and development and the building up of a clearing-house of cases on all matters of WTO agreements which are of national concern including safeguards and redressal mechanisms and suggesting alternative formulation in national interest which could form subject matters of future consultation or prenegotiations of WTO agreement. 3. Increasing awareness amongst domestic industry, business, agriculture, service and other sectors on the impacts of trade laws arising out of WTO agreement and other treaties as member of WTO. 4. Co-operating with industry associates, bodies set up by Government of India and Export Promotion Council on various issues related to tariff, non-tariff and tactical barriers and undertake drive for awareness campaign by jointly or severally holding conferences, seminars, group discussions and other mode of awareness and campaign as also to develop linkages with overseas organizations in order to create a common perception and approach to the resolution of multilateral trade issues. 12
  • 13. 5. Exploit all potential provisions of WTO agreement available to the developing nations and advising and counseling the Government of India on all such issues of national importance. 6. To assist the Government in negotiating with the International Community in the perspective of the WTO regime and to help strengthen the Indian position in these regards in all possible ways. 7. To co-ordinate efforts with the Government in creating a level playing field particularly for the accounting professionals in India specially in view of the implementation of the WTO regime on GATS through the most effective means possible including the organization of seminars, publication of articles and monographs, and presentation before the Government. 8. Identify areas of non-fulfillment of the WTO agreement which concern Indian interest and suggest line of action and remedies open for fulfillment of these obligations. 9. Initiate discussions on making the domestic trade and export and import policies more WTO compatible and suggest initiatives to be taken in this respect at various levels to ensure high growth in export and economy including the development of various modes of synergy and effective regulation of trade laws which are functionally divided between Commerce, Finance, Foreign and Product related Ministries. 10.To study the impact and threat perception of WTO agreement on the growing service sector industries including all those covered under 'business services' of GATS agreement in general and knowledge, accountancy and consulting services, transport, communication, medical, education, insurance, banking in particular and suggest policy issues, develop research and education programs aimed at educating members of ICAI. 11.To develop a base of expertise amongst the members of the Institute on Intellectual Property Rights, TRIPS, Anti-dumping laws, EXIM Policy matters etc., through seminars, training programs and such other methods as may be considered effective. 13
  • 14. OTHER OBJECTIVES:i. ii. iii. To implement the new world trade system as visualised in the Agreement; To promote World Trade in a manner that benefits every country; To ensure that developing countries secure a better balance in the sharing of the advantages resulting from the expansion of international trade corresponding to their developmental needs; iv. To demolish all hurdles to an open world trading system and usher in international economic renaissance because the world trade is an effective instrument to foster economic growth; v. To enhance competitiveness among all trading partners so as to benefit consumers and help in global integration; vi. To increase the level of production and productivity with a view to ensuring level of employment in the world; vii. viii. To expand and utilize world resources to the best; To improve the level of living for the global population and speed up economic development of the member nations. BENEFITS OF WTO:1. Helps promote peace within nations:- Peace is partly an outcome of two of the most fundamental principle of the trading system; helping trade flow smoothly and providing countries with a constructive and fair outlet for dealing with disputes over trade issues. Peace creates international confidence and co-operation that the WTO creates and reinforces. 2. Disputes are handled constructively:- As trade expands in volume, in the numbers of products traded and in the number of countries and company trading, there is a greater chance that disputes will arise. WTO helps resolve these disputes peacefully and constructively. If this could be left to the member states, 14
  • 15. the dispute may lead to serious conflict, but lot of trade tension is reduced by organizations such as WTO. 3. Rules make life easier for all:- WTO system is based on rules rather than power and this makes life easier for all trading nations. WTO reduces some inequalities giving smaller countries more voice, and at the same time freeing the major powers from the complexity of having to negotiate trade agreements with each of the member states. 4. Free trade cuts the cost of living:- Protectionism is expensive, it raises prices, WTO lowers trade barriers through negotiation and applies the principle of nondiscrimination. The result is reduced costs of production ( because imports used in production are cheaper ) and reduced prices of finished goods and services, and ultimately a lower cost of living. 5. It provides more choice of products and qualities:- It gives consumer more choice and a broader range of qualities to choose from. 6. Trade raises income:- Through WTO trade barriers are lowered and this increases imports and exports thus earning the country foreign exchange thus raising the country's income. 7. Trade stimulates economic growth:- With upward trend economic growth, jobs can be created and this can be enhanced by WTO through careful policy making and powers of freer trade. 8. Basic principles make life more efficient:- The basic principles make the system economically more efficient and they cut costs. Many benefits of the trading system are as a result of essential principle at the heart of the WTO system and they make life simpler for the enterprises directly involved in international trade and for the producers of goods/services. Such principles include; non- discrimination, transparency, increased certainty about trading conditions etc. together they make trading simpler, cutting company costs and increasing confidence in the future and this in turn means more job opportunities and better goods and services for consumers. 9. Governments are shielded from lobbying:- WTO system shields the government from narrow interest. Government is better placed to defend themselves against 15
  • 16. lobbying from narrow interest groups by focusing on trade-offs that are made in the interests of everyone in the economy. 10. The system encourages good governance:- The WTO system encourages good government. The WTO rules discourage a range of unwise policies and the commitment made to liberalize a sector of trade becomes difficult to reverse. These rules reduce opportunities for corruption. 16
  • 18. Highest Level:- Ministerial Conference The topmost decision-making body of the WTO is the Ministerial Conference, which has to meet at least every two years. It brings together all members of the WTO, all of which are countries or customs unions. The Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. Second Level:- General Council The daily work of the ministerial conference is handled by three groups:1. The General Council:- It is the WTO‘s highest – level decision - making body in Geneva, meeting regularly to carry out the functions of the WTO. It has representatives (usually ambassadors or equivalent) from all member governments and has the authority to act on behalf of the ministerial conference which only meets about every two years. The council acts on behalf of the Ministerial Council on all of the WTO affairs. The current chairperson is Mr. Shahid Bashir from Pakistan. 2. The Dispute Settlement Body:- Made up of all member governments, usually represented by ambassadors or equivalent. The current chairperson is Mr. Jonathan FRIED from Canada. 3. The Trade Policy Review Body (TPRB):- The WTO General Council meets as the Trade Policy Review Body to undertake trade policy reviews of members under the TRPM. The TPRB is thus open to all WTO members. The current chairperson is Mr. Joakim REITER from Sweden. Third Level:- Councils for Trade The Councils for Trade work under the General Council. There are three councils:1. Council for Trade in Goods:- The workings of the General Agreement on Tariffs and Trade (GATT) which covers international trade in goods, are the 18
  • 19. responsibility of the Council for Trade in Goods. It is made up of representatives from all WTO member countries. The current chairperson is Dr. Tom MBOYA OKEYO from Kenya. 2. Council for Trade-Related Aspects of Intellectual Property Rights:- Information on intellectual property in the WTO, news and official records of the activities of the TRIPS Council, and details of the WTO‘s work with other international organizations in the field. The current chairperson is Amb. Alfredo Suescum from Panama. 3. Council for Trade in Services:- The Council for Trade in Services operates under the guidance of the General Council and is responsible for overseeing the functioning of the General Agreement on Trade in Services (GATS). It is open to all WTO members, and can create subsidiary bodies as required. The current chairperson is Dr. Abdolazeez AL-OTAIBI from Kingdom of Saudi Arabia. Apart from these three councils, FIVE other bodies report to the General Council reporting on issues:- COMMITTEE CHAIRPERSON TRADE & DEVELOPMENT Mrs. Marion WILLIAMS (Barbados) TRADE & ENVIRONMENT Mr. Krisda PIAMPONGSANT (Thailand) BALANCE OF PAYMENTS Mr. Md. Abdul HANNAN RESTRICTION (Bangladesh) REGIONAL TRADE AGREEMENTS Amb. Francisco LIMA MENA (El Salvador) BUDGET, FINANCE & Mr. Michael STONE ADMINISTRATION (Hong Kong, China) 19
  • 20. AGREEMENTS OF WTO:The WTO agreements cover goods, services and intellectual property. They spell out the principles of liberalization and the permitted exceptions. They include individual countries commitments to lower customs tariffs and other trade barriers, and to open and keep open services markets. They set procedures for settling disputes. They prescribe special treatment for developing countries. They require governments to make their trade policies transparent by notifying the WTO about laws in force and measures adopted, and through regular reports by the secretariat on countries trade policies. These agreements are often called the WTO‘s trade rules, and the WTO is often described as ―rules-based‖, a system based on rules. But it is important to remember that the rules are actually agreements that governments negotiated. These agreements are not static; they are renegotiated from time to time and new agreements can be added to the package. Many are now being negotiated under the Doha Development Agenda, launched by WTO trade ministers in Doha and Qatar. Agreements starts with three broad principles:1. GENERAL AGREEMENT ON TARIFFS & TRADE (GATT) 2. GENERAL AGREEMENT ON TRADE IN SERVICES (GATS) 3. TRADE-RELATED ASPECTS OF INTELLECTUAL PROPERTY RIGHTS (TRIPS) Then comes extra agreements and annexes dealing with special requirements of specific sectors or issues. Finally, there are the detailed and lengthy schedules of commitments made by individual countries allowing specific foreign products or service-providers access to their markets. Underpinning these are dispute settlement, which is based on the agreements and commitments, and trade policy reviews, an exercise in transparency. 20
  • 21. UMBRELLA AGREEMENT ESTABLISHING WTO GOODS SERVICES INTELLECTUAL PROPERTY BASIC GATT GATS TRIPS ADDITIONAL Others goods Services annexes - DETAILS agreements & annexes MARKET Countries schedules of Countries schedules of - ACCESS commitments commitments PRINCIPLES COMMITMENTS DISPUTE DISPUTE SETTLEMENT SETTLEMENT TRANSPARENCY I. TRADE POLICY REVIEWS TARIFFS CUTS:- Developed countries tariff cuts were for the most part phased in over five years from 1 January 1995. The result is a 40% cut in their tariffs on industrial products, from an average of 6.3% to 3.8%. The value of imported industrial products that receive duty-free treatment in developed countries will jump from 20% to 44%. There will also be fewer products charged high duty rates. The proportion of imports into developed countries from all sources facing tariffs rates of more than 15% will decline from 7% to 5%. The proportion of developing country exports facing tariffs above 15% in industrial countries will fall from 9% to 5%. On 26 March 1997, 40 countries accounting for more than 92% of world trade in information technology products, agreed to eliminate import duties and other charges on these products by 2000 (by 2005 in a handful of cases). As with other tariff commitments, each participating country is applying its commitments equally to exports from all WTO members (i.e. on a most favoured nation basis), even from members that did not make commitments. 21
  • 22. Developed countries increased the number of imports whose tariff rates are bound (committed and difficult to increase) from 78% of product lines to 99%. For developing countries, the increase was considerable:- from 21% to 73%. Economies in transition from central planning increased their bindings from 73% to 98%. This all means a substantially higher degree of market security for traders and investors. II. AGRICULTURE:- The original GATT did apply to agricultural trade, but it contained loopholes. For example, it allowed countries to use some non-tariff measures such as import quotas and to subsidize. Agricultural trade became highly distorted, especially with the use of export subsidies which would not normally have been allowed for industrial products. The Uruguay Round produced the first multilateral agreement dedicated to the sector. It was a significant first step towards order, fair competition and a less distorted sector. It was implemented over a six year period (and is still being implemented by developing countries under their 10-year period), that began in 1995. The Uruguay Round agreement included a commitment to continue the reform through new negotiations. These were launched in 2000, as required by the Agriculture Agreement. The objective of the Agriculture Agreement is to reform trade in the sector and to make policies more market-oriented. This would improve predictability and security for importing and exporting countries alike. The features of Agreement on Agriculture are:a. Market Access:- This includes tariffication, tariff reduction and access opportunities. Tariffication means that all non-tariff barriers such as quotas, variable levies, minimum import prices, discretionary licensing, state trading measures, voluntary restraint agreements, etc. need to be abolished and converted into an equivalent tariff. Ordinary tariffs including those resulting from their tariffication are to be reduced by an average of 36% with minimum rate of reduction of 15% for each tariff item over a 6 year period. Developing countries are required to reduce tariffs by 24% in 10 years. Developing countries as were maintaining Quantitative Restrictions 22
  • 23. due to balance of payment problems, were allowed to offer ceiling bindings instead of tariffication; b. Domestic Support:- For domestic support policies, subject to reduction commitments, the total support given in 1986-88, measured by the total Aggregate Measurement of Support (AMS) should be reduced by 20% in developed countries (13.3% in developing countries). Reduction commitments refer to total levels of support and not to individual commodities. Policies which amount to domestic support both under the product specific and non-product specific categories at less than 5% of the value of production for developed countries and less than 10% for developing countries are also excluded from any reduction commitments. Polices which have no or at most minimal trade distorting effects on production are excluded from any reduction commitments (Green Box). The list of exempted green box policies includes such policies which provide services or benefits to agriculture or the rural community, public stock holding for food security purposes, domestic food aid and certain de-coupled payments to producers including direct payments to production limiting programmes, provided certain conditions are met.; c. Export Subsidies:- The agreement contains provisions regarding members commitment to reduce Export Subsidies. Developed countries are required to reduce their export subsidy expenditure by 36% and volume by 21% in 6 years, in equal installment (from 1986-1990 levels). For developing countries the percentage cuts are 24% and 14% respectively in equal annual installment over 10 years. The agreement also specifies that for products not subject to export subsidy reduction commitments, no such subsidies can be granted in the future. The agreement does allow governments to support their rural economies, but preferably through policies that cause less distortion to trade. It also allows some flexibility in the way commitments are implemented. Developing countries do not have to cut their subsidies or lower their tariffs as much as developed countries, and they are given extra time to complete their obligations. Least-developed 23
  • 24. countries don‘t have to do this at all. Special provisions deal with the interests of countries that rely on imports for their food supplies, and the concerns of leastdeveloped economies. Peace provisions within the agreement aim to reduce the likelihood of disputes or challenges on agricultural subsidies over a period of nine years, until the end of 2003. III. SERVICES:- The General Agreement on Trade in Services (GATS) is the first and only set of multilateral rules governing international trade in services. Negotiated in the Uruguay Round, it was developed in response to the huge growth of the services economy over the past 30 years and the greater potential for trading services brought about by the communications revolution. The General Agreement on Trade in Services has three elements:a. the main text containing general obligations and disciplines; b. annexes dealing with rules for specific sectors; c. individual countries specific commitments to provide access to their markets, including indications of where countries are temporarily not applying the most favoured nation principle of non-discrimination. Prior to the Uruguay Round, services were considered to offer less potential for trade expansion than goods, thanks to existence of technical, institutional and regulatory barriers. However, the development of new transmission technologies facilitating the supply of services (e.g. satellite communication, electronic banking, tele-education), the opening of monopolies in many countries (e.g. voice telephony), and gradual liberalization of hitherto regulated sectors like transport, banking and insurance combined with changes in consumer preferences, enhanced the ―tradeability‖ of services. These developments increased international services flows and created a similar need for multilateral disciplines – as in the area of goods. Thus, the main purpose for the creation of the General Agreement on Trade in Services (GATS) was to create a credible and reliable system of international trade rules, which ensured fair and equitable treatment of all countries on the principles of non-discrimination. It aims at stimulating trade and development by seeking to create a predictable policy environment wherein the 24
  • 25. member countries voluntarily undertake to bind their policy regimes relating to trade in services. IMPORTANCE OF GATS:a. Economic performance:- Presence of an efficient services infrastructure is a precondition for economic success. Services such as tele-communications, banking, insurance and transport, supply strategically important inputs for all sectors, both in goods and services. b. Development:- Access to world class services help exporters and producers in developing countries to capitalize on their competitive strength, whatever goods and services they are selling. c. Consumer Choice:- There is strong evidence in many services, e.g:Telecom, that liberalization leads to lower prices, better quality and wider choice for consumers. d. Technology Transfer:- Services liberalization encourages, foreign direct investment (FDI). Such FDI generally brings with it new skills and technologies that spill over into the wider economy in various ways. The GATS covers all internationally traded services with two exceptions:a. services provided to the public in the exercise of governmental authority; b. in the air transport sector, traffic rights and all services directly related to the exercise of traffic rights . The WTO Secretariat has divided all services into the following 12 sectors:1. Business services (including professional and computer services), 2. Communication services, 3. Construction and Engineering services, 4. Distribution services (e.g. Commission agents, wholesale & retail trade and franchising), 5. Education services, 6. Environment services, 7. Finance (including insurance and banking) services, 8. Health services, 9. Tourism and Travel services, 25
  • 26. 10. Recreation, Cultural and Sporting Services, 11. Transportation Services, and 12. Other services not elsewhere classified. The GATS agreement covers four modes of supply for the delivery of services in cross-border trade:- MODE CRITERIA SUPPLIER PRESENCE MODE 1: Cross-border Services delivered within Service supplier not present supply the territory of the member, within the territory of the from the territory of another member member MODE 2: Consumption Service delivered outside Service supplier not present abroad the territory of the member, within the territory of the in the territory of another member member, to a service consumer of the member MODE 3: Commercial Service delivered within the Service supplier present presence territory of the member, within the territory of the through the commercial member presence of the supplier MODE 4: Presence of a Service delivered within the Service supplier present natural person territory of the member, within the territory of the with supplier present as a member natural person 26
  • 27. IV. INTELLUCTUAL PROPERTY:- The Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS) is an international agreement administered by the World Trade Organization (WTO) that sets down minimum standards for many forms of intellectual property (IP) regulation as applied to nationals of other WTO Members. It was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) in 1994. The TRIPS agreement introduced intellectual property law into the international trading system for the first time and remains the most comprehensive international agreement on intellectual property to date. In 2001, developing countries, concerned that developed countries were insisting on an overly narrow reading of TRIPS, initiated a round of talks that resulted in the Doha Declaration. The Doha declaration is a WTO statement that clarifies the scope of TRIPS, stating for example that TRIPS can and should be interpreted in light of the goal "to promote access to medicines for all". Specifically, TRIPS requires WTO members to provide copyright rights, covering content producers including performers, producers of sound recordings and broadcasting organizations; geographical indications, including appellations of origin; industrial designs; integrated circuit layout-designs; patents; undisclosed or procedures, remedies, new confidential and plant varieties; information. dispute trademarks; TRIPS resolution also trade specifies procedures. dress; and enforcement Protection and enforcement of all intellectual property rights shall meet the objectives to contribute to the promotion of technological innovation and to the transfer and dissemination of technology, to the mutual advantage of producers and users of technological knowledge and in a manner conducive to social and economic welfare, and to a balance of rights and obligations. The agreement covers five broad issues:a. how basic principles of the trading system and other international intellectual property agreements should be applied, b. how to give adequate protection to intellectual property rights, c. how countries should enforce those rights adequately in their own territories, 27
  • 28. d. how to settle disputes on intellectual property between members of the WTO, and e. special transitional arrangements during the period when the new system is being introduced. Intellectual property rights included in TRIPS are:1. Copyrights & related rights:- Copyright is a right given by the law to creators of literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. It is a bundle of rights including, inter-alia, rights of reproduction, communication to the public, adaptation and translation of the work. There could be slight variations in the composition of the rights depending on the work. 2. Trademark:- Trademark is a distinctive sign which identifies certain goods or services as those produced or provided by a specific person or enterprise. Its origin dates back to ancient times, when craftsmen reproduced their signatures or marks on their artistic or utilitarian products. Over the years these marks evolved into today's system of trademark registration and protection. The system helps consumers identify and purchase a product or service because its nature and quality, indicated by its unique trademark, meets their needs. A trademark provides protection to the owner of the mark by ensuring the exclusive right to use it to identify goods or services or to authorize another to use it in return for a payment. The period of protection varies, but a trademark can be renewed indefinitely beyond the time limit on payment of additional fees. Trademark protection is enforced by the courts, which in most systems have the authority to block trademark infringement. 3. Geographical Indications:- Geographical Indications of goods are defined as that aspect of intellectual property which refers to the geographical indication referring to a country or to a place situated therein as being the country or place of origin of that product. Typically, such a name conveys an assurance of quality and distinctiveness which is essentially attributable 28
  • 29. to the fact of its origin in that defined geographical locality, region or country. 4. Industrial Designs:- Industrial designs are an element of intellectual property. Industrial designs refer to creative activity, which result in the ornamental or formal appearance of a product. Design rights refer to a novel or original design that is accorded to the proprietor of a validly registered design. But it does not include any mode or principle or construction or anything which is in substance a mere mechanical device. 5. Patents:- A Patent is an exclusive right granted by a country to the inventor to make, use, manufacture and market the invention that satisfies the conditions of novelty, innovativeness and usefulness. Patents shall be granted for any inventions, whether products or processes, in all field of technology, provided they are new, involve an inventive step and are capable of industrial application. No discrimination in respect to place of invention. Exception available for diagnostic, therapeutic and surgical methods of treatment for humans or animals, as well as plants and animals and essentially biological processes for the production thereof. 6. Protection of undisclosed information:- A trade secret or undisclosed information is any information that has been intentionally treated as secret and is capable of commercial application with an economic interest. It protects information that confers a competitive advantage to those who possess such information, provided such information is not readily available with or discernible by the competitors. They include technical data, internal processes, methodologies, survey methods used by professional pollsters, recipes, a new invention for which a patent application has not yet been filed, list of customers, process of manufacture, techniques, formulae, drawings, training material, source code, etc. Trade secrets can be used to protect valuable know-how that gives an enterprise a competitive advantage over its competitors. 29
  • 30. V. ANTI-DUMPING AGREEMENT:- If a company exports a product at a price that is lower than the price it normally charges in its own home market, or sells at a price that does not meet its full cost of production, it is said to be "dumping" the product. It is a sub part of the various forms of price discrimination and is classified as third degree price discrimination. Opinions differ as to whether or not such practice constitutes unfair competition, but many governments take action against dumping to protect domestic industry. The WTO agreement does not pass judgment. Its focus is on how governments can or cannot react to dumping — it disciplines anti-dumping actions, and it is often called the "anti-dumping agreement". The legal definitions are more precise, but broadly speaking, the WTO agreement allows governments to act against dumping where there is genuine injury to the competing domestic industry. To do so, the government has to show that dumping is taking place, calculate the extent of dumping (how much lower the export price is compared to the exporter‘s home market price), and show that the dumping is causing injury or threatening to cause injury. There are many different ways of calculating whether a particular product is being dumped heavily or only lightly. The agreement narrows down the range of possible options. It provides three methods to calculate a product‘s ―normal value‖. The main one is based on the price in the exporter‘s domestic market. When this cannot be used, two alternatives are available - the price charged by the exporter in another country, or a calculation based on the combination of the exporter‘s production costs, other expenses and normal profit margins and the agreement also specifies how a fair comparison can be made between the export price and what would be a normal price. According to footnote 2 Anti-Dumping Agreement, domestic sales of the like product are sufficient to base normal value on if they account for 5 percent or more of the sales of the product under consideration to the importing country market. This is often called the 5 percent or home market viability test. This test is applied globally by comparing quantity sold of like product on the domestic market with quantity sold to importing market. Normal value cannot be based on the price in the exporter‘s domestic market when there are no domestic sales. For example, if 30
  • 31. the products are sold only for foreign market, the normal value will have to be determined on another basis. Besides, the products may be sold on both markets but the quantity sold on the domestic market is small compared to quantity sold on foreign market. This situation often happens in countries with small home market (Hong Kong, Singapore for example). Large market, however, may face the same situation while the like products are sold in significant on both markets, some types of products are sold in larger quantity on foreign market while other types are vice versa. This is because of differences in consumer tastes , maintenance, etc.. This leads to some exported types of products are sold in small quantities on the domestic market. Calculating the extent of dumping on a product is not enough. Anti-dumping measures can only be applied if the dumping is hurting the industry in the importing country. Therefore, a detailed investigation has to be conducted according to specified rules first. The investigation must evaluate all relevant economic factors that have a bearing on the state of the industry in question. If the investigation shows dumping is taking place and domestic industry is being hurt, the exporting company can undertake to raise its price to an agreed level in order to avoid anti-dumping import duty. Anti-dumping investigations are to end immediately in cases where the authorities determine that the margin of dumping is insignificantly small (defined as less than 2% of the export price of the product). Other conditions are also set. For example, the investigations also have to end if the volume of dumped imports is negligible (i.e. if the volume from one country is less than 3% of total imports of that product – although investigations can proceed if several countries, each supplying less than 3% of the imports, together account for 7% or more of total imports). The agreement says member countries must inform the Committee on Anti-Dumping Practices about all preliminary and final anti-dumping actions, promptly and in detail. They must also report on all investigations twice a year. When differences arise, members are encouraged to consult each other. They can also use the WTO‘s dispute settlement procedure. This agreement does two things:a) it disciplines the use of subsidies, and b) it regulates the actions countries can take to counter the effects of subsidies. 31
  • 32. The agreement defines two categories of subsidies:1. Prohibited Subsidies:- Subsidies that require recipients to meet certain export targets, or to use domestic goods instead of imported goods. They are prohibited because they are specifically designed to distort international trade, and are therefore likely to hurt other countries trade. They can be challenged in the WTO dispute settlement procedure where they are handled under an accelerated timetable. If the dispute settlement procedure confirms that the subsidy is prohibited, it must be withdrawn immediately. Otherwise, the complaining country can take counter measures. If domestic producers are hurt by imports of subsidized products, countervailing duty can be imposed. 2. Actionable Subsidies:- In this category the complaining country has to show that the subsidy has an adverse effect on its interests. Otherwise the subsidy is permitted. The agreement defines three types of damage they can cause. One country‘s subsidies can hurt a domestic industry in an importing country. They can hurt rival exporters from another country when the two compete in third markets. And domestic subsidies in one country can hurt exporters trying to compete in the subsidizing country‘s domestic market. If the Dispute Settlement Body rules that the subsidy does have an adverse effect, the subsidy must be withdrawn or its adverse effect must be removed. Again, if domestic producers are hurt by imports of subsidized products, countervailing duty can be imposed. A WTO member may restrict imports of a product temporarily (take ―safeguard‖ actions) if its domestic industry is injured or threatened with injury caused by a surge in imports. Here, the injury has to be serious. Safeguard measures were always available under GATT (Article 19). The WTO agreement broke new ground. It prohibits ―grey-area‖ measures, and it sets time limits (a ―sunset clause‖) on all safeguard actions. The agreement says members must not seek, take or maintain any voluntary export restraints, orderly marketing arrangements or any other similar measures on the export or the import side. The bilateral measures that were not modified to conform with the agreement were phased out 32
  • 33. at the end of 1998. Industries or companies may request safeguard action by their government. The WTO agreement sets out requirements for safeguard investigations by national authorities. The emphasis is on transparency and on following established rules and practices; avoiding arbitrary methods. The authorities conducting investigations have to announce publicly when hearings are to take place and provide other appropriate means for interested parties to present evidence. The evidence must include arguments on whether a measure is in the public interest. To some extent developing countries exports are shielded from safeguard actions. An importing country can only apply a safeguard measure to a product from a developing country if the developing country is supplying more than 3% of the imports of that product, or if developing country members with less than 3% import share collectively account for more than 9% of total imports of the product concerned. The WTO‘s Safeguards Committee oversees the operation of the agreement and is responsible for the surveillance of members commitments. Governments have to report each phase of a safeguard investigation and related decision making, and the committee reviews these reports. The committee monitors and reports annually to the Goods Council, on the general implementation of the agreement. A member affected by a safeguard measure may ask the committee to make a finding on whether the measure complies with the agreement‘s procedural requirements. At the request of members, the committee may assist consultations or review proposals for retaliatory action. It monitors the phase-out of the notified ―greyarea‖ measures, and reviews all safeguard notifications. 33
  • 34. CONCLUSION:The Uruguay Round and the establishment of the WTO changed the character of the trading system. The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. At its heart are the WTO agreements, negotiated and signed by the bulk of the world‘s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters and importers conduct their business. Its main aim is to – 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. The GATT was very much a market access oriented institution. Its function was to harness the dynamics of reciprocity for the global good. Negotiators could be left to follow mercantilist logic and the end result would be beneficial to all contracting parties. This dynamic worked less well for developing countries, where the burden of liberalization rested much more heavily on the shoulders of governments. Even if they wanted to, their scope to use the GATT was often limited because exporters had fewer incentives and were less powerful than in industrial countries. The reciprocal, negotiation driven dynamic also worked much less well for issues that were ―lumpy‖ and where the terms of the debate revolved around what rules to adopt, not around how much of a marginal change was appropriate. Once discussions center on rules, especially on disciplines for domestic policy and regulations, it is more difficult to define intra issue compromises that make economic sense. Cross issue linkage becomes necessary. WTO helped to cover up these loopholes. WTO‘s work and performance on agreements like anti-dumping agreement, GATS, TRIP, agriculture, etc. were explained earlier. Thus, WTO has worked on its founding and guiding principles of open borders, the guarantee of most favoured nation principle and nondiscriminatory treatment by and among members and a commitment to transparency in the conduct of its activities. 34
  • 35. MEMBERS OF WTO:Currently WTO has 159 members. The list is as follows:- MEMBER DATE OF JOINING MEMBER DATE OF JOINING ALBANIA 8 SEPTEMBER 2000 LITHUANIA 31 MAY 2001 ANGOLA 23 NOVEMBER LUXEMBERG 1 JANUARY 1995 1 JANUARY 1995 MACAO, CHINA 1 JANUARY 1995 1 JANUARY 1995 MADAGASCAR 17 NOVEMBER 1996 ANTIGUA & BARBUDA ARGENTINA 1995 ARMENIA 5 FEBRUARY 2003 MALAWI 31 MAY 1995 AUSTRALIA 1 JANUARY 1995 MALAYSIA 1 JANUARY 1995 AUSTRIA 1 JANUARY 1995 MALDIVES 31 MAY 1995 BAHRAIN 1 JANUARY 1995 MALI 31 MAY 1995 BANGLADESH 1 JANUARY 1995 MALTA 1 JANUARY 1995 BARBADOS 1 JANUARY 1995 MAURITANIA 31 MAY 1995 BELGIUM 1 JANUARY 1995 MAURITIUS 1 JANUARY 1995 BELIZE 1 JANUARY 1995 MEXICO 1 JANUARY 1995 BENIN 22 FEBRUARY 1996 MOLDOVA 26 JULY 2001 BOLIVIA 12 SEPTEMBER MONGOLIA 29 JANUARY 1997 1995 BOTSWANA 31 MAY 1995 MONTENEGRO 29 APRIL 2012 BRAZIL 1 JANUARY 1995 MOROCCO 1 JANUARY 1995 BRUNEI 1 JANUARY 1995 MOAZAMBIQUE 26 AUGUST 1995 BULGARIA 1 DECEMBER 1996 MYANMAR 1 JANUARY 1995 BURKINA FASO 3 JUNE 1995 NAMIBIA 1 JANUARY 1995 BURUNDI 23 JULY 1995 NEPAL 23 APRIL 2004 CAMBODIA 13 OCTOBER 2004 NETHERLANDS 1 JANUARY 1995 DARUSSALAM 35
  • 36. MEMBER DATE OF JOINING MEMBER DATE OF JOINING CAMEROON 13 DECEMBER 1995 NEW ZEALAND 1 JANUARY 1995 CANADA 1 JANUARY 1995 NICARAGUA 3 SEPTEMBER 1995 CAPE VERDE 23 JULY 2008 NIGER 13 DECEMBER 1996 NIGERIA 1 JANUARY 1995 CENTRAL 31 MAY 1995 AFRICAN REPUBLIC CHAD 19 OCTOBER 1996 NORWAY 1 JANUARY 1995 CHILE 1 JANUARY 1995 OMAN 9 NOVEMBER 2000 CHINA 11 DECEMBER 2001 PAKISTAN 1 JANUARY 1995 COLOMBIA 30 APRIL 1995 PANAMA 6 SEPTEMBER 1997 CONGO 27 MARCH 1995 PAPUA NEW 9 JUNE 1996 GUINEA COSTA RICA 1 JANUARY 1995 PARAGUAY 1 JANUARY 1995 COTE d‘LVOIRE 1 JANUARY 1995 PERU 1 JANUARY 1995 CROATIA 30 NOVEMBER PHILIPPINES 1 JANUARY 1995 2000 CUBA 20 APRIL 1995 POLAND 1 JULY 1995 CYPRUS 30 JULY 1995 PORTUGAL 1 JANUARY 1995 CZECH REPUBLIC 1 JANUARY 1995 QATAR 13 JANUARY 1996 DEMOCRATIC 1 JANUARY 1997 ROMANIA 1 JANUARY 1995 1 JANUARY 1995 RUSSIAN 22 AUGUST 2012 REPUBLIC OF CONGO DENMARK FEDERATION DJIBOUTI 31 MAY 1995 RWANDA 22 MAY 1996 DOMINICA 1 JANUARY 1995 SAINT KITTS & 21 FEBRUARY 1996 NEVIS - - - - 36
  • 37. MEMBER DATE OF JOINING MEMBER DATE OF JOINING DOMINICAN 9 MARCH 1995 SAINT LUCIA 1 JANUARY 1995 21 JANUARY 1996 SAINT VINCENT & 1 JANUARY 1995 REPUBLIC ECUADOR the GRENADINES EGYPT 30 JUNE 1995 SAMOA 10 MAY 2012 EL SALVADOR 7 MAY 1995 SAUDI ARABIA 11 DECEMBER 2005 ESTONIA 13 NOVEMBER SENEGAL 1 JANUARY 1995 1999 EUROPIAN UNION 1 JANUARY 1995 SIERRA LEONE 23 JULY 1995 FIJI 14 JANUARY 1996 SINGAPORE 1 JANUARY 1995 FINLAND 1 JANUARY 1995 SLOVAK 1 JANUARY 1995 REPUBLIC FRANCE 1 JANUARY 1995 SLOVENIA 30 JULY 1995 GABON 1 JANUARY 1995 SOLOMON 26 JULY 1996 ISLANDS The GAMBIA 23 OCTOBER 1996 SOUTH AFRICA 1 JANUARY 1995 GEORGIA 14 JUNE 2000 SPAIN 1 JANUARY 1995 GERMANY 1 JANUARY 1995 SRI LANKA 1 JANUARY 1995 GHANA 1 JANUARY 1995 SURINAME 1 JANUARY 1995 GREECE 1 JANUARY 1995 SWAZILAND 1 JANUARY 1995 GRENADA 22 FEBRUARY 1996 SWEDEN 1 JANUARY 1995 GUATEMALA 21 JULY 1995 SWITZERLAND 1 JULY 1995 GUINEA 25 OCTOBER 1995 CHINESE TAIPEI 1 JANUARY 2002 GUINEA-BISSAU 31 MAY 1995 TAJIKISTAN 2 MARCH 2013 GUYANA 1 JANUARY 1995 TANZANIA 1 JANUARY 1995 HAITI 30 JANUARY 1996 THAILAND 1 JANUARY 1995 LATVIA 10 FEBRUARY 1999 LIECHTENSEIN 1 SEPTEMBER 1995 LESOTHO 31 MAY 1995 - - 37
  • 38. MEMBER DATE OF JOINING MEMBER DATE OF JOINING HONDURAS 1 JANUARY 1995 THE FORMER 4 APRIL 2003 YUGOSLAV REPUBLIC OF MACEDONIA HONG KONG, 1 JANUARY 1995 TOGO 31 MAY 1995 HUNGARY 1 JANUARY 1995 TONGA 27 JULY 2007 ICELAND 1 JANUARY 1995 TRINIDAD & 1 MARCH 1995 CHINA TOBAGO INDIA 1 JANUARY 1995 TUNISIA 29 MARCH 1995 INDONESIA 1 JANUARY 1995 TURKEY 26 MARCH 1995 IRELAND 1 JANUARY 1995 UGANDA 1 JANUARY 1995 ISRAEL 21 APRIL 1995 UKRAINE 16 MAY 2008 ITALY 1 JANUARY 1995 UNITED ARAB 10 APRIL 1996 EMIRATES JAMAICA 9 MARCH 1995 UNITED KINGDOM 1 JANUARY 1995 JAPAN 1 JANUARY 1995 UNITED STATES of 1 JANUARY 1995 AMERICA JORDAN 11 APRIL 2000 URUGUAY 1 JANUARY 1995 KENYA 1 JANUARY 1995 VANUATA 24 AUGUST 2012 KOREA 1 JANUARY 1995 VENEZUELA 1 JANUARY 1995 KUWAIT 1 JANUARY 1995 VIETNAM 11 JANUARY 2007 KYRGYZ 20 DECEMBER 1998 ZAMBIA 1 JANUARY 1995 2 FEBRUARY 2013 ZIMBABWE 5 MARCH 1995 REPUBLIC LAO PEOPLE‘S DEMOCRATIC REPUBLIC 38
  • 39. LIST OF OBSERVERS:1. AFGHANISTAN 2. ALGERIA 3. ANDORRA 4. AZERBAIJAN 5. BAHAMAS 6. BELARUS 7. BHUTAN 8. BOSNIA & HERZEGOVINA 9. COMOROS 10. EQUATORIAL GUINEA 11. ETHIOPIA 12. VATICAN 13. IRAN 14. IRAQ 15. KAZAKHSTAN 16. LEBANESE REPUBLIC 17. LIBERIA 18. LIBYA 19. SAO TOME & PRINCIPE 20. SERBIA 21. SEYCHELLES 22. SUDAN 23. SYRIAN ARAB REPUBLIC 24. UZBEKISTAN 25. YEMEN 39
  • 40. MEMBERS MEMBERS, dually present with EU OBSERVERS NON-MEMBERS 40
  • 41. BIBLOGRAPHY:1. www.wto.org 2. www.commerce.nic.in 3. www.preservearticles.com 4. www.actionaid.org.uk 5. www.icai.org 6. www.en.wikipedia.org 7. INTERNATIONAL ECONOMICS, MISHRA & PURI 8. ECONOMICS of GLOBAL TRADE & FINANCE, KALKOTI & RAJALAKSHMY 41