This document is a project report submitted by Soumeet D. Sarkar to the University of Mumbai for their Master of Commerce program. The report provides a critical appraisal of the performance of the World Trade Organization. It includes sections on the introduction, WTO, agreements of WTO, and conclusion. Evaluators from the college have certified that the project is original work and has been accepted for assessment. Soumeet declares the work as their own and acknowledges the guidance of their project supervisor and college.

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

17. STRUCTURE OF WTO:-
17

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