3. OBJECTIVES OF WTO
Multilateral trade
To promote free trade by taking decisions on tariff
and non-tariff barriers.
To enhance the competitiveness among the
members so as to benefit the consumers.
To increase the productivity and production of the
world and enhance employment.
To utilise the world resource efficiently.
4. ADVANTAGES TO INDIA
The system helps promote peace.
Disputes are handled constructively.
Free trade cuts the cost of living.
Provide more choice of products and quality.
Trade raises income.
Stimulates economic growth.
5. WTO AND INDIA
India is one of the founder members of the WTO.
A sectoral shift from only agriculture to service sector.
Services accounted to almost 56% of country’s GDP in
2005-06,but only 26% contributed to employment in
India.
6. India now speaks as a strong force for many
developing countries.
Not only tariff cuts and quantitative restrictions now
it also covers the agriculture,service,patents,etc
7. DOHA ROUND
WTO members launched an ambitious program on
Agricultural,Non-Agricultural,Antidumping
duties,subcidies etc.
Keeping in concern for the developing countries the
decisions were delayed.
The negotiations have gone to a suspense mode.
8. BALI AGREEMENT
It talks about trade facilitation agreement, reducing
redtapes,non-tariff barriers etc.
It will enhance the total volume of global trade.
At present India is looking to back out.
But it some how hurts the image as seen by the
western countries.
Indian government is more concerned about the
domestic market and livelihood.