WTO AND INDIA

PRESENTED BY:Abhishek Bansal Chandni Chandok Anshum Garg Gaurav Jain

Introduction.
WTO was formed on 1st Jan, 1995. DIRECTOR GENERAL- PASCAL LAMY It took over GATT(general agreement on tariffs and trade). India is one of the founder member of WTO. WTO has 153 member nations representing 97% of worlds population. Headquarter is at centre William Rappard, Geneva , Switzerland

WHY GATT OVERTAKEN BY WTO:

THE MAIN FOCUS OF GATT WAS ON TRADES IN GOODS. LESS POWERFUL DISPUTE SETTLEMENT WAS SLOW AND INEFFICIENT NO PRE-DECIDED REGULAR TIME NOT TIME BOUND RESTRICTIONS

Features of WTO
It is an international organization to promote multilateral trade. It promotes free trade by removing tariff and non tariff barriers in international trade. It includes trade in goods, trade in services, protection of intellectual property rights, foreign investment, etc. It is not the member of united nations

Objectives
To implement the new world trade agreements To promote multilateral trade among many nations. To promote free trade by abolishing tariffs and non tariffs barriers. To expand and utilize world resources to the most optimum level. To improve standard of living of the global population. To speed up economic development.

Functions
Implementing WTO agreements and administering the international trade. Reviewing trade related economic policies of member countries Acting as forum of trade liberalization Cooperating with world bank and IMF and its associates for establishing coordination in global trade policy making. Settling trade relating disputes among member nations of its dispute settlement body(DSB).

Scope
Trade in goods. Trade Related Intellectual Rights. Trade Related Investment Measures. General Agreement On Trade In Services.

Agreements
1.Trade in Agriculture. 2.Trade in textile and Clothing 3.Trade related intellectual property rights (TRIPs) 4.Trade related investment measures (TRIMs) 5.General agreement in trade in services (GATS) 6.Disputes settlement 7.Agreement of export subsidies

Benefits for India

Increases in foreign trade

Increase in agriculture exports

Increase in inflow of foreign investment

CONTINUE
Improvement in services Benefits for clothing and textile industry Restricts dumping Promotion to research on patents

Effects of WTO in INDIA

Disadvantage to agriculture sector
reduction in subsidy Import of food grains

Loss to domestic industries

Patent of Indian herbs by foreign companies

Progress in India
Reduction in tariff and non-tariff barriers. Amendment in patent act Sui-generis system Copyright, trademark and industrial designs Geographically indications

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