THE WTO AND INDIA

From : The Hindu
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WTO and Indian economy

U. SANKAR

A lucid account of the developing countries' perspectives, negotiating options and strategies

THE WTO AND INDIA - Issues and Negotiating Strategies: Edited by Alokesh Barua and Robert M. Stern; Orient Blackswan Pvt. Ltd., 3-6-752, Himayatnagar, Hyderabad-500029. Price not stated.

The World Trade Organisation (WTO) was created on January 1, 1995 to promote world trade. The multilateral trade agreements include the General Agreement on Tariffs and Trade (GATT) 1994 and its related agreements; the General Agreement on Trade in Services (GATS); and the Trade-related Intellectual Property Rights (TRIPS). In addition to these agreements, Annexures 1 and 2 cover the dispute settlement mechanism and Annexure 3 the trade policy mechanism. A noteworthy feature is that these three Annexures are part of a “single undertaking” approach. The fundamental principles of the regime are: most favoured-nation (treating all countries equally); national treatment (treating foreigners and locals equally); and freer trade (reductions in tariffs and removal of non-tariff barriers).

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