|
|
Introduction
: WTO
World
Trade Organisation (W.T.O) is the Global International
Organisation dealing with the rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.The
W.T.O agreements are negotiated and signed by most of the world's
Trading nations and ratified in their parliaments.
The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War.
The
rules of trade between nations were the outcome of the 1986-94 Uruguay
Round Negotiations which were revised later by General Agreement on
Tariffs and Trade (GATT). Principal rules for Trade in goods are
governed by GATT. Uruguay Round Negotiations amended several rules for
dealing with trade in services, trade policy, aspects of Intellectual
Property and Dispute Settlement.
World
Trade Organisation members through these agreement are bound to
operate a non-discriminatory Trading System. Also through these
agreements, each country receives guarantees that its exports will be
treated fairly and consistently in other countries market. World Trade
Organisation provides some flexibility to the developing countries in
implementing their commitments.
India
is also a signatory member of World Trade Organisation. As per the
Dispute Settlement Panel of World Trade Organisation in 1997,
India have to abolish the Quantitative Restrictions (QRs) with effect
from April 1, 2001. |
