WTO

World Trade Organisation

WTO is the outcome of the continous negotiations under the General Agreement on Trade and Tariff (GATT). Since the inception in 1947 W.T.O. came into existence on 01-01-1995. Currently there are 149 member countries, India being the founder member of W.T.O.

Basic Principles of WTO

Non discrimination between member countries
Non discrimination within a country
Free Trade – Gradually through negotiation
Predictability – through binding tariff
Promoting fair competition

Key subjects handled by WTO

1) Agriculture
2) Sanitary & Phyto Sanitary measures
3) Technical barriers to trade
4) Agreement on Textiles and clothing
5) Anti – Dumping, safeguard and countervailing duties
6) Customer valuation
7) Rules of origin
8) Services
9) Trade – Related Intellectual Property Status (TRIPs)
10) Trade – Related investment Measures (TRIMs)
11) Dispute settlement
12) Labour
13) Transfer of Technology
14) Information and Technology Agreement

Withdrawal provision: Any country can withdraw from membership by giving six months notice.

INDIA’S TARIFF BINDING COMMITMENTS

100% For Primary products
150% For processed products
300% For Edible Oils