To the needs of developing countries. The consequence is

To
present the context of the relationship of India with WTO it could be said that
India has been a founding member of the WTO when it was started long way back
in 1970 s and besides this fact India has always been in favour of multilateral
trading with the other countries of the world. In order to achieve the gains
from WTO the government of India has announced the Export-Import policy
1992-1997 to liberalize trade and boost domestic manufacturing sector. The
ministry of commerce of the Government of India expects that by WTO India would
benefit by creating 10 million additional jobs annually and India’s market
share in world exports would improve.

So what is actually WTO
and its relevant policies?

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

The World Trade Organization abbreviated as WTO is
an organization which is managed by the collaborative efforts of different
governments that regulates international trade. The WTO was officially
established on 1 January 1995 under the Marrakesh Agreement, signed by a
community of 123 nations on 15 April 1994. It is enumerated amongst the largest
international economic organization in the world and also WTO deals with
regulation of trade in goods, services and intellectual property between the
participating countries by providing them with a sound framework for
negotiating the trade agreements and a dispute resolution process aimed at
enforcing participants’ adherence to WTO agreements, which are signed by
representatives of the member governments and verified properly by their
parliaments. Most of the issues that the WTO focuses on derive from previous
trade negotiations, revolving around the Uruguay Round held from the span of
1986 to 1994.

The WTO has many roles
to perform under different circumstances. It operates a global system of trade
rules, it acts as a forum for negotiating trade agreements, it settles various
trade disputes between its members and it supports the needs of developing
countries. The consequence is that, the number of free trade agreements between
governments of the different nations from both the ends have increased
substantially. During July 2012, many negotiation groups in the WTO system for
the current agricultural trade negotiation which is in the condition of a halt
or no progress.  With the advent of
advanced technology, would be obtained at low cost and besides this because of
wide arrangement for resolving trade disputes under WTO, India would be in a
better position to get quick redressal of the trade disputes, if they exist.
The scope of creating more job would be expanded. The Indian exporters have
deficient market information, this can