WTO’s Bali Package- Indian Context


WTO, established on 1 January 1995 as a successor to the General Agreement on Trade and Tariffs (GATT), comprises of 160 members accounting for over 97% of the world trade. WTO is a trade regulatory body for the promotion of the world trade on fair and equitable basis. It recognizes the importance of equating the increase in living standards, full employment and expansion of demand, production, trade in goods and services with the optimal use of world’s resources for sustainable development. It also recognizes the need to secure for the developing countries, particularly the least developed, a growth in the share of international trade commensurate with the needs of their economic development. The Bali Package, first globally agreed trade agreement, has been designed to streamline the international trade, allow developing countries more options for providing food security, boost the trade of least developed countries and help development more generally. The trade agreement is great for Indian industry as it seeks to lower trade barriers and speed up the passage of goods.

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Categories: February 2014