TOPIC- IMPACT OF WTO ON INDIAN ECONOMY FOR THE PAST 10 YEARS.
NAME - NITESH SHUKLA DIV - C ROLL.NO -324332
INTRODUCTION WTO is basically an internationally recognized global organization which clearly defines the role of trade between the nations and to avoid conflict over it. The primary goal of WTO is to help various intermediaries conduct their business. It also aims to improve the welfare of the people of the member countries.
CONCEPTS:
* WTO is basically a place where trade problems are sorted out with each other which the countries face as a whole and also with each other. * The rules or better say agreements which are made in WTO are scrutinized and negotiated by the bulk of the world’s trading nations before being passed. * WTO not just supports carrying out trade in a peaceful way but also supports maintaining of trade barriers. Ex: protecting consumers and nation as a whole. * WTO works upon the rules framed with the participation of all the member countries with the prime focus on settlement of disputes. * WTO has a characteristic feature of ‘member-driven’ wherein decision is taken by consensus among all the members representing their own nation.
Role of WTO in Indian economy:-
Positive Role: * The basic role of WTO is mainly to deal with major aspect of India’s foreign trade and also influence and strengthen its internal economy. * It also aimed at increase of export earnings which basically has aspect of increase in products and service
