Influence of World Trade Organisation On Indian Economy

Commerce

The World Trade Organization (WTO) is a rule based multilateral trading organization which facilitates trade between nations. Its main function is to act as a forum for international cooperation on trade related policies and creation of codes of conduct for member governments. At its center are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The WTO provides a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all, thus supposedly contributing to economic growth and development. For a structure which provides for countries to conduct negotiations and formalize trade agreements; it does not specify or define outcomes. It seeks to globalize many countries and help them sharpen their competitive edge and seek benefit from advanced technologies from other nations. It has not only affected India’s international trade but also its internal economy. The purpose of the present paper is to examine the Impact of World Trade Organization on Foreign Trade in India. On January 1, 1995 when World Trade Organization (WTO) came into existence the entire economy of the world affects in respect of international trade because WTO framed the new global trade rules for international trade. This study is concerned with implications of the WTO with reference to India. How much trade has been increased by India after the implementation of the WTO. It concluded that trade of the India has not been increased up to the expectations that results in to low gaining of benefits from world trade.

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