Wto and India - 8311 Words

Introduction Trade agreements on the basis of reciprocity are instruments used by governments to achieve trade liberalization. The reciprocal exchange of market access rights which occurs through such agreements amounts to an international exchange of domestic political support between governments that helps policymakers to overcome the protectionist bias of uncoordinated trade policies. In order to protect the negotiated balance of rights and obligations from eroding -e.g., by trade restrictions which one government may introduce in violation of the trade agreement in order to enhance its political support from import-competing interests - trade agreements usually include dispute settlement mechanisms based on diplomatic and/or†¦show more content†¦These points of contention have hindered any progress to launch new WTO negotiation(s) beyond the Doha Development Round. As a result of this impasse, there has been an increasing amount of bilateral free trade agreements. WTOs current Direct or-General is Pascal Lamy, who leads a staff of over 600 people in Geneva, Switzerland. The WTOs predecessor, the General Agreement on Tariffs and Trade (GATT), was established after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation — notably the Bretton Woods institutions known as the World Bank and the International Monetary Fund. A comparable international institution for trade, named the International Trade Organization was successfully negotiated. The ITO was to be a United Nations specialized agency and would address not only trade barriers but other issues indirectly related to trade, including employment, investment, restrictive business practices, and commodity agreements. But the ITO treaty was not approved by the U.S. and a few other signatoriesShow MoreRelatedA Company Who Supply The Aerospace Industry With Components For Aero Structures Essay1393 Words   |  6 Pagessupply the aerospace industry with components for aero structures, aero engines and other primary functions, our customer base is for both civil and defence applications. We as a group company have production facilities both in the United Kingdom and India and our supply is worldwide. Because of the nature of our business all aspects of customs regulations and procedures are in one way or another applicable and can have a bearing on the end cost of a product and the likely outcome of supply. Import dutiesRead MoreUnderstanding The World Trade Organization1165 Words   |  5 PagesThere are many different ways of understanding the world trade organisation (WTO). 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Since World War II, barriers to international trade have been considerably lowered through international agreements  Ã¢â‚¬â€ GATT. Particular initiatives carried out as a result of GATT and the  World Trade Organization  (WTO), for which GATT is the foundation, have included: Promotion of free trade: elimination of  tariffs; creation of  free trade zones  with small or no tariffs Negative effects of Globalization Globalization has been one of the most hotly debated topicsRead MoreIndia s Pharmaceutical Industry : International Trade Limits On Account Of Their Abuse Of Intellectual Property Rights858 Words   |  4 PagesIndia s pharmaceutical industry was facing various international trade limits on account of their abuse of intellectual property rights. The Indian organizations used to copy licenses of drugs made by Western nations and Japan with no obligation to property rights. This would dishearten international investors from taking interest in India s drug industry. India was useful for making nonexclusive, brand drugs in light of the fact that the licenses for those drugs at that point had already lapsedRead MoreIndia s Pharmaceutical Industry : India856 Words   |  4 PagesYears ago, India s pharmaceutical industry was experiencing a number of international trade limits because of their abuse of intellectual property rights. The Indian organizations used to duplicate patents of dru gs made by Western nations and Japan with no obligation to property rights. This would discourage international investors from participating in India s drug industry. India was useful for making generic brand drugs in light of the fact that the patents for those drugs at that point hadRead MoreGlobalization Is An Ongoing Process, And The Process Of Globalization1666 Words   |  7 Pagesincluding reduction of custom charges, allowing foreign investors to invest in India, opening of service sector to foreign capital to foreign investments and full convertibility of the Indian rupee was allowed. So India now was open to all sorts of foreign investments and became integrated with the outer world in terms of technology, production, capital and other fields of economy. Economic Impact of Globalization in India: Globalisation had profound influence on the Indian economy. There were multilateralRead MoreRise of Indias Drug Industry860 Words   |  4 Pagesinvesting into India’s drug industry. India was only good for making generic brand drugs because the patents for those drugs were already expired. However, the situation has changed dramatically in recent years due to the rising demand for international trade. Especially, with the induction of India into WTO in 2005, there came the appreciation and protection for property rights. India stopped making those counterfeit drugs. The fact that India is a member of WTO has eased the path for foreign investors