GLOSSARY

• Agricultural product Defined for the coverage of the WTO’s Agriculture Agreement, by the agreement’s Annex 1. This excludes, for example, fish and forestry products. It also includes various degrees of processing for different commodities. • Amber Box Domestic support for agriculture that is considered to distort trade and therefore subject to reduction commitments. Technically […]

FUTURE OF WTO

In the face of unilateral tendencies, the rise of tariff & non-tariff trade barriers and protectionism, the principles of free trade & liberalism envisioned in GATT are seriously being challenged and the future of WTO is under threat. Policies such as America first, the ensuing US-China trade war, the withdrawal of GSP status meted out […]

MAJOR DISPUTES INVOLVING INDIA AT THE WTO

India is involved in a number of trade disputes at the WTO. US has challenged India’s export subsidy schemes like MEIS, citing that the country has crossed the US$ 1,000 GNI threshold for the third successive year and can no longer provide such subsidies. India’s subsidies for sectors like sugar, fisheries and solar panels as […]

MAJOR WTO AGREEMENTS & IMPLICATIONS FOR INDIA

India is governed by a number of major agreements like Agreement on Subsidies & Countervailing Measures, GATS, SPS, TRIPS, TRIMS, Agreement on Agriculture & Agreement on Textiles, as a member of the WTO. Agreement on subsidies and countervailing measures – SCM The SCM Agreement contains a definition of the term “subsidy”: a financial contribution by […]

MAJOR WTO MINISTERIAL CONFERENCES

The Ministerial Conference is attended by trade ministers and other senior officials of 164 member countries of the WTO. It is the trade forum’s highest decision making body, and under the Marrakesh Agreement, the Ministerial Conference has to meet every two years. The 12th Ministerial Conference will take place in Kazakhstan in June 2020. Singapore […]

GENESIS OF THE WTO

The imprints of trade and commerce began to be felt on the relations between nations and major economic phenomena began to have ripple effects on the international political landscape. In fact, gradually, among other things, deterioration of international trade & protectionism became one of the factors, which culminated into World War II. The turmoil that […]

HISTORY OF GLOBAL TRADE

The history of human civilisation owes its richness to trade and interactions with other cultures. The Indus Valley Civilization (one of the first human civilisations of the world) for instance, indulged in fostering long-distance trade in order to procure resources like gold, silver, pearls and tinted gems. Caravans of merchants travelled far and wide in […]

INDIA & the WTO

HISTORY OF GLOBAL TRADE The history of human civilisation is owes its richness to trade and interactions with other cultures. The Indus Valley Civilization (one of the first human civilisations of the world) for instance, indulged in fostering long-distance trade in order to procure resources like gold, silver, pearls and tinted gems. Caravans of merchants […]