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World Trade Organization

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World Trade Organization

  1. 2. What Is International Trade? <ul><li>Exchange of capital goods and services across international boundaries or territories </li></ul><ul><li>In most countries it represents a significant share of GDP </li></ul>
  2. 3. Why International Trade? <ul><li>Diverse Economic Resources </li></ul><ul><li>Differences In Productive Resources </li></ul><ul><li>Difference in cost: Absolute and comparative </li></ul><ul><li>Important for Countries’ well being </li></ul><ul><li>Importance for citizen </li></ul>
  3. 4. What do you know? <ul><li>WTO Formation? </li></ul><ul><li>No. of Members </li></ul><ul><li>Latest member </li></ul><ul><li>General Secretary </li></ul><ul><li>Head Quarters </li></ul><ul><li>Indian Head Quarters </li></ul><ul><li>Last Summit </li></ul><ul><li>India’s representative to WTO </li></ul>
  4. 6. WTO <ul><li>Why WTO was formed? – The History </li></ul><ul><li>Problems with GATT </li></ul><ul><li>Principles of WTO </li></ul><ul><li>Functions of WTO </li></ul><ul><li>Organizational Structure of WTO </li></ul><ul><li>WTO and India </li></ul>
  5. 7. History <ul><li>GATT formed in 1947 </li></ul><ul><li>Focus on multilateralism </li></ul><ul><li>Uruguay Round </li></ul><ul><li>Final Act of 1994 </li></ul><ul><li>WTO incepted on 1st Jan, 1995 </li></ul>
  6. 8. Problems with GATT <ul><li>Failed to liberalize trade in agricultural products. </li></ul><ul><li>Experienced partial success in regulating trade practices </li></ul><ul><li>Steady erosion of MFN principle by the EC. </li></ul><ul><li>Only a gentlemen's agreement with no teeth, no enforcement power. </li></ul>
  7. 9. What is WTO <ul><li>“WTO is an International body designed to play the role of a watchdog in spheres of trade in Goods, services foreign investments, IPR etc.” </li></ul>
  8. 10. Principles <ul><li>To help trade flow as freely as possible </li></ul><ul><li>To achieve further liberalization gradually through negotiation </li></ul><ul><li>To set up an impartial means of settling disputes </li></ul>
  9. 11. Functions <ul><li>Administering the WTO trade agreements </li></ul><ul><li>Forum for trade negotiations </li></ul><ul><li>Administering the mechanism for settling trade disputes among members </li></ul><ul><li>Monitoring national trade policies </li></ul><ul><li>Assisting developing countries with training and technical assistance </li></ul><ul><li>Cooperation with other Internationals organizations. </li></ul>
  10. 12. Organizational Structure <ul><li>Level 1: Ministerial Conference </li></ul><ul><li>Level 2: General Council </li></ul><ul><li>Level 3: Goods, Service and intellectual property council </li></ul><ul><li>All Members participate in all committees (Except Dispute settlement and Textiles monitoring body) </li></ul>
  12. 14. India and WTO <ul><li>Contribution of 0.747% to WTO’s Budget ’08 </li></ul><ul><li>68% contribution to world’s total manufacture exports in 2006 </li></ul>
  13. 15. India’s Commitments To WTO <ul><li>Tariff Lines </li></ul><ul><li>Quantitative Restrictions (QRs) </li></ul>
  14. 16. Tariff Lines “ It is when a country ‘binds’ a tariff rate by committing that it will not raise tariff on that product beyond the ‘bound’ level.”
  15. 17. Tariff Lines <ul><li>73.8% of Indian Tariff lines are bound </li></ul><ul><li>36.2% for non agro goods </li></ul>
  16. 18. Quantitative Restrictions : <ul><li>It is the restrictions imposed by WTO on the quantities that a country can import or export. Such restrictions are also imposed on India but looking at the fast growing economy of India WTO has removed this restrictions from a number of items like the Quantitative restriction on 714 items was removed in Exim Policy on 31st March 2000 and again the Quantitative restriction on 715 items was removed on 31st March 2001. </li></ul>
  17. 19. Quantitative Restrictions <ul><li>QRs on 714 items removed in Exim Policy on 31 st March 2000 </li></ul><ul><li>QRs on 715 items removed on 31 st March 2001 </li></ul>
  18. 20. Benefits to India <ul><li>Benefits from Phasing out of MFA (Multi Fiber Arrangements) </li></ul><ul><li>Expansion in trade </li></ul><ul><li>Improved prospects for Agro exports </li></ul>
  19. 21. Thank You !!! <ul><li>Presented By Group 5 </li></ul><ul><ul><ul><li>Ashish Khera </li></ul></ul></ul><ul><ul><ul><li>Jasmine Framjee </li></ul></ul></ul><ul><ul><ul><li>Manish Baradia </li></ul></ul></ul><ul><ul><ul><li>Nidhi Goyal </li></ul></ul></ul><ul><ul><ul><li>Pallavi Khanna </li></ul></ul></ul><ul><ul><ul><li>Pradeep Singh </li></ul></ul></ul><ul><ul><ul><li>Shreshtha </li></ul></ul></ul><ul><ul><ul><li>Varun Khurana </li></ul></ul></ul>