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Agreements Of Wto Upsc

By Zach Arnold | September 10, 2021

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Free trade agreements distort the global market and must therefore be contained by providing a fairer level playing field for nations in WTO agreements. Network paper 2: ir-| Bilateral, regional and global groups and agreements that involve India and/or affect India`s interests Few other multilateral for a deal with global trade issues. Although UNCTAD deals with issues relating to world trade, its work is generally consultative and not binding on nations, as in the case of WTO agreements While GATT dealt mainly with trade in goods, the WTO and its agreements were able to cover not only goods, but also trade in services and other intellectual property rights such as trade creations, designs and inventions. The World Trade Organization (WTO) is the only international organization dealing with the rules of trade between nations. The focus is on WTO agreements, negotiated and signed by the majority of the world`s trading nations and ratified by their parliaments. We can look at the WTO in different ways. As it happens, the WTO is an organization responsible for trade liberalization. It is a forum to negotiate trade agreements for different governments. It is a place where commercial disputes are settled. It manages a system of trade rules.

The WTO has been instrumental in the success of globalization with its various agreements such as TRIPS, TRIMS, GATS, etc., which have struck a balance between the interests of developing and industrialized countries. India has been one of the main beneficiaries of globalization in terms of economic growth, employment, poverty, living standards, etc. The expansion of globalization will open up new markets for India and further stimulate investment and employment opportunities Due to the many agreements signed within the framework of the WTO, this will have many repercussions on the Indian economy. The main trade agreements concluded within the framework of the WTO are: – Agreement on Agriculture (AoA), TRIPS Agreement (Trade Aspects of Intellectual Property Rights), Agreement on the Application of Sanitary and Phytosanitary Measures (SPS), Agreement on Technical Barriers to Trade (TBT), Agreement on Trade-Related Investment Measures (TRIMS), General Agreement on Trade in Services (GATS), etc. There are more than 60 agreements that are controlled by the WTO. Any country that has access to the WTO must sign and ratify all WTO agreements. .

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