Wto Agreements And Indian Economy

India has signed bilateral agreements with two neighbouring countries, Bhutan and Nepal, to give them preferential access. More limited agreements have been signed with Bangladesh, which grants India`s PSAP agreements with least developed countries, and with Myanmar. Commonwealth preferences will continue to be extended to Mauritius, Tonga and Seychelles. Since July 1991, India has taken important policy initiatives to become a major player in an increasingly interdependent global economy. Political reforms have provided a free and favourable trading environment and have included various measures that have helped to achieve the high growth rates of exports in recent years. The eighth plan recognized that for India, there was no choice between the market mechanism and planning, but that the challenge was to link them effectively, so that they complement each other. The government has implemented important reforms to give greater impetus to competition for Indian trade and industry. India`s active participation in the WTO has continued and the overall direction of its trade and investment reforms, launched in 1991 and highlighted in the last trade policy review in December 1993, has been maintained by successive governments. The WTO has 153 members, about two-thirds of whom are developing countries. Differences and specific treatment make it possible for developed countries to treat developing countries more favourably than other WTO members. Developing countries face a number of challenges in managing the trade regime.

They are: compliance with obligations under WTO agreements that require legal and administrative reforms; capacity building to raise concerns and compromises during the negotiations; adaptation and mitigation measures to mitigate the negative effects of globalization; and reducing the size of the political space due to global commitments. They are aware that they did not carry out the preparatory work during the negotiation phase. They hesitated with the GATS and the TRIPS agreement, but accepted them because all the agreements were a “one company.” In addition, they recognize that the process of globalization is biased (greater mobility of goods and capital and less labour mobility) and that most of the S-DT provisions are not mandatory. At the Doha Ministerial Conference (2001), efforts were made to integrate development issues into the new round of trade negotiations. (i) accelerate the country`s transition to a dynamic global economy in order to make the most of the expanding global market outlook; India attaches importance to its participation in regional agreements under multilateral rules.

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