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WTO, India & Regionalism in World Trade (Hardcover)
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WTO, India & Regionalism in World Trade (Hardcover)
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The creation of World Trade Organization (WTO) in 1995 marked the
biggest reform of international trade since 1948. During those 47
years, international commerce was conducted under General Agreement
on Tariffs and Trade (GATT) which helped establish a prosperous
multilateral trading system. WTO is the only international body
dealing with the rules of trade between nations. At its heart are
the WTO agreements, the legal ground rules for international
commerce and for trade policy. The agreements have three main
objectives: (a) to help trade flow as freely as possible, (b) to
achieve further liberalisation gradually through negotiations and
(c) to set up an impartial means of settling disputes. A number of
simple, fundamental principles run throughout all the WTO
agreements. They are the foundation of the multilateral trading
system. They include: non-discrimination, freer trade, predictable
policies, encouragement to competition and extra provisions for
less developed countries. Regional Trade Agreements (RTAs) are an
integral part of Indias foreign trade policy, complementing the
multilateral trading system. Prior to economic reforms process
initiated in 1991, India had adopted a very cautious and guarded
approach to regionalism. Recognising that RTAs would continue to
feature prominently in world trade, India has lately engaged with
its trading partners/blocks with the intention of expanding its
export market. The present volume contains 8 well-researched papers
on Indias position in the context of WTO and regional trade
agreements. Authored by distinguished scholars in the field, these
papers provide deep insights into the complexities of Indias
commercial relations with the outside world.
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