Developing Countries in the World Trade in Agriculture: Bangladesh Perspective.

19109 Words Oct 25th, 2008 77 Pages
Developing Countries in the World Trade in Agriculture: Bangladesh Perspective.

1. Introduction.
Agriculture directly or indirectly, is the main source of livelihood of most of the people all over the world. It provides a considerable portion of the national GDP of all developing countries and for the poor countries it provides the main portion of GDP. However, the World Trade Organisation (WTO) is the key organisation for controlling the world trading system and of which agriculture is one of the key concerns. The WTO Agreement on Agriculture (AoA) is the sole instrument controlling the world trade in agriculture and agricultural products.

The object of the agreement is to “establish a fair and market-oriented
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Recognising that their relations in the field of trade and economic endeavour should be conducted with a view to raising standards of living, ensuring full employment and a large and steadily growing volume of real income and effective demand, developing the full use of the resources of the world and expanding the production and exchange of goods.
However, among all of the principles embodied in the said instrument some majors were, General Most-Favoured-Nation Treatment, National Treatment on Internal Taxation and Regulation, Freedom of Transit, Anti-dumping and Countervailing Duties, Valuation for Customs Purposes, Fees and Formalities connected with Importation and Exportation, Marks of Origin, Publication and Administration of Trade Regulations, General Elimination of Quantitative Restrictions, Restrictions to Safeguard, Exceptions to the Rule of Non-discrimination, Subsidies, Governmental Assistance to Economic Development, etc. These principles were the rules to regulate the international trade.

In addition, the GATT, 1947 had lack of a strong mechanism in case of any violation of the rules embodied here. There was no dispute settlement authority which would
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