The World Trade Organization : Roles And Impacts On India

1919 Words Jan 20th, 2015 8 Pages
The World Trade Organization: Roles and Impacts on India

The World Trade Organisation (WTO) has become central in the field of global governance. Since the global body was created in January 1995, it has expanded its operations into more than 140 sovereign states (Gupta, 2006). The body has been tasked with; the development of trade rules, governance structures to ensure that there is fair play between trading nations and to alleviate poverty in underdeveloped nations through implementation of policies. However, unintended consequences are common in field such as economy and India has experienced this by signing the WTO. Even though WTO plays an important role in India, it still has negative effects. Therefore, what can be done are expected suitable solutions to resolve non favourable impacts.

With command in over 140 sovereign states, the fundamental role played by the trade organisation is the progressive opening and regulation of markets. The primary mission of the organisation is to open markets gradually while ensuring that the rules and policies are respected (Gupta, 2006). Secondly, the World trade Origination acts as conductor and tribunal. The international trade is governed by rules and regulations developed by WTO member countries (Van den Bossche & Zdouc, 2013, p107). Therefore, members must apply these rules when engaging in trade activities between and amongst themselves. As a tribunal, the WTO settles disputes that arise from trading activities between its…
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