Wto and India

The theory of Public Goods and Prisoner’s Dilemma games have been used on numerous occasions to characterize bargaining situations in the International Political Economy. The Prisoners Dilemma is an abstract game model that is often used to depict the difficulties that governments face when trying to cooperate in the global economy. Unfortunately, within International Trade, there are aspects that may take the form of the prisoner’s dilemmas than public goods. Public goods are also called collective goods. These are goods that cannot practically be withheld from one consumer without withholding them from all. In the Prisoner’s Dilemma model, only one prisoner, or state can go free. This situation can only happen at the expense of the others. A country can liberalize, by opening its market to for another country to export. A country can protect itself by using tariffs to keep the other countries products out of its domestic market. The prisoner’s dilemma outcome of protect and liberalize are more preferred than to liberalize and liberalize because the initiator gains from the tariffs, while their trading partner benefits from being able to access from that country. The theory highlights that when each country pursue their own self- interest, then the outcomes are worse than if they had of cooperated with another country. Although, it does show that cooperation is not always in one’s best interests. Pareto optimal is where there is no single actor or state that is better off

Institutions encourage cooperation by creating interstate trade rules. Without a world government, states must self-enforce international agreements and punish others who violate them. Yet, states cannot enforce agreements or punish violators if they cannot agree on what constitutes a violation. Such ambiguity fosters conflict. Trade rules eliminate this ambiguity because they measure whether nations violated trade agreements. By identifying violations, trade rules thus prevent states from reciprocating punishment for misperceived transgressions (Frieden, Lake, and Schultz 2016). The World Trade Organization (WTO) provides such rules. Striving to promote market liberalization, the WTO requires members to implement non-discriminatory measures like Most-Favored Nation (MFN) and national treatment. MFN obliges members to give equal market access to all other members

The World Trade Organization (WTO) is an international organization whom oversees international trade. The WTO was created in January of 1995. "WTO deals with the rules of trade between nations at a near-global level; it is responsible for negotiating and implementing new trade agreements, and is in charge of policing member countries' adherence to all the WTO agreements, signed by the majority of the world's trading nations and ratified in their parliaments" (http://2012books.lardbucket.org/books/global-strategy/s13-02-regulation-of-international-tr.html). The WTO has 153 members, representing more than 95% of total world trade. The WTO is governed by a Ministerial Conference, headquartered in Switzerland. They implement the conference's policy decisions and is responsible for day-to-day administration. There role is to oversee nondiscrimination, reciprocity, binding commitment, transparency, and the safety between it's member

The World Trade Organization was developed in 1995 out of what was known as the Uruguay Round. Although GATT set rules they mostly dealt with issues just involving simple trade of goods and the distribution of tariffs. The WTO has a broader job than the GATT; “…it oversees multilateral agreements relating not just to good, but also to services, investment and intellectual property.” (Douglas Irwin, 186) The World Trade Organization is an independent organization and decisions are made out of consensus of the member countries involved, not from the World Trade Organization itself. When a country complains about another country and the way they run things that could affect their home country, the WTO must make a decision on what must be done. Once a ruling has been made the losing country must implement one of three strategies:

World Trade Organization ( WTO Eng . World Trade Organization (WTO) - an international organization founded January 1, 1995 for the purpose of international trade liberalization and regulation of trade and political relations between the Member States. WTO established under the General Agreement on Tariffs and Trade (GATT) .WTO is responsible for the introduction of new parts as well as enforces the members of the organization of all agreements signed by most countries and ratified by their parliaments. WTO bases its activities on the basis of decisions taken in the years 1986-1994 in the framework of the Uruguay Round and earlier GATT agreements. As of July 2012 , there are different groups of negotiations in the WTO system to address current issues in terms of agriculture, which leads to stagnation in the negotiations themselves .WTO headquarters is in Geneva , Switzerland. WTO chief ( CEO ) - Roberto Carvalho de Azevedo , in the state of the organization about 640 people. On March 2, 2013 the WTO consisted of 159 countries .

Indeed, it has established the normative legal framework for multilateral trade in the four corners of the globe. As Matsushita notes ‘The WTO is the first international organization to bring about the rule of law in international trade in large scale backed up by the effective dispute settlement mechanism’. The over 300 hundred decision by the dispute settlement mechanism on various cases establishes an important corpus of legal precedent that serves as a frame of reference for the negotiation of Bilateral and Regional Trade Agreements. As a result, the fundamental principles underlying the WTO agreements, such as the MFN and National Treatment (NT) are here to stay and will continue to influence all future trade agreements. Hence, it can be agreed that the WTO has instituted the value system of free trade worldwide, such that the majority of the globe believes in trade liberalization and is willing to open up their economies to participate in free trade. Moreover, by creating a common trade language that almost every country understands, it has only made trading that much easier to negotiate. The existing agreements also provide a solid foundation for countries to build upon when drafting their own trade agreements, whether it is for free trade or preferential

The World Trade Organization was formed on January 1, 1995 however; its trade system is almost 50 years older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided the rules for the system. The main purpose for the World Trade Organization is to offer a forum for negotiation of trade between member Governments. The bulk of these agreements came from the 1986-1994 Uruguay Round negotiations, as well as from the GATT. Currently, the WTO is host to a new set of negotiations under the “Doha Development Agenda” launched in 2001. At the center of the WTO, are the agreements reached between the majorities of the world’s trading nations. These documents provide legal guidelines (and rules) for international commerce and general business. These agreements are ultimately viewed as contracts, binding the participating governments to keeping their trade policies within agreed limits. The system’s overriding purpose is to help trade flow freely for the economic development and well being of participating governments and their countries.

The WTO, World Trade Organization, was founded in 1995 and its headquarters are in Geneva, Switzerland. The WTO boasts 155 member countries and its purpose is to deal with the rules of trade between nations (The IMF and the World Trade Organization).

On May 19,1948, the General Agreement on Tariffs and Trade or GATT was created. This was not an international organization but an inter-governmental treaty. This provided the framework for the conduct of international trade. But this expanded and grew yearly and in April 1994, in the Uruguay Round of Multilateral Trade Negotiations expanded on the GATT and created the World Trade Organization or WTO.

In the 1940’s several organizations were created to help manage and regulate the global market place: The General Agreement on Tariffs and Trade (GATT); later the World Trade Organization (WTO); International Monetary Fund (IMF); and the World Bank.

The World Trade Organization (or “WTO”) is a multi-national cooperative organization that provides a forum in which to discuss international trade. Member-nations agree to abide by rules decided through the WTO, and in return are allowed to vote on changes to those rules,

Trade agreements can either be bilateral, regional or multilateral. No matter how they are they are intended to lower or remove trade barriers between the participants. Lowering trade barriers among each other increases the degree of economic integration between the participants. Trade agreements that increase the access of each member’s market are supported by sectors that export their products but are opposed by sectors that face competition from imports

Trade is generally known as the buying and selling of goods from one person to another, “international trade would involve at minimum two countries and can go up to however many want to participate in the trade”1 and have something to offer that the there corresponding countries are willing to accept. Trade involves a lot of protection backed by the governments of the countries trading; hence, there are a number of common arguments in favor of protection. These may help certain groups within a country, or even may help a nation achieve some overall goal entirely. When it comes to trade there are numerous arguments put forward, some of which I will be discussing in this paper such as government

The United States has formally maintained diplomatic relations with the European community since 1947 when the US and many European states were founding signers of the General Agreement on Tariffs and Trade (GATT). The agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes. The WTO replaced GATT as the organization overseeing the multilateral trading system in 1994, and now consists of 144 member states.

     The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business. The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War. The World Trade Organization exists to ensure that trade between nations flows as smoothly, predictably and freely as possible. It provides and regulates the legal issues which governs world trade now .