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Question
Discuss the role of WTO in India’s socio-economic development.
Short Note
Solution
WTO and India:
India is the founding member of the WTO. India favours a multilateral trade approach. It enjoys MFN status and allows the same status to all other trading partners. India benefited
from WTO on the following grounds:
- By reducing tariff rates on raw materials, components, and capital goods, it was able to import more for meeting its developmental requirements. India’s imports go on increasing.
- India gets market access in several countries without any bilateral trade agreements.
- Advanced technology has been obtained at a cheaper cost.
- India is in a better position to get quick redressal from trade disputes.
- The Indian exporters benefited from wider market information.
shaalaa.com
Meaning of World Trade Organization (WTO)
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