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Objective:
Supervise and Liberalize International Trade.
Provides a framework for negotiating and formalizing trade agreements. Dispute resolution process aimed at enforcing participants' adherence to WTO
INTERESTS OF INDIA Accelerating integration with world economy (Globalization). Foster more rapid growth and poverty reduction. Expand access to World Markets. Voice in formulation of rules and Decision Making in the WTO. Guarding against the intrusion of non-traded matters in WTO.
BENEFITS TO INDIA Increase in Indias textile & clothing exports due to the phasing out of MFA (in 2005). The reduction in agricultural subsidies & barriers to export of agriculture products, agricultural exports from India also increased. Market access to a number of developing countries without trade discrimination increased.
Unaddressed Issues
In order not to discredit itself, globalization would have to squarely address sustainable development and poverty reduction . There must be an attempt to link the strategies of development to something more fundamental, the ends of economic and social development . The international trade rules are underpinned by an insufficient appreciation of the adverse impact of rapid liberalization, if it does not pay adequate attention to the need to reduce asset and income inequalities. Without substantial investment in the capacity to supply and, equally important, a guaranteed safety net against falling prices and import surges, sudden liberalization would expose the constituents to unbearable risk.
Areas related to Agriculture-Market Access, Domestic Support, export Competition, Trade Related Intellectual Property Rights .
40 to 50 % of support to the farmers in the form of Green Box subsidies. Developed countries allowed to retain 80% of their subsidies while developing countries can subsidize their farmers not more than 10%. Increasing dependency on imports for food grains could bring strain on external payment position of these countries.