The Genesis

Food Standard and Quality Control

Lesson 31: World Trade Organization

The Genesis

The General Agreement on Trade and Tariff (GATT) came into existence in 1947 .It sought substantial reduction in tariff and other barriers to trade with elimination of discriminatory treatment in international commerce. India is signatory to GATT 1947 along with twenty two other countries. Eight rounds of negotiations had taken place during five decades of its existence.

WTO came into existence in the year 1995 with the conclusion of Uruguay Round Multilateral Trade Negotiations at Marrakesh on 15th April 1994, to facilitate:

  • Transparent, free and rule-based trading system
  • Provide common institutional framework for conduct of trade relations among members
  • Facilitate the implementation, administration and operation of Multilateral Trade Agreements
  • Rules and Procedures Governing Dispute Settlement
  • Trade Policy Review Mechanism
  • Concern for LDCs and NFIDCs
  • Concern on Non-trade issues such as Food Security, environment, health, etc.
Last modified: Friday, 24 February 2012, 6:23 AM