Key Points
Key Points: World Trade Organisation
- WTO (1995) replaced GATT (1948) to create a rule‑based global trading system and reduce arbitrary trade barriers.
- Aims: expand trade in goods and services, ensure efficient resource use, and protect the environment.
- Promotes removal of tariffs and non‑tariff barriers and more market access for member countries.
- India has reduced tariffs and removed quantitative restrictions as per its commitments and argues for developing countries’ interests.
- Criticism: benefits mainly developed nations, and developing countries feel pressured to open markets while rich countries retain protections, especially in agriculture.
Concepts [17]
- Concept of Trade
- Advantages of International Trade
- Disadvantages of International Trade
- Problems of International Trade
- Difference Between Internal Trade and External Trade
- Export Trade
- Objectives of Export Trade
- Procedure of Export Trade
- Import Trade
- Objectives of Import Trade
- Purpose of Import Trade
- Procedure of Import Trade
- Documents Involved in International Trade Or Export Trade - Indent, Letter of Credit, Shipping Order, Shipping Bills and Mate's Receipt(DA/DP)
- Documents Involved in International Trade Or Export Trade - Bill of Lading, Certificate of Origin, Consular Invoice and Documentary Bill of Exchange(DA/DP)
- Documents Involved in Import Trade Such
- World Trade Organisation (WTO)
- Objectives of World Trade Organization (WTO)
