Definitions [1]
Define Common Market.
A common market is established through trade pacts. A group formed by countries within a geographical area to promote duty-free trade and free movement of labour and capital among its members, e.g. European Common Market (ECM).
Key Points
Key Points: World Trade Organisation (WTO)
- WTO is the successor to GATT and governs international trade rules.
- Its primary goal is free, fair, and non-discriminatory global trade
- WTO works to reduce tariffs and remove trade barriers among nations.
- Special provisions exist to protect Less Developed Countries (LDCs).
- India is a member and has accepted WTO commitments affecting its economy.
- WTO membership has influenced India's sectors and social indicators.
- It functions through a multilateral conference structure involving all member countries.
