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 (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.
