Brief Snapshot on WTO. WTO GENESIS- Why WTO came into existence? Overview of WTO – its Principles & functions. Major Agreements Agreement on Agriculture Implication of AoA on World and on India Impact of WTO on other Indian Industry Impact of China’s entry into WTO on India
GENERAL AGREEMENT ON TARIFFS & TRADE (GATT) – Predecessor to WTO:
(which never came into being), came into existence in 1947
WTO oversees about 30 different agreements which have the status of international legal texts. Member countries must sign and ratify all WTO agreements on accession.
(a) exemption of export profit from income tax under section 80-HHC of Income Tax Act .
(b) subsidies on cost of freight on export shipments of certain products like fruits, vegetables etc.
LIKELY CONSEQUENCES OF TALKS BEING SUCCESSFUL: