World Trade Organization (WTO)
In 1995, the WTO was founded as a successor to the General Agreement on Trade and Tariff(GATT). GATT was founded in 1948 with 23 member countries. GATT was established with the aim of being a global trade organization to administer all multilateral trade agreements and to provide all the countries of the international markets with equal trading opportunities. WTO places rules in such a way that no nation can place any restrictions to trade from other countries. Apart from this it also aims to widen the trade of services and enlarge production. It also aims to ensure the optimal utilization of the resources available in this world and to protect the environment. WTO agreements cover both trade in goods and services in order to encourage and facilitate international trade by removing tariff and non tariff blockades and hence giving all the member countries a bigger market access.
India is an important member of the WTO and has been in the forefront by framing rules which are fair, by framing regulations and safeguarding the interests of the developing world. India has removed quantitative restrictions on imports and reduced tariff rates, thereby keeping her commitment to the WTO.
There are a set of scholars who are skeptical about the usefulness of India being a member of the WTO. They are so because a bigger volume of trade occurs in developed nations than in developing ones. They also feel that while the developing nations are forced to open their markets for the developed countries they do not have access to the market in the developed nations because developed nations always oppose subsidies given to agriculture.