India has signed two separate agreements with the USA and the EC. This brings to a satisfactory conclusion the Market Access Conciliations in textiles which had been in progress for sometime. These discussions were held with a view to facilitating trade in textile products between India and the USA and EC countries. At present, more than two - thirds of India's total textile exports go to these countries. These agreements which came into force from 31st Dec, 1994, prior to the establishment of the WTO, provide very significant additional market access in these two major markets (USA and EC) for Indian textile products. In particular, the agreements are expected to provide a fillip to handloom and powerloom production and exports which are of high priority because of their direct linkage with employment generation.
The WTO was established on 1st Jan, 1995.