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The Indian Economy Since 1991, 2nd Edition by B. A. Prakash

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16

World Trade Organization and Indian Economy

Archana S. Mathur

16.1 Introduction

India was one of the members of the General Agreement on Tariffs and Trade since 1948. India became one of the founding members of the World Trade Organization (WTO) since its inception in 1995, after signing of the Marrakesh Agreement. At present there are 153 members of the WTO. The aim is to participate in the WTO rule-based system, with greater stability, transparency and predictability in the governance of the international trade.

A number of agreements were signed with the objective to remove the trade distortions and promote free trade. Apart from the General Agreement on Tariffs and Trade 1995, 10 other agreements pertaining to trade in goods were signed. ...

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