India Ratified Wto Agreement on Which Year
India Ratified WTO Agreement in Which Year: A Quick Overview
The World Trade Organization (WTO) is an international organization that regulates global trade between countries. India is one of the founding members of the WTO, which was established in 1995 to promote free and fair trade among nations. However, the process of ratifying the WTO agreement took India several years to complete.
India`s Journey towards WTO Membership
India became a member of the General Agreement on Tariffs and Trade (GATT) in 1948, which was the predecessor to the WTO. Since then, India has been an active participant in multilateral trade negotiations and has been a vocal advocate for developing countries` rights.
However, India`s journey towards full WTO membership was not without hurdles. After the establishment of the WTO in 1995, India initially resisted joining the organization, citing concerns about the impact of free trade on its domestic industry and agriculture. India`s hesitation to join the WTO was particularly notable as it was the only major developing country that was not a member of the organization.
India finally submitted its application for WTO membership in 1995. However, it took several years of negotiations and discussions before India finally ratified the WTO agreement in 1998, becoming one of the last major economies to join the organization.
Impact of India`s WTO Membership
India`s membership in the WTO has been transformative in many ways. It has opened up opportunities for Indian businesses to access new markets and has led to increased foreign investment in the country. The WTO membership has also helped India to liberalize its economy, reduce tariffs, and create a more business-friendly environment.
However, India`s participation in the WTO has not been without its challenges. The country has often clashed with developed countries over issues such as intellectual property rights, food security, and agricultural subsidies. India has also been a vocal advocate for developing countries` rights, pushing for measures that support the growth and development of these nations.
India`s ratification of the WTO agreement in 1998 was a landmark moment, marking the country`s full integration into the global trading system. Since then, India has emerged as one of the world`s most dynamic economies, with a rapidly growing middle class and a thriving business environment. While India`s participation in the WTO has not been without its challenges, there is no doubt that the organization has played a critical role in shaping India`s economic future.