The benefit of being a member of the WTO is limited for countries like India. Why?
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The benefits of being a member of the WTO is limited for developing countries like India because:
- Major volume of international trade occurs between the developed countries. Thus, the benefit to developing nations is limited.
- The developing economies are forced to open up their markets for the developed countries but not allowed access to the markets of the developed countries.
- Many developing countries exports continue to face significant barriers in rich country markets. Often the products in which developing countries are competitive are the ones that confront protection.
- While liberalisation in trade of manufactured goods has seen rapid progress, industrialised countries have resisted demand to open markets for agricultural goods which developing nations export.
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