India Transformed Part 1 — History STD 12 Commerce / Arts — Question
Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsHistoryIndia Transformed Part 14 Marks
Question
World Trade Organisation
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Answer
On 1st January 1995, 123 nations together founded an organisation with the objective of opening the world for free trade. It was called World Trade Organisation (WTO). It’s a global trade organisation and India is a member of it.
Arthur Dunkel, the Director-General of WTO, prepared a draft which has been fundamental to the establishment of the organisation. This draft is known as ‘Dunkel Draft’.
The crux of this draft emphasis on trade is free from governmental custom duty and other restrictions. This approach is known as ‘liberalisation’.
All participating countries agreed upon a set of rules and a premise common to all that would promote international trade.
Provisions were made in the spheres of grants, exports-imports, foreign investments, reserved sectors, agriculture, technology, and the service sector.
After becoming a member of WTO, India put a thrust on economic progress. The contribution of Prime Minister Narsimha Rao, Atal Bihar Vajpayee, and Manmohan Singh is very important in this aspect.
The report published in 2006 has made a special mention of the increasing economic growth rate of India.
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