Write a short note on WTO.
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In 1948, GATT (General Agreement on Trade and Tariff) was formed with 23 countries as the founder members to administer all multilateral trade agreements. WTO was formed as successor of GATT on 1 January, 1995. It aimed to establish a rule based trading regime which nations cannot place arbitrary restrictions on trade. India was a founder member. It has been in forefront in WTO. It has kept its commitment towards liberalisation of trade made in the WTO by removing quantitative restrictions on imports and reducing tariff rates.
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