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English Essay/Paragraph/Speech on “World Trade Organization” for Kids and Students for Class 8, 9, 10, Class 12 and Graduation Examination

World Trade Organization

 

The World Trade Organization (WTO) came into being on January 1, 1995. The new body has replaced GATT and will prove more powerful than it. It will settle disputes among the 85 member nations. World Bank, International Monetary Fund and WTO have now become the three economic pillars of the world wide dimensions.

The WTO will cover more areas than the GATT. The WTO authorities in Geneva claim that the world income is expected to rise by over $ 500 billion annually by the year 2005. The annual global trade will also grow to the extent of 25 per cent by the same year. It has been decided that GATT and WTO should continue side by side for a year. The present Secretary General of GATT will remain in office till his successor takes over.

The WTO will be a watchdog of international trade. It would examine the trade regimes of individual members and can intervene in world trade. It will provide rulings in the event of trade disputes and will treat all the trading partners on equal footing. It would serve as management counselor for world trade. Its economists will keep a close watch on the pulse of the global economy. It will provide studies on the main and current trade issues. It will also assist the developing countries in the implementation of the Uruguay Round results through a newly established Development Division and a strengthened Technical Co-operation and Training Division. WTO will also serve as the forum for the countries to continuously negotiate exchanges of trade concessions to further lower trade barriers all over the world. The negotiations will continue in several areas including Services Sector.

WTO would bring the commercial activities like trade in services, intellectual property taxation, and investment in multilateral trading system. It is a full-fledged international organisation. It administers a unified package of agreements to which all members are committed. It emphasizes non-discrimination and equal treatment for imports and domestic goods in the internal market. It has framed new rules and has no place for protective barriers.

The Union Cabinet of India endorsed the WTO treaty in its meeting. Thereby, India has become the founder member of the WTO. Two Ordinances were promulgated on the night of December 31, 1994 to pave the way for the country to join the WTO. They were signed by the President of India. They made significant changes in the Indian Patents Act and the Customs Tariff Act.

The Indian Government has been empowered to levy anti-dumping duty and countervailing duty with retrospective effect under critical circumstances. Such duties once levied would be in force for five years unless they are reviewed. The amendment to Patent Act seeks to protect the interests of Indian consumers and inventors who may also be manufacturers. It also aims at putting the Indian industry on a stronger position. Under the present situation, Indians would be able to get patents in the field of agriculture, chemicals and pharmaceuticals.

The Opposition members called the Ordinance as a huge fraud on Parliament because it would cripple the indigenous technology and the farmers would be adversely affected. Most of the governments may not comply with the new rulings of WTO. Then it might soon become defunct. The WTO’s anti-dumping provisions might become disguised protectionism. The regional agreements to liberalise trade will act as hurdles to the proper growth of the WTO. China was denied the membership of the new world body. It would endanger India’s sovereignty. It would augment the farmers’ problems who would get patent seeds at exorbitant rates. India would be able to reap the profit only after a decade.

But these fears and allegations are unfounded. We should be optimistic in our approach.

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