World Trade Organisation

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Importance of WTO in India : : International Orgnisations in India

  • It was constituted on 1st January, 1995 and took the place of GATT ( General Agreement on Tariffs and Trade ) as an effective formal organization. GATT was an informal organization which regulated world trade since ( 1948 ).
  • Its head – quarter is at Geneva. Pascal Lamy is the present Director-General of WTO.
  • The present Membership of WTO is 153.
  • The highest authority of policy making is WTOs Ministerial Conference which is held after every two years.
Conference Year Place
First 1996 Singapore
Second 1998 Geneva
Third 1999 Seattle ( USA )
Fourth 2001 Doha ( Qatar )
Fifth 2003 Cancun (Mexico)
Six 2005 Hong Kong

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Functions of WTO in India

  • To provide facilities for implementation, administration and operation of multilateral and bilateral agreements of the world trade.
  • To provide a platform to member countries to decide future strategies related to trade and tariff.
  • To administer the rules and processes related to dispute settlement.

Asian Development Bank ( ADB ) India.

  • It was established in Dec 1966 on the recommendations of ECAFE ( Economic Commission for Asia and Far East ).
  • The aim of this bank is to accelerate economic and social development in Asia and Pacific region.
  • The head office of the bank is located in Manila, Philippines.
  • The ADB finances and gives technical assistance for development projects and programs; encourages public and private capital investment for development purposes and helps in coordinating development policies and plans of developing member-countries.

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