INDIA'S Journey to THIRD GDP Nation on VISION : Story Extract - 8 : India's Membership in the WTO and its Evolving Stance

India's Membership in the WTO and its Evolving Stance ::-


With the establishment of the WTO in 1995, India has undergone a significant transformation from an environmentally protected economy to one that participates in regulated multilateral trading. WTO is a forum for trade liberalisation and serves as 'distribution hub', in other words an organ of adjudication on issues between member states. As per its WTO commitments, India has eliminated trade barriers and lowered tariffs while also opening up various sectors to foreign competition.

Using the WTO's dispute resolution mechanism, India has also taken steps to address unfair trade practices. For example, India is considering the possibility of WTO consultations with the US over its recent 50% tariffs on imported copper imposed under Section 232 of the Trade Expansion Act of 1962. (A) What are these possible customs? India has previously engaged in discussions with the US regarding tariffs on steel, aluminum, and automobiles. By taking these measures, India has transitioned from a passive participant to an active player in the global trade.

WTO membership has been advantageous, but not without its challenges. India has encountered agricultural challenges due to the reliance on substantial domestic subsidies in developed countries. In addition, accepting WTO rules often forces developing countries to adapt their domestic policies to international standards and this can greatly burden their administrative and financial resources. Even so, India's recent trade policy alterations reveal an intricate and subtle approach to globalization. This shift from a defensive, non-aligned position is moving towards strategic (i.e. Its robust economy, driven by domestic consumption, is able to handle external shocks like US tariffs and maintain its position in favorable trade terms.

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