Why is it necessary to become a member of WTO Economics CBSE class 11 ncert

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Why is it necessary to become a member of WTO? -Economics CBSE class 11 ncert

Book: Indian Economic Development
Chapter 3: Liberalism, Privitisation and Globalisation: An appraisal
 (NCERT textbook questions)


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The World Trade Organization (WTO) is an international organisation which came into existence on 1 January 1995. General Agreement on Trade and Tariffs (GATTS), General Agreement on Trade in Services (GATS) and agreements on Trade-Related Investment Measures (TRIMS) and Trade-Related Aspects of Intellectual Property Rights (TRIPS) are managed by WTO. It is very important for a country to become a member of the World Trade Organization (WTO) for the following reasons:
It gives an opportunity to trade with other member countries with fewer restrictions from them.
It facilitates international trade through removal of tariff and non-tariff barriers and provides access to all member countries. This substantially increases export opportunities and generates employment in the Indian economy.
Member countries of World Trade Organization (WTO) can raise their voice against false economic activities. It helps in bringing fair rules and regulations at a global level and protects the interests of developing nations.


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