India’s Challenges and Approaches Towards WTO in the Era of Globalisation

Abstract The General Agreement of Trade and Tariff (GATT) was established in 1947 with 23 nations signing a multilateral trading agreement. Later establishment of World Trade Organization (WTO) in the year 1995 gave a boost to international trade through increased global market competition which now consists of 155 member countries. The WTO has framed set of rules and principles, mutually designed and agreed upon to promote international trade in general and reduction of tariff barriers and removal of import restriction in particular. But many of those tariffs and import restrictions are still in place, with others continuously being erected, as countries find themselves unable to reach agreements on removing them within the existing paradigm