OBJECTIVES AND MANDATES OF WTO

What are the objectives and mandates of WTO? Challenges lie for India in negotiation? Comment

Model Answer:

The World Trade Organization — the WTO — is the international organization whose primary purpose is to open trade for the benefit of all.

The WTO provides a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all, thus contributing to economic growth and development. The WTO also provides a legal and institutional framework for the implementation and monitoring of these agreements, as well as for settling disputes arising from their interpretation and application.

More specifically, the WTO's main activities are:

• negotiating the reduction or elimination of obstacles to trade (import tariffs, other barriers to trade) and agreeing on rules governing the conduct of international trade (e.g. antidumping, subsidies, product standards, etc.)
• administering and monitoring the application of the WTO's agreed rules for trade in goods, trade in services, and trade-related intellectual property rights
• monitoring and reviewing the trade policies of our members, as well as ensuring transparency of regional and bilateral trade agreements
• settling disputes among our members regarding the interpretation and application of the agreements
• building capacity of developing country government officials in international trade matters
• assisting the process of accession of some 30 countries who are not yet members of the organization
• conducting economic research and collecting and disseminating trade data in support of the WTO's other main activities
• explaining to and educating the public about the WTO, its mission and its activities.

Challenges for India:

1) Permanent solution on Public stockholding for food security purposes.
2) Finality on the agricultural special safeguard mechanism.

The SSM is to allow developing nation to temporarily hike tariffs to counter sudden import surges on price falls.