Page 44 - Banking Finance October 2019

ARTICLE

DEVELOPING

COUNTRIES AT

WTO: ITS STATUS

& BENEFITS UNDER

FIRE

R Recently in July & August 2019, Mr. Donald Let us also know and understand the details of these issues

Trump, United States President raised the issues
as given below:
relating to Developing Country - Status and
lenient treatment to them at World Trade
Organization (WTO). He objected the present 'Developing World Trade Organization (WTO):
The World Trade Organization (WTO) was established on 1st
Country' status of many nations at WTO. According to him, January, 1995, replacing the General Agreement on Tariffs
many 'Developing Countries' have become 'Developed & Trade (GATT), covering trade in goods, services and
Countries' but are still inappropriately enjoying the benefits intellectual property unlike GATT which dealt with trade in
of being 'Developing Countries' at WTO.
goods only.
The US President's above statement has triggered lot of
The primary purpose of WTO is to provide 'Open Trade' for
heated discussions on WTO, its present principles and
all by reducing obstacles or lowering trade barriers to
procedures regarding status of a developing country, international trade and promoting economic growth and
benefits available to developing countries and its future.
development for all countries in the world.
About the author WTO guarantees fair trade opportunities and access to

international market to all member countries through its
Shyam Kagwar
Chief Manager (Research) negotiated agreements signed by member countries. WTO
State Bank Institute of Credit & agreements provide ground rules and a legal framework for
Risk Management (SBICRM) governing conduct of international trade among member
Gurugram countries.

44 | 2019 | OCTOBER | BANKING FINANCE