Summary |
WTO is the only international body dealing with the rules of trade between nations. At its heart are the WTO agreements, the legal ground rules for international commerce and for trade policy. The agreements have three main objectives: (a) to help trade flow as freely as possible, (b) to achieve further liberatlisation gradually through negotiations and (c) to set up an impartial means of settling disputes.
The rules and procedures of WTO offer opportunities and simultaneously pose challenges for economics of member countries. India has also braced itself to meet the challenges of the new world trade order.
As is well-known, small enterprises in India provide livelihood, check rural-urban migration, generate export earnings and touch upon the lives of the remotest and most marginalized people. Small enterprises have been recognised as engines of economic growth worldwide.
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