Trade ministers from over 160 countries will meet in Nairobi, Kenya starting tomorrow to discuss the fate of global trade and attempt to break a deadlock in negotiations that has lasted 20 years. Key issues to be addressed include developing countries cutting import duties on agricultural products, developed nations lowering farm subsidies, and reworking rules for cross-border movement of professionals and foreign direct investment. The World Trade Organization was established in 1995 to replace the General Agreement on Trade and Tariffs and aims to facilitate global trade through negotiation rounds like the Doha Round launched in 2000.
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Wto & its impact
1. Fate of Global trade will be reviewed in the Kenyan
capital starting tomorrow.
DOHA ROUND
Developing countries to
cut import duties on
agricultural product.
Developed countries to
lower farm subsidies.
A cut in custom duties
on individual goods.
Reworked rule for
services to ensure easy
movement of
professionals across
borders & opening
more sectors to FDI
1995
1995 ! WTO is born,
replaces General
Agreement on Trade &
Tariffs (GATT)
1997 ! Deal
reached on
telecom &
Information
technology
2000 ! Doha Round
is born, aims to
conclude deal in
2005
2003 ! In Cancun, African
Counties block move to
include new issues such
as trade facilitation, Govt
procurement,
investment &
competition policy
Trade Ministers from over
160 COUNTRIES
Attempt to break a deadlock faced
faced
By the 20-years-old agency
2015
2014 ! BJP Govt
blocks trade
facilitation deal but
Agrees after the
peace clause tenure
is made permanent
2013 ! Amid Stalemate
on major issues, trade
ministers agrees on
trade facilitation deals
for easier clearance of
goods at ports and
airports.in return, India
gets a peace Clause
for four years.
* Source of this data is Times Of India &
Ministry Of Commerce