India‘s trade policy and WTO

Examining India's Trade Policy and WTO in the Global Marketplace

Abstract

International trade has an important role in the economic development of any country. The tradepolicy is an instrument with which the government can control and direct the countries international trade.For India, the trade policy remains one way through which the central government regulates the volume oftrade flows, stabilises domestic prices and controls and guides the market system. The World TradeOrganisation was set up to provide conditions for free and fair world trade. Today many people arequestioning the viability of such a multilateral body. This article examines the impact of foreign tradepolicy in India‘s economic growth in the light of WTO agreements. Using various secondary sources ofdata, the article advocates the need to strengthen the World Trade Organisation on the one hand andalso to harness the benefits of Preferential Trade Agreements with different countries in order tomaximise trade potential.