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Introduction and Evolution Timeline of the WTO Establishment of GATT and ITO The General Agreement on Tariffs and Trade (GATT) was founded in 1947 as the cornerstone of the multilateral trading system. The foundation of GATT was laid during the Bretton Woods Conference in 1944, alongside the establishment of the International Monetary Fund (IMF) and …
Read MoreRelevance: GS 2 – Bilateral, regional and global groupings and agreements involving India and/or affecting, India’s interests; Effect of policies and politics of developed and developing countries on India’s interests. Why in the news? India should not tailor its ties with Iran to U.S. foreign policy changes. Eight years after concluding the general framework of …
Read MoreWhy in the news? China surpasses the US as India’s top trading partner, with imports exceeding $100 billion in FY24. About China Surpasses US as India’s Top Trading Partner: Recent Development: China becomes India’s largest trading partner, overtaking the US, with imports crossing $100 billion in FY24. Trade Data: Bilateral trade between India and China …
Read MoreWhy in the news? Government tightens anti-dumping measures, levying duties on goods primarily from China, amid concerns over unfair trade practices. About the Government’s Measures Against Dumping: Over one-third of anti-dumping duties levied targeted goods produced solely or by only two producers since FY22. Notable increase in anti-dumping duties imposed on goods originating solely from …
Read MoreWhy in the news? Global trade is set to rebound in 2024, with increased consumption demand in advanced economies, despite lowered growth forecasts. Source:eduprep About Global Trade Outlook: The World Trade Organisation (WTO) forecasts a rebound in global trade volumes in 2024. Consumption demand is set to increase in advanced economies, driving growth after a …
Read MoreWhy in the news? Piyush Goyal emphasises negotiating FTAs on India’s terms. Plans local development initiatives and improving public education. source:slideserve About the Negotiating FTAs: Piyush Goyal emphasises negotiating FTAs on India’s terms, leveraging the country’s growing economy. Highlights the importance of long-term sustainability and protecting domestic interests. Stresses the need for transparency and balancing …
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