India‘s trade policy and WTO | Original Article

ABSTRACT:

International trade has an important role in the economic development of any country. The trade policy 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 of trade flows, stabilises domestic prices and controls and guides the market system. The World Trade Organisation was set up to provide conditions for free and fair world trade. Today many people are questioning the viability of such a multilateral body. This article examines the impact of foreign trade policy in India‘s economic growth in the light of WTO agreements. Using various secondary sources of data, the article advocates the need to strengthen the World Trade Organisation on the one hand and also to harness the benefits of Preferential Trade Agreements with different countries in order to maximise trade potential.