Indian Industrialization has given an opportunity to many small, medium, and large sized industries to become a part of the International market. For many poor and developing countries, WTO has become one of the important mediums to enter the International markets.
The main motto of WTO is to help the poor and developing countries exercise their basic rights and needs through global economy. They are known to work in the best interest of farmers and believe in solving food crises, controlling food prices, and many more.
India has abundant of skilled and unskilled labor forces, natural resources, controlled inflation rates, financial reserves, and innovative and young talents, which makes it fit for International trades and foreign investments. Government has also relaxed many of the rules and regulations for motivating international trading. These stimulating factors attract foreign trades for several kinds of goods and services. Such motivational factors also encourage foreign companies to invest their funds in India.
What is World Trade Origination?
World Trade Organizations has been formed by a group of powerful and rich countries with an intention to supervise, regulate, and liberalize International trade. They ensure that all the participating countries follow fair trade policy and standards for carrying out international trade. WTO also resolves disputes and conflicts between their trading partners, and ensures that their members adhere to its rules and regulations.
The intention of WTO is to help the farmers, small and large-scale industrial units, and many others to find a better market. Many developing and poor countries get an opportunity to promote their products, services, goods, agricultural products, and many more either to another developing, poor, or developed countries.
India has been a member of WTO in order to promote its agricultural and consumable products to other countries. The various types of products available for international market are as follows leather products, apparels, and many others to be launched in the International market with no additional costs and tariffs.
Improved trade relationship with European and other countries, would help in generating more jobs, increase in the GPD and national income of the country, a means to control poverty, and having a stronger economic growth.
India has approached WTO to help them promote their pharmacy products amongst many poor and developing countries. It could boost the pharmacy industry, which is now producing best medicines at a cheaper price as compared to any EU or other countries.
Indian pharmacy industry doesn’t have any patent rights. The medicines produced in India have shown best results and are available at a competitive price. India has produced a medicine that would help you to control HIV/AIDS and can offer them at a cheapest price to International market.
It has been waiting for an approval from the WTO for selling their medicines to the international market. The other business areas are engineering products, software applications, food items, cosmetics, and many others that have a great international demand.
World Trade Organization has been helping many countries like India to procure a better market for their merchandizes, so that t can control income inequality and help in monetary flow for economic growth.
Ms. Sowmya Somaiah is a Company Secretary and Founder of “Sunshine Corporate Solutions Pvt Ltd” at Bangalore, India. For more information visit http://www.sunshinecorp.biz
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