Commerce Secy To Visit Geneva For India's Trade Policy Review At WTO
As per the official, the reports include detailed chapters examining the trade policies and practices of the members. It also includes trade policymaking institutions and a country's macroeconomic situation
New Delhi: Commerce secretary Rajesh Agarwal is visiting Geneva this week for India's eighth trade policy review report. The secretary is leading a team of Indian officials to the headquarters of the World Trade Organisation (WTO). The report is likely to be released this month only, according to a top commerce ministry official.
As per the official, the reports include detailed chapters examining the trade policies and practices of the members. It also includes trade policymaking institutions and a country's macroeconomic situation. The frequency with which WTO members are reviewed depends on their share of world trade, according to the WTO.
The four biggest traders, such as the European Union, United States, China and Japan are reviewed every three years. The next 16 biggest traders are reviewed every five years (India falls in this category), and all other members are reviewed every seven years.
The objectives of the trade policy review mechanism, as expressed in an annex of the Marrakesh Agreement, include facilitating the smooth functioning of the multilateral trading system by enhancing the transparency of members' trade policies.
According to the WTO's World Trade Statistics, between 2005 and 2024, India's share of global merchandise exports has nearly doubled, rising from 1 per cent to 1.8 per cent; similarly, its share in global commercial services exports has more than doubled, rising from 2 per cent to 4.3 per cent.
