Page 179 - DECO303_INDIAN_ECONOMY_ENGLISH

Indian Economy

Notes arrangements. But the ITO treaty was not accepted by the U.S. and few other signatories and
never went into effect.
In the absence of an international organisation for trade, the GATT would over the years
“transform itself” into a de facto international organisational.

10.4.1 First Ministerial Conference

You may already be aware that the introductory governmental session was held in Singapore in
1996. Its main purpose was to start a global determination among global trading nations to
renovation the structure and mechanisms of the General Agreement and achievements by that
system subsequently its inception in 1948.
Disagreements, mainly among developed and developing economies, appeared over four issues
initiated by this conference; afterward, these were collectively referred to as the “Singapore
issues”.

10.4.2 Second Ministerial Conference

You must understand that the WTO Ministerial Conference of 1999 The Third conference in
Seattle, Washington ended in disappointment, with huge protests and police and National
Guard crowd regulator efforts sketch worldwide attention.

10.4.3 Fourth Ministerial Conference

You may already be aware that it was held in Doha in Persian Gulf nation of Qatar. The Doha
Development Round was started at the conference. The conference also accepted the joining of
China, which became the 143rd member to join.

10.4.4 Fifth Ministerial Conference

WTO Ministerial Conference of 2003 the ministerial discussion was held in Cancun, Mexico,
pointing at forging agreement on the Doha round. An association of 22 southern states, the G20
(led by India, China and Brazil), struggled stresses from the North for agreements on the so-
called “Singapore issue” and called for an end to agricultural subsidies within the EU and the US.
The talks broke down without progress.

10.4.5 Sixth Ministerial Conference

The sixth WTO session Ministerial was held in Hong Kong from 13 December-18 December
2005. It was considered important if the four year old Doha Development Agenda discussions
were to move forward satisfactorily to accomplish the round in 2006. In this conference, countries
decided to phase out all their agriculture export subsidies by the end of 2013, and dismiss any
cotton export supports by the end of 2006. Further discounts to developing countries comprised
an agreement to introduce duty free, tariff free access.
For goods from the Least Development Countries, subsequent the Everything But Arms initiative
of the European Union-but with up to 3% of tariff lines relieved other major issue were left for
additionally negotiation to be completed by the end of 2006.

th
Did u know? India joined GATT on 8 July, 1948.

174 LOVELY PROFESSIONAL UNIVERSITY