In which year did India become a member of the World Trade Organization (W.T.O.)?

Correct option is A

The World Trade Organization (WTO) was officially established on 1st January 1995, replacing the General Agreement on Tariffs and Trade (GATT), which had been in place since 1948.

• India was a founding member of the WTO and became a member on 1st January 1995, the day the organization was formally launched.
• The WTO was formed to regulate international trade and ensure smooth global commerce. It provides a framework for negotiating trade agreements and resolving disputes between member nations.
• India's participation in the WTO has had a significant impact on its trade policies, promoting liberalization, globalization, and economic growth.

Information Booster:

1. What is WTO? The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade between nations.
2. Why was WTO formed? It replaced the General Agreement on Tariffs and Trade (GATT) to provide a more structured and legally binding trade framework.
3. India's Role in WTO: As a developing country and a founding member, India has been actively involved in WTO negotiations, advocating for fair trade practices and special provisions for developing nations.
4. Impact on India:
   • Helped India expand its export market.
   • Led to policy reforms in trade and tariffs.
   • Boosted Foreign Direct Investment (FDI).

Additional Knowledge:

March 1990 

• The WTO did not exist in 1990. At that time, international trade was governed by GATT (General Agreement on Tariffs and Trade).
• India was a member of GATT since 1948 but joined the WTO only when it was officially established in 1995.

April 1994 

• April 1994 marks the signing of the Marrakesh Agreement, which led to the establishment of the WTO.
• However, the WTO officially came into existence on 1st January 1995, making this option incorrect.

February 1996 

• By February 1996, the WTO had already been in operation for over a year.
• India was one of the original 76 members that joined WTO at its inception in January 1995, so this date is incorrect.