Answer» - On 1st January 1995, 123 nations together founded an organisation with the objective of opening the world for free trade. It was called World Trade Organisation (WTO). It’s a global trade organisation and India is a member of it.
- Arthur Dunkel, the Director-General of WTO, prepared a draft which has been fundamental to the establishment of the organisation. This draft is known as ‘Dunkel Draft
- The crux of this draft emphasis on trade is free from governmental custom duty and other restrictions. This approach is known as ‘liberalisation’.
- All participating countries agreed upon a set of rules and a premise common to all that would promote international trade.
- Provisions were made in the spheres of grants, exports-imports, foreign investments, reserved sectors, agriculture, technology, and the service sector.
- After becoming a member of WTO, India put a thrust on economic progress. The contribution of Prime Minister Narsimha Rao, Atal Bihar Vajpayee, and Manmohan Singh is very important in this aspect.
- The report published in 2006 has made a special mention of the increasing economic growth rate of India.
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