International Trade

Assignment on WTO and BRICS

Submitted By :
Nischal Rai
Reg. No. 191732954
IInd B.Com Evening
MAPS College
Mangalore.

Date :
29th September 2021

Submitted To :
Mrs. Lavanya Vijaykumar
Dept. of Commerce
MAPS College
Mangalore.

WTO AND BRICS - NISCHAL RAI 1

 WTO
The World Trade Organization (WTO) is an intergovernmental
organization that regulates and facilitates international trade between
nations.[6] Governments use the organization to establish, revise, and
enforce the rules that govern international trade. It officially
commenced operations on 1 January 1995, pursuant to the 1994
Marrakesh Agreement, thus replacing the General Agreement on Tariffs
and Trade (GATT) that had been established in 1948. The WTO is the
world's largest international economic organization, with 164 member
states representing over 96% of global trade and global GDP.

Objectives
1. To improve the standard of living of people in the member countries.
2. To ensure full employment and broad increase in effective demand.
3. To enlarge production and trade of goods.The Reserve Bank of India
was set up on the basis of the recommendations of the Hilton Young
Commission. The Reserve Bank of India Act, 1934 (II of 1934) provides
the statutory basis of the functioning of the Bank, which commenced
operations on April 1, 1935.
4. To increase the trade of services.
5. To ensure optimum utilization of world resources.
6. To protect the environment.
7. To accept the concept of sustainable development.

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 Functions
1. To implement rules and provisions related to trade policy review
mechanism.
2. To provide a platform to member countries to decide future strategies
related to trade and tariff.
3. To provide facilities for implementation, administration and
operation of multilateral and bilateral agreements of the world trade.
4. To administer the rules and processes related to dispute settlement.
5. To ensure the optimum use of world resources.
6. To assist international organizations such as, IMF and IBRD for
establishing coherence in Universal Economic Policy determination.

TRIPS

The Agreement on Trade-Related Aspects of Intellectual

Property Rights (TRIPS) is an international legal agreement between
all the member nations of the World Trade Organization (WTO). It
establishes minimum standards for the regulation by national
governments of different forms of intellectual property (IP) as applied to
nationals of other WTO member nations.TRIPS was negotiated at the
end of the Uruguay Round of the General Agreement on Tariffs and
Trade (GATT) between 1989 and 1990 and is administered by the WTO.
The TRIPS agreement introduced intellectual property law into the
multilateral trading system for the first time and remains the most
comprehensive multilateral agreement on intellectual property to date.
In 2001, developing countries, concerned that developed countries were
insisting on an overly narrow reading of TRIPS, initiated a round of
talks that resulted in the Doha Declaration. The Doha declaration is a
WTO statement that clarifies the scope of TRIPS, stating for example
that TRIPS can and should be interpreted in light of the goal "to
promote access to medicines for all."

TRIMS
The Agreement on Trade-Related Investment Measures
(TRIMs) are rules that are applicable to the domestic regulations a
country applies to foreign investors, often as part of an industrial policy.
The agreement, concluded in 1994, was negotiated under the WTO's
predecessor, the General Agreement on Tariffs and Trade (GATT), and
came into force in 1995. The agreement was agreed upon by all members

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of the World Trade Organization. Trade-Related Investment Measures is
one of the four principal legal agreements of the WTO trade treaty.
TRIMs are rules that restrict preference of domestic firms and thereby
enable international firms to operate more easily within foreign
markets. Policies such as local content requirements and trade
balancing rules that have traditionally been used to both promote the
interests of domestic industries and combat restrictive business
practices are now banned.

GATS

The General Agreement on Trade in Services (GATS) is a treaty

of the World Trade Organization (WTO) which entered into force in
January 1995 as a result of the Uruguay Round negotiations. The treaty
was created to extend the multilateral trading system to service sector,
in the same way the General Agreement on Tariffs and Trade (GATT)
provides such a system for merchandise trade.
All members of the WTO are parties to the GATS. The basic WTO
principle of most favoured nation (MFN) applies to GATS as well.
However, upon accession, members may introduce temporary
exemptions to this rule.

BRICS

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BRICS is the acronym coined to associate five major emerging
economies: Brazil, Russia, India, China, and South Africa. The BRICS
members are known for their significant influence on regional affairs.
Since 2009, the governments of the BRICS states have met annually at
formal summits. India hosted the most recent 13th BRICS summit on 9
September 2021 virtually.
Originally the first four were grouped as "BRIC" (or "the BRICs") before
the induction of South Africa in 2010. The BRICS have a combined area
of 39,746,220 km2 (15,346,101.0 sq mi) and an estimated total
population of about 3.21 billion, or about 26.656% of the world land
surface and 41.53% of the world population. Four out of five members
are among the world's ten largest countries by population and by area,
except for South Africa, the twenty-fourth in both.

Objectives

1. To enhance market access opportunities and facilitate market

interlinkages;
2. To promote mutual trade and investment and create a business-
friendly environment for investors and entrepreneurs in all BRICS
countries;
3. To enhance and diversify trade and investment cooperation that
support value addition among the BRICS countries;
4. To strengthen macroeconomic policy coordination and build
resilience to external economic shocks;
5. To strive for inclusive economic growth, in order to eradicate
poverty, address unemployment and promote social inclusion;
6. To promote information exchange through BRICS Virtual Secretariat
and BRICS Economic Exchange Platform, as well as other agreed
platforms;
7. To consolidate efforts in order to ensure a better quality of growth by
fostering innovative economic development based on advanced
technologies and skills development with a view to build knowledge
economies;
8. To seek further interaction and cooperation with non-BRICS
countries and international organizations and forums. BRICS
members will engage with the business communities in their
respective countries to implement the Strategy. They will encourage
closer collaboration of BRICS business communities.

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 Organisation

▪ BRICS does not exist in form of organization, but it is an annual

summit between the supreme leaders of five nations.
▪ The Chairmanship of the forum is rotated annually among the
members, in accordance with the acronym B-R-I-C-S.
▪ BRICS cooperation in the past decade has expanded to include an
annual programme of over 100 sectoral meetings.

Functions

1. BRICS facilitates political and security cooperation aimed at

achieving peace, security, cooperation and development for a more
equitable and fair world.
2. BRICS provides an opportunity for sharing policy advice and
exchanges of best practices in terms of domestic and regional
challenges.
3. It helps to deepen, broaden and intensify cooperation within the
grouping and among individual countries for a more sustainable,
equitable and mutually beneficial development.
4. BRICS takes into consideration each member’s growth, development
and poverty objectives to ensure the respective country’s growth and
economic strengthening and to avoid competition wherever possible.
5. BRICS has been increasing trade cooperation by creating an
exclusive trade bloc.
6. Since Dollar is the dominant currency and can be controlled by the
US, BRICS offers member countries with alternative currencies to
operate efficiently and autonomously.
7. BRICS provides a platform for dialog on climate change, cultural tie
ups and assists in projects, finances, trade extensions, etc.
8. BRICS promotes technological information exchange among
member countries.

THANK YOU !!

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