ACKNOWLEDGEMENT

I would like to express my gratitude to all those who gave me the possibility to complete this project. My deepest thanks to my teacher and maam for guiding and correcting various documents of mine with attention and care. She has taken pain to go through the project and make necessary correction as and when needed. I express my thanks to respected Prof.Dr. Latika Sahni, Dean Asian Business School (ABS) Noida, for extending her support. My deep sense of gratitude to Professor Anju for her support and guidance. I would also thank my Institution and my faculty members without whom this project would have been a distant reality. I also extend my heartfelt thanks to my family, friends and well wishers.

Executive Summary
In this project I have made an effort to find out about WTO and its follow in India I got all the information from the internet as there is so much of data about it few portion can be cover The report also presents a WTO policies of the companies, how they implemented their policies, and a study of the respective different economy It is a very vast area to study as far as I could cover I cover study and putting it into my project.

TABLE OF CONTENTS
Acknowledgement Executive Summary Chapter 1 Introduction and Overview

Scope of the study Objective of the study Limitation of the study Chapter 2: Review of Related Literature 2. Articles Chapter 3.0: Research Design and Methods 3.1 Research Design 3.2 Data Collection Methods 3.3 Sample design Chapter 4.0: Data analysis and Interpretation 4.1 Data analysis 4.2 Data Interpretation Chapter 5.0: Findings and Recommendations 5.1 Findings 5.2 Recommendations Bibliography

Chapter1.0: INTRODUCTION AND OVERVIEW

Scope of the study

The scope of the research project is to find the relevant information in order to meet the above objectives. In this project, Fundamental analysis is done to see performances of an economy with WTO policies. Technical analysis of economy is done to see the how does exactly it works.

Objective of the study Objective of this project is to conduct a survey in order to take an observation about theWTO study . So, as a student of MBA I consider that company has given me this opportunity to know about it. Taking the only internet excess visits as a limitation, here my objective is to do a study on WTO and its policies and it working in INDIA policies in research on analytical analysis and finally concluding this analysis with conclusion.

Limitation of the study 1. Time limitation is also a factor, which restricted the research in, limited area.

2. it is a governmet body so only the data available to internet is being used The information given by the respondent may bias.

Chapter2.0 Review of Related Literature

WTO EMBRACES THE IRRESISTIBLE

WTOs annual World Trade Report for 2011 signals a turning-point for the soon-to-beDoha-less Organization. It attempts to provide a rationale for abandoning WTOs halfhostile stand-off with the more dynamic universe of preferential trade agreements (PTAs) and for embracing PTAs instead. Or, as the subtitle of the report puts it, in EU-ese, a rationale for moving from co-existence to coherence.

The Reports re-casting of the WTOs agenda goes like this:

Show that the tariff preferences in the nearly-300 PTAs are not that important and, indeed, arent being used much. Despite the enormous growth of PTAs, only a small fraction around 15% of global merchandise trade actually receives preferences. A major reason for this is that MFN tariffs are already quite low with more than half of global merchandise trade having applied MFN rates of zero. In fact less than 2% of world trade is eligible for preference

margins above 10 percentage points. Extract from Pascal Lamylaunch of WTO World Trade Report 2011

Suggest that since PTAs dont, after all, tread all over the WTOs historic domainthe enforcement of non-discriminatory tariff treatment it may be time to take a more positive view of them, deprecating old, tariff-focussed, Vinerian concerns about the dangers of trade diversion Conclude that the growth in the number of preferential agreements (the extensive margin) must therefore be due to incentives that WTO, too, can embrace: facilitating international supply-chains, for example Assert that growth at the intensive margin of the preferential regimethe deepening of economic integrationis taking place in policy domains that the WTO has either regulated or would like to pursue; for example, qualification and accreditation of services providers, or investment and competition policies. Call these intensive-margin growth trends by embraceable names such as WTO+ (deepening in domains already included in WTO agreements) and WTO-X (extension to domains that the WTO would like to cover). Speculate that the Organization might give-up trying to regulate Member governments participation in PTAs (the hard law approach) and offer, instead, to cooperate with Member governments observed interests in economic integration through preferential agreements that include WTO+ or WTO-X provisions

Devise an agenda for this cooperation based on adding transparency to the PTA regime (soft law approach) and developing new WTO frameworks for non-discriminatory critical mass agreements that would allow WTO to integrate some of the WTO+ and WTO-X initiatives that are now found only in the preferential regime. July 27, 2011 8:06 am.

Chapter 3 : Research and Methodology

3.1 Research Design

A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. (CR Kothari, 2009)

Different type of Research designs

Exploratory research Exploratory research is the type of research in which the research is conducted for the problem that has not been clearly defined. This type of study is conducted for formulating a problem for more precise investigation. As the hypotheses is not clearly defined, this method is not aplicable Descriptive research Descriptive research includes surveys and fact finding enquiries of different kinds. The major purpose of descriptive research is description of the state of

affairs as it exists at present. The main characteristic of this method is that the researcher has no control over the variables, he can only report what has happened or what is happening. (C R Kothari, 2009) . This method is applicable.

Data Collection methods Collection of data is the most prominent part of any survey. As soon as the research question is created the data collection begins. There are two methods of collecting data i.e. Primary data and secondary data. 3.2 a) Primary data The primary data are those which are collected afresh and for the first time, and thus happen to be original in character. (C. R. Kothari, 2009) The following are the methods of collecting primary data Questionnaire Method A questionnaire consists of a number of questions printed or typed in a definite order on a form or set of forms.(C.R.Kothari,2009). Interview Method The interview method of collecting data involves presentation of oral-verbal stimuli and reply in terms of oral-verbal responses. (C.R.Kothari,2009) The researchers in this project has surveyed through questionnaire method. Questionnaire was designed in such a manner that could help arrive at a conclusion as to which are the motivating and hygiene factors. The Questionnaire that was used in this research is the structured form.

10 surveys have been done in total in which 3 employees are from TATA Teleservices and 2 from Engineers India, one from airport authority.

3.2 b) Secondary data The secondary data, on the other hand, are those which have already been collected by someone else and which have already been passed through the statistical process.(C.R.Kothari,2009). Review literature uses secondary data in this study.

3.3 SAMPLE DESIGN A sample design is a definite plan for obtaining a sample from a given population. It refers to the technique or the procedure the researcher would adopt in selecting items for the sample. (C.R.Kothari, 2009)

3.3 a) Types of Sample design

Non-probability sampling Non-probability sampling is that sampling procedure which does not afford any basis for estimating the probability that each item in the population has of being included in the sample. (C.R.Kothari, 2009)

Types of Non Probability Sampling Purposive Sampling or Judgmental sampling Snowball Sampling Quota Sampling Dimensional Sampling Convenient sampling

Chapter

4.0: Data analysis and Interpretation

What is the WTO? The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the worlds trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business. The WTO... ... In brief the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

WTO IN BRIEF 1. History 2. Organization 3. Agreements 4. Developing countries See also: > 10 benefits > 10 misunderstandings > Understanding the WTO

The result is assurance. Consumers and producers know that they can enjoy secure supplies and greater choice of the finished products, components, raw materials and services that they use. Producers and exporters know that foreign markets will remain open to them. The result is also a more prosperous, peaceful and accountable economic world. Virtually all decisions in the WTO are taken by consensus among all member countries and they are ratified by members' parliaments. Trade friction is channelled into the WTO's dispute settlement process where the focus is on interpreting agreements and commitments, and how to ensure that countries' trade policies conform with them. That way, the risk of disputes spilling over into political or military conflict is reduced. By lowering trade barriers, the WTOs system also breaks down other barriers between peoples and nations. At the heart of the system known as the multilateral trading system are the WTOs agreements, negotiated and signed by

a large majority of the worlds trading nations, and ratified in their parliaments. These agreements are the legal ground-rules for international commerce. Essentially, they are contracts, guaranteeing member countries important trade rights. They also bind governments to keep their trade policies within agreed limits to everybodys benefit. The agreements were negotiated and signed by governments. But their purpose is to help producers of goods and services, exporters, and importers conduct their business. The goal is to improve the welfare of the peoples of the member countries

WTO legal texts Most of the WTO agreements are the result of the 198694 Uruguay Round negotiations, signed at the Marrakesh ministerial meeting in April 1994. There are about 60 agreements and decisions totalling 550 pages. Negotiations since then have produced additional legal texts such as the Information Technology Agreement, services and accession protocols. New negotiations were launched at the Doha Ministerial Conference in November 2001. > See also pre-WTO legal texts > Schedules of commitments The texts reproduced here do not have the legal standing of the original documents which are entrusted and kept at the WTO Secretariat in Geneva.

S&D Special and differential provisions in the legal texts: Developing countries, particularly least-developed countries, are given more flexibility in implementing certain WTO rules. > Details Countries schedules of commitments back to top These schedules contain the commitments made by individual WTO members allowing specific foreign products or service-providers access to their markets. The schedules are integral parts of the agreements. In the print version these schedules comprise about 30,000 pages for all WTO Members. Goods For goods in general: binding commitments on tariffs. For agriculture: tariffs,

combinations of tariffs and quotas, export subsidies and some types of domestic support. Goods schedules gateway: gives links to individual member governments goods schedules agreed during the Uruguay Round. Post-1994 Information Technology Agreement schedules Protocols of accession, for countries that have negotiated and become WTO members after 1995. Paper versions: available from the WTO on-line bookshop (Volumes 3-32 of the Legal Instruments embodying the Results of the Uruguay Round. You can select the countries which interest you from the titles and order online.) Help on reading a goods schedule (coming soon) Services Binding commitments on how much access foreign service providers are allowed for specific sectors. Includes lists types of services where individual countries say they are not applying the most-favoured-nation principle of non-discrimination. Services database. Find consolidated schedules of commitments and MFN exemptions by country, sector, and mode of supply. Data covers the period January 1995 to December 1999. Does not include data on current negotiations or on countries which joined the WTO since January 2000. Protocols of accession for countries joining the WTO after 1995 Help on how to read a services schedule Other major legal instruments back to top Preferential treatment for least-developed countries Decision on Waiver, 1999 > browse text > MS Word (2 pages, 35KB) > pdf (2 pages, 9KB)

FORMAL STRUCTURE According to WTO rules, all WTO members may participate in all councils, committees, etc., except Appellate Body, Dispute Settlement panels, and plurilateral committees. Highest level: Ministerial Conference The topmost decisionmaking body of the WTO is the Ministerial Conference, which has to meet at least every two years. It brings together all members of the WTO, all of which are countries or separate customs territories. The Ministerial Conference can make decisions on all matters under any of the multilateral trade agreements. Second level: General Council The daily work of the ministerial conference is handled by three groups: the General Council, the Dispute Settlement Body, and the Trade Policy Review Body. All three consist of the same membership - representatives of all WTO members - but each meets under different rules. 1. The General Council, the WTOs highest-level decision-making body in Geneva, meets regularly to carry out the functions of the WTO. It has representatives (usually ambassadors or equivalent) from all member governments and has the authority to act on behalf of the ministerial conference which only meets about every two years. The council acts on behalf on the Ministerial Council on the entire WTO affairs. The current chairman is Amb. Muhamad Noor Yacob (Malaysia). 2. The Dispute Settlement Body is made up of all member governments, usually represented by ambassadors or equivalent. The current chairperson is H.E. Mr. Mr. Bruce Gosper (Australia). 3. The WTO General Council meets as the Trade Policy Review Body (TPRB) to undertake trade policy reviews of Members under the TRPM. The TPRB is

thus open to all WTO Members. The current chairperson is H.E. Ms. Claudia Uribe (Colombia). Third level: Councils for Trade The Councils for Trade work under the General Council. There are three councils - Council for Trade in Goods, Council for Trade-Related Aspects of Intellectual Property Rights, and Council for Trade in Services - each council works in different fields. Apart from these three councils, six other bodies report to the General Council reporting on issues such as trade and development, the environment, regional trading arrangements and administrative issues. po 1. Council for Trade in Goods- The workings of the General Agreement on Tariffs and Trade (GATT) which covers international trade in goods, are the responsibility of the Council for Trade in Goods. It is made up of representatives from all WTO member countries. The current chairperson is Amb. Yonov Frederick Agah (Nigeria). 2. Council for Trade-Related Aspects of Intellectual Property Rights- Information on intellectual property in the WTO, news and official records of the activities of the TRIPS Council, and details of the WTOs work with other international organizations in the field. 3. Council for Trade in Services- The Council for Trade in Services operates under the guidance of the General Council and is responsible for overseeing the functioning of the General Agreement on Trade in Services (GATS). Its open to all WTO members, and can create subsidiary bodies as required. Fourth level: Subsidiary Bodies There are subsidiary bodies under each of the three councils. 1. The Goods Council- subsidiary under the Council for Trade in Goods. It has 11 committees consisting of all member countries, dealing with specific subjects such as agriculture, market access, subsidies, anti-dumping measures and so on. Committees include the following: Information Technology Agreement (ITA) Committee State Trading Enterprises Textiles Monitoring Body - Consists of a chairman and 10 members acting under it. Groups dealing with notifications - process by which governments inform the WTO about new policies and measures in their countries. 2. The Services Council- subsidiary under the Council for Trade in Services which deals with financial services, domestic regulations and other specific commitments. 3. Dispute Settlement panels and Appellate Body- subsidiary under the Dispute Settlement Body to resolve disputes and the Appellate Body to deal with appeals. The WTO operates on a one country, one vote system, but actual votes have never been taken. Decision making is generally by consensus, and relative market size is the primary source of bargaining power. The advantage of consensus decision-making is that it encourages efforts to find the most widely acceptable decision. Main disadvantages include large time requirements and many rounds of negotiation to develop a consensus decision, and the tendency for final agreements to use ambiguous language on contentious points that makes future interpretation of treaties difficult. DISPUTE SETTLEMENT BODY Dispute settlement is regarded by the WTO as the central pillar of the multilateral trading system, and as a "unique contribution to the stability of the global economy". WTO members have agreed that, if they believe fellow-members are violating trade rules, they will use the multilateral system of settling disputes instead of taking action unilaterally. The operation of the WTO dispute settlement process involves The DSB panels, the Appellate Body, the WTO Secretariat, arbitrators, independent experts and several specialized institutions.

The General Council discharges its responsibilities under the DSU through the Dispute Settlement Body (DSB). Like the General Council, the DSB is composed of representatives of all WTO Members. The DSB is responsible for administering the DSU, i.e. for overseeing the entire dispute settlement process. If a member state considers that a measure adopted by another member state has deprived it of a benefit accruing to it under one of the covered agreements, it may call for consultations with the other member state. If consultations fail to resolve the dispute within 60 days after receipt of the request for consultations, the complainant state may request the establishment of a panel. It is not possible for the respondent state to prevent or delay the establishment of a panel, unless the DSB by consensus decides otherwise. The panel, normally consisting of three members appointedad hoc by the Secretariat, sits to receive written and oral submissions of the parties, on the basis of which it is expected to make findings and conclusions for presentation to the DSB. The proceedings are confidential, and even when private parties are directly concerned, they are not permitted to attend or make submissions separate from those of the state in question. The final version of the panel's report is distributed first to the parties, and two weeks later it is circulated to all the members of the WTO. The report must be adopted at a meeting of the DSB within 60 days of its circulation, unless the DSB by consensus decides not to adopt the report or a party to the dispute gives notice of its intention to appeal. A party may appeal a panel report to a standing Apellate Body, but only on issues of law, and legal interpretations developed by the panel. Members may express their views on the report of the Appellate Body, but they cannot derail it: an Apellate Body report shall be adopted by the DSB and unconditionally accepted by the , unless the DSB decides by consensus within thirty days of its circulation not to adopt the report. ACCESSION AND MEMBERSHIP The process of becoming a WTO member is unique to each applicant country, and the terms of accession are dependent upon the country's stage of economic development and current trade regime. The process takes about five years, on average, but it can last more if the country is less than fully committed to the process or if political issues interfere. As is typical of WTO procedures, an offer of accession is only given once consensus is reached among interested parties. Members and Observers The WTO has 151 members (almost all of the 123 nations participating in the Uruguay Round signed on at its foundation, and the rest had to get membership).

World Trade Organization (WTO) & India Guest Column by Hari Sud Indias Commerce Minister Kamal Nath walked out of WTO meet in Geneva on June 30, 2006 and returned home. It was a well-orchestrated policy to let the West (all the leading industrialized nations) know that India and other developing countries (LDCs) are no longer a push over. The sticking point at this time has been the huge farm subsidies, which the West provides to its farming sector. Massive farm subsidies undercut the competitors and prevent the rest of the world from enjoying benefits of trade. This impasse will persist until the West works harder to level the playing field and help liberalize the trade. Geneva meet has ended. Both the developed countries as well as the LDCs (through a group called G-20) are internally busy to consolidate their respective position before the next ministerial meet. Failure to reach a deal by yearend will prevent the US and the EU, enjoying greater benefits of trade liberalization. Their industrial products, which is the other side of the trade off on farm subsidy cut, will continue to face import restrictions in the LDCs. What is WTO? It is a 149-member organization with Pascal Lamay as its head. It represents all the trading nations of the world, who import-export goods & services. Created on Jan1, 1995, it was considered the biggest reform in trade since WWII. Its predecessor, GATT (General Agreement on Tariff & Trade), had a tumultuous 47 years history. GATT made a beginning in 1948, and provided a framework for trade expansion vis--vis removing barriers on free movement of goods and services. It provided platform for 8 trade negotiations in its checkered history until 1994, the last trade negotiations the Uruguay Round, resulted in the creation of WTO. In each of these Rounds (high level negotiations), the West, mostly Europe, Japan and North America negotiated trade deals with themselves in mind. The developing world including India, China, most of Africa and Latin America were forgotten as backward and without any clout. For Example, the Kennedy Round of 1963 quadrupled the world trade. At that time India and China had not emerged and hence did not figure in the world trade talks. Tokyo Round of 1973-79 quadrupled the already quadrupled world trade in last 25 years. In each case tariffs and trade distorting subsidies were progressively reduced on industrial goods & services. The West enjoyed unprecedented prosperity. US & Japan were the biggest gainers, followed by the all the nations of the Europe. Poor countries stayed poor. Nobody spoke on their behalf, and they had no clout to make their presence felt. There are simple reasons for that. First, the poor countries had no money to compete in the international market with quality goods, second subsidies provided by the nations to encourage development after WWII made their products much cheaper. Hence a die was cast for poor to stay poor. In 1982, China burst on the international trade scene. In 2002, India became an upcoming star for the world to take note. Hence a new

trade body was needed to regulate and encourage trade. Hence at the Uruguay Round, a decision was taken to set up a new body (WTO) to manage the growing trade. Special Mention of Doha Round Doha Round deserves special attention, as it is the first trade related conference after GATT was re-incarnated into WTO. At a ministerial conference in Doha, Qatar, WTO member countries, 149 in all, agreed to launch new trade negotiations. This time it was different, India and China had emerged on the scene as major trading nations. Also the developing world was not going to sit around idly and watch as the West implement trade policies favoring them-selves. In short, developing countries made it clear that unless the developed world allowed them greater access to their markets, there will be no changes to the multilateral trading framework. A bunch of nations (G-20) spearheaded this policy with India & Brazil as its leaders. The G-20s approached the negotiations with the developed world with three main areas of unhappiness:

Discriminatory tariffs on goods and services between developed world and the developing world as against tariffs they use between themselves. This prevented a level playing field for all the developing nations of the world. Farm subsidies, which the developed world gives to its farmers, distort the cost structure. Agricultural production in EU & USA is heavily subsidized. These subsidies have been in place for decades. Major beneficiaries of these subsidies are US corporate farmers, and French farm and processing sector in the EU. With these subsidies in place the developing world loses its advantage. Additionally farm imports from developing world are under heavy tariff, which effectively keeps these products out. A major irritant in the trade policies have been the textile exports. Quota system effectively killed any cotton textile business from prospering in the developing world. Luckily, the EU & US relented on these policies. As of last year this policy has been disbanded.

Doha Round discussions began with this background. WTO intentions were good except these could not be translated into concrete policies. These irritants have resulted in the deadlock in negotiations. Brazil the most efficient agricultural products producer has concentrated its energies during Doha Ministerial discussions on reduction in farm subsidies in EU and US. India & Pakistan are concentrating on textiles and farm produce. Additional trade concessions on service sector have also been sought by India. The service sector is the key to Indias future as an economic power. The Current Impasse and the Looming Time Table of 2006 The trade discussions take long-long time to make even a small headway. Ministers,

who discuss at the meetings, revert back & forth on their position as their home governments like or dislike progress at the talks. The current inconclusive talks in Geneva were the continuance of earlier talks in Hong Kong. The latter were also inconclusive. Politically developing countries are unlikely to accept any formula on their industrial tariffs, without corresponding cuts by the developed countries in subsidies and tariffs. Anything less will be a political suicide for any political system in a democratic country. But there is a deadline looming. The present US President has been empowered by the US Congress to finish trade negotiations by middle of 2007 and present them with a trade deal, for an up or down vote. This fast track mechanism has actually simplified trade negotiation process with the worlds biggest trading nation i.e. US. In order for that to happen, virtually all trade discussions have to be completed by end of 2006. This deadline is driving all the current hectic activity. US being the most powerful of all the trading nations and with its currency as the basis of trade deal settlement is in the drivers seat. Agriculture is at the heart of this round of talks. Consider these few statistics: Agricultural trade is about $800 Billion worth worldwide. It is about 9% of the world total trade. Unfortunately it is the most protected sector. EU is the largest trader in agricultural products including internal trade between member countries. It exports $350 Billion worth of agricultural products (including internal trade) and imports about $380 Billion. US are distant second with $80 Billion in agricultural exports. The sticking point is amount of subsidies and tariffs to be cut by both EU & US. G-20 has urged EU to cut 54% of its tariffs on agricultural products and US to slash 75% of its agricultural subsidies. These are unacceptable to the EU & US. In return they have offered 39% reduction in tariffs and 53% reduction in subsidies. The above gap, in what the developing countries want and what the developed countries have offered has not changed one bit in last six months of negotiations, hence the angry walk out by the Indias Commerce Minister from the Geneva discussion. Although the Western media heralded it as an astringent Indian attitude yet the truth is otherwise. If no deal is reached and the US Congress deadline passes then this missed opportunity will not herald an end of the world trading system. Trade will continue as before. But its expansion may not be as dramatic as one would hope. Next opportunity may not arise for a decade or so. At that time, another Round of discussions will be initiated and US Congress may empower its president to give another opportunity to negotiate a fast rack trade treaty. Success or Failure of these Talks In macro terms, Indias Commerce Minister laid out the impact of these talks on India. He said that success would mean that India could hope to boost its growth from about 8% to 10-11% in five years. Failure could take away a percentage or two from its growth. Hence stakes for India are very high. Similar benefits will accrue

for Brazil, Pakistan, and South Africa. Other smaller nations will enjoy benefits in varying degrees. For the developed world of EU, and US, there will be a great satisfaction with the opening up of the markets, which hitherto have been closed. Industrial activity in Europe & US will multiply. As the developing world exports more, they will import more of Wests industrial goods & services. Hence, benefits to both groupings are huge. World trade could see a multifold expansion in twenty years. World Bank has estimated that freeing trade of all barriers & subsidies, about 320 million people, living on $2 a day will be lifted out of the poverty line in about ten years. Other analysts have put a higher figure of 440 million. With that kind of possibilities, success at these negotiations is of great importance. Although, next ministerial discussions of WTO have not been scheduled yet both sides are busy reevaluating their position. Soon they will meet again with upcoming deadline in mind. In any trade talks progress is slow. In these talks, the fundamentals have already been sorted out. It is the details, which are a contentious issue. Soon these will be sorted out too. Challenges Within the EU Community, which are hindering Trade Talks EU Commissioner holds the mandate to negotiate on behalf of the 25 member nations, but its hands are tied. The Common Agricultural Policy (CAP) of EU and its reform may present a big hurdle. EU also knows that in order to get a better access for its industrial goods, they have to give up something. None of the member nations are willing to give up anything. Hence it may cause split on national lines. France, a major agricultural products producer would veto any deal, which contains a significant subsidy cut. On the other hand Briton and Germany would prefer reduced tariffs worldwide for their industrial products. In short, there is unlikely be a deal in the agricultural sector without French being on board. They are unlikely to be onboard without private incentives to them from within the EU. So far nothing has happened. EU commissioner is shuttling between capitals looking for an opening to break the impasse. He has not succeeded so far. Is failure of Trade talks an Option? If the talks fail, credibility of WTO will at stake. Nobody will take it seriously anymore. Bilateral trade agreements between nations will proliferate. This will circumvent the whole concept of multi-lateral trade co-operation. A huge market opening opportunity will be missed and all that have been accomplished in prior discussions may or may not be salvaged. In the absence of a global instrument, trade dispute resolution may also suffer. Worst impact will be on the developing countries. Their chances of progress will be curtailed. All the above will reflect poorly on WTO. Let us hope that these talks succeed. It is in the greater interest of developed and the

developing countries that this impasse is broken. Next such opportunity may be a decade away. At that time new realities will have to be taken into consideration. Some of the developing countries like India & China may ask for bigger piece of action. The West again may refuse and impasse may continue. By then WTO will be irrelevant and would have to be re-incarnated into something else. In the preceding years bilateral trade agreements will take the place of multi-lateral agreements. These bilateral agreements will be harder to circumvent, should any time in future WTO agreement is negotiated.

CONCLUSION

I found that the study of WTO is a vast thing to understand when it came to India the economic condition of Indian economy saw a drastic change which still exist we should be thankful to that government about taking this policy for Indian economy . WTO creat a revolution for the exploration of domestic market and multinational companies and Indian are still enjoying the perfect competition otherwise there was a big monopoly or duo poly running . now the WTO needs a little bit of changes for Indian economy as it is out of control