Topic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
6. For India, though the multilateral trading system embodied by the WTO provides security and predictability. India has had a chequered relationship with the World Trade Organisation (WTO). Examine. Suggest reforms that needs to be undertaken in the WTO. (250 words)
Difficulty level: Moderate
Reference: Insightsonindia
Why the question: The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2022 Secure timetable.
Key Demand of the question: To write about the reforms that are needed in the WTO.
Directive word:
Examine – When asked to ‘Examine’, we must investigate the topic (content words) in detail, inspect it, investigate it and establish the key facts and issues related to the topic in question. While doing so we should explain why these facts and issues are important and their implications.
Structure of the answer:
Introduction:
Begin by giving the aims and objectives of WTO.
Body:
First, Explain the factors that have led to India’s chequered relationship with the World Trade Organisation (WTO). – impasse over the Doha Round, deglobalisation bring out the opposition of USA under Trump, lack of any significant achievement even two decades, the rising number of bilateral and multilateral treaties etc.
Next suggest reforms that are needed to overcome the above – Appellate body reform, clarity on Special and differential treatment and Sustainable Development Goal-oriented trade negotiation etc.
Conclusion:
Conclude by writing a way forward.
