Commerce Secretary to visit Geneva for WTO review
Commerce Secretary Rajesh Agarwal is visiting Geneva this week for India’s eighth trade policy review report, an official said.
The secretary is leading a team of Indian officials to the headquarters of the World Trade Organisation (WTO), the official said. The report will be released this month only.
Such reports include detailed chapters examining the trade policies and practices of the member. It also includes trade policymaking institutions and a country’s macroeconomic situation.
The frequency with which WTO members are reviewed depends on their share of world trade, according to the World Trade Organisation.
The four biggest traders (European Union, United States, China, Japan) are reviewed every three years. The next 16 biggest traders are reviewed every five years (India falls in this category), and all other members are reviewed every seven years.
The objectives of the Trade Policy Review Mechanism, as expressed in an annex of the Marrakesh Agreement, include facilitating the smooth functioning of the multilateral trading system by enhancing the transparency of members’ trade policies.
According to the WTO’s World Trade Statistics, between 2005 and 2024, India’s share of global merchandise exports has nearly doubled, rising from 1 per cent to 1.8 per cent; similarly, its share in global commercial services exports has more than doubled, rising from 2 per cent to 4.3 per cent.
