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WTO edge: India's share in world exports zooms
By siliconindia staff writer
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Friday, 16 January 2004, 20:30 IST
NEW DELHI: IndiaÂ’s exports have nearly doubled to $51.7bn in Â’02-03 from $26.3bn in 1994-95, in less than a decade since it became a member of the World Trade Organisation (WTO) in 1995.
IndiaÂ’s share in total world exports of goods and commercial services has gone up to 0.9% in Â’01 from 0.6% in 1995, an official release said here today.
In total world imports of goods and commercial services during the same period, the countryÂ’s share has increased to 0.99% from 0.78%.
By being a World Trade Organisation member, India also avails of the most favoured nation (MFN) treatment, and national treatment for its exports to other WTO members. Regarding textiles, in accordance with the WTO agreement on textile and clothing, all WTO member countries were required to integrate specific volumes of their textiles and clothing trade into the World Trade Organisation framework.
In addition, the size of quotas was expanded annually by the restraining countries that maintained the quota. These measures have led to an increase in market access, to a certain extent, although most of these quotas would be removed only at the last stage of integration on December 31, Â’04, the release said. With effect from January Â’05, the entire textiles and clothing trade will get integrated into the multi-lateral framework of the World Trade Organisation, with the completion of the phase-out of the regime of textile quotas.