Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
TRADE LIBERALISATION UNDER WTO:
In the Uruguay Round negotiations, India agreed to reduce tariff on a large number of commodities and remove quantitative restrictions (QRs) on all, except for about 600 commodities. For industrial products, India's commitment was to bring down the average tariff rate from 71 per cent in the pre-Uruguay Round period to 32 per cent in the post-Uruguay Round era. While the 1991 reforms removed QRs on most manufactured intermediate and capital goods, there was little change in the import policy for textiles and clothing. The imports of these products remained practically banned. Thesituation began to change substantially in December 1994 when in separatetreaties with the EU and the USA, India agreed to a comprehensive liberalisationof import policies for textiles. This liberalisation in imports of textiles wasagreed to in part as quid pro quo for the ATC (Agreement on Textiles and Clothing) to phase out the MFA quotas, and in part in exchange for increasedMFA quotas in the US and EU markets. The reform process started in 1995with the removal of QRs on imports of wool tops, synthetic fibers, textile yarnand some selected industrial fabrics. It was also agreed that these productswould be free from import licensing altogether at specified future dates (1 998,2000 or 2002), and tariff rates would be reduced to levels between 20 and 40percent by 2000.
Turning now to other international agreements, India had used the balance of payments provision given in GATT (Article VIII (B)) to justify her routine use of QRs. Soon after the Uruguay Round agreements became effective India's unconstrained use of the balance of payments provision was challenged by the US, EU and other developed countries. It became difficult for India to justify QRs on grounds of balance of payments since there was a strong current account, substantial capital inflow and large foreign exchange reserves. -In 1999-00,2134 items were subject to QRs, of which 1589 items had QRs on imports, being maintained under the balance of payments provision.
What are the Responsibilities of central banks Responsibilities include providing banking services to commercial banks and the government and regulating financial markets and i
If interest rates increase, which would you rather be holding, long term or short term bond? Why? Which type of bond has the greater interest rate risk?
State the term National income statistics National income statistics underestimate the true level of economic activity, and as people's living standards, because the non-moneti
ACCOUNTING SYSTEM-EXAMPLE Let us now introduce a complication. There are three firms in the production sector. The Fruit Extracts Company manufactures from raw fruit, fruit ext
Consider the consumption decisions of R.B. Turbo, a new student at T University. Ms. Turbo has only available $1,000 in monthly income to spend on food and housing. In te
what is national income
A stock investor would like to have an idea concerning the average return of stocks that are traded on a certain exchange. In a sample of 99 stocks, the average return was 9 percen
Suppose the demand for loanable funds was stable but the supply fluctuated from year to year. what cause fluctuate in supply?
A recent study in NJ showed that 50% of all patients will return to the same dentist. Suppose nine patients are selected at random, what is the probability that: (a) exactly five o
Determine the exchange rate When a currency is freely floating, the central bank doesn't have to set monetary policy to alter the external value of the currency unless instruct
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd