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 is the relationship between quality, consumption and demand for health care services?
What are the potential disadvantages of growth? The potential disadvantages of growth are as follows: • Raised pollution, • Depletion of non renewable natural resources
factors that causes the shifts in balance of payments
What is the difference between an economic luxury and an economic necessity? Ans) An economic luxury is wasting land on pools huge garden, etc. An economic requirement is what y
Financial Development A well developed financial system is very essential for the smooth functioning of any economy. One set of important statistical indicators that is used to
circular flow of income in a single sector,two sector,three sector and four sector
Suppose that a security costs $3,000 today and pays off some amount b in one year. Suppose that b is uncertain according to the following table of probabilities: b: $3,000 $3,300 $
Give detail explanation about the Inflation Price index is computed at a particular point in time, inflation over a time period, mainly one year Inflation may just as
Explain the Gains from Trade of market. Producer Surplus, Consumer Surplus, Gains through Trade and Efficiency of Markets: Consumers and producers both are better off since
Suppose the consumption function is C = $500 billion + 0.55Y and the government wants to stimulate the economy. By how much will aggregate demand at current prices shift initially
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