( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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EVOLUTION OF INTERNATIONAL TRADE REGIMES: A CASE STUDY OF GATT AND WTO

    1 Author(s):  RAJEEV YADAV

Vol -  8, Issue- 6 ,         Page(s) : 127 - 136  (2017 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

In present day globalized world, World Trade Organization (WTO) has been evolved as an im-portant organizationthat formed to liberalize and supervise international trade. It’s not only a platform for negotiations but also produces legal framework. It came into existence on 1 January, 1995 and is the successor of General Agreement on Tariffs and Trade(GATT) which was formed in 1947. In this context I would like to examine about the evolution of WTO, how it went through different phases. Its predecessor (GATT),who was formed after the Second World War in need of an international organization, slowly became a de facto international organization. The relevance of WTO in present day global scenario when most of the countries have bi/multilateral custom agreements of their own. Lastly, I would like to conclude my paper by examining the presence of globalization in WTO regime.

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