When Did India Sign the General Agreement on Tariffs and Trade?
The General Agreement on Tariffs and Trade (GATT) was formed in 1947 as an international treaty meant to promote free trade and reduce trade barriers between member countries. India, being one of the world`s most populous countries, plays a significant role in global trade. As a result, it`s vital to understand when India became a signatory to GATT.
India signed the GATT in April 1948 and became one of the original signatories of the treaty. India was one of the first countries in the world to join GATT. At that time, India was still under British rule, and the signing of the GATT was a way of opening up the country`s economy to the world.
Over the years, India`s participation in the GATT had a significant impact on the country`s economic growth. India played a crucial role in the creation of the World Trade Organization (WTO), which replaced the GATT in 1995. The WTO is an intergovernmental organization responsible for regulating and overseeing international trade between member countries.
India has been an active member of the WTO since its inception, and the country has benefitted significantly from the removal of trade barriers. The reduction in trade barriers has allowed Indian businesses to expand their reach to international markets, and India has become a major player in global trade.
In conclusion, India signed the GATT in April 1948, becoming one of the original signatories of the treaty. The signing of the GATT has had a significant impact on India`s economic growth and has allowed the country to become a major player in global trade. India`s participation in the WTO has further strengthened its position, and the country will continue to play an essential role in international trade in the years to come.
