Agreement of Wto Harm Developing Countries like India

July 30, 2022

The World Trade Organization (WTO) has been a topic of much debate over the years, particularly when it comes to its impact on developing countries like India. While the WTO claims to promote free and fair trade, many argue that its policies actually harm these countries and their economies.

One of the main issues with the WTO is the agreement on agriculture, which allows developed countries to heavily subsidize their agricultural sectors while simultaneously imposing tariffs and other trade barriers on imports from developing countries. This leaves these countries at a disadvantage, as they are unable to compete with the artificially low prices of the products being produced by developed countries.

India, in particular, has been adversely affected by the WTO’s policies. The country is home to millions of small farmers who rely on agriculture as their primary source of income. However, the WTO’s agreement on agriculture has led to a flood of cheap imports into the country, making it difficult for these farmers to sell their products at a competitive price.

Another issue with the WTO is its provisions related to intellectual property rights. These provisions allow developed countries to patent and protect their technologies and products, making it difficult for developing countries to access them. This can be particularly problematic in the areas of healthcare and pharmaceuticals, where developing countries may not have the resources to develop their own technologies or afford the high prices of patented products.

Critics of the WTO argue that these policies are not truly promoting free and fair trade, but rather are perpetuating an unequal global economic system that benefits developed countries at the expense of developing ones. They argue that the WTO needs to take a more comprehensive approach to trade, one that takes into account the needs and challenges of developing countries.

In conclusion, the agreement of the WTO does harm developing countries like India. The organization must examine its policies and make changes that promote true free and fair trade while also ensuring that all countries have access to the benefits of globalization. Until then, developing countries will continue to suffer the consequences of a global economic system that is rigged against them.

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