WTO and the New International Trade Regime

The main purpose of the WTO is to promote free trade flow, serve as a forum for trade negotiations and serve as a dispute settlement body, based upon the principles of non-discrimination, equal treatment and predictability. Agriculture was brought under the purview of multilateral trade negotiations and rules were framed for the first time in order to reduce the trade distortions in the agricultural sector. The agreement on agriculture finalized in GATT negotiations called ‘Uruguay Round’ which culminated in establishment of WTO on January 1, 1995 raised many questions and doubts, especially among the developing countries like India, who feat that the implementation of the provisions of this agreement will adversely affect their domestic agriculture production, the farmers an the nation’s exports and imports. In short, fears have been expressed about the viability of the food security of the nation.