Will WTO reforms talks between India and China lead to something consequential?
Brief History
The WTO is an intergovernmental Organisation that regulates international trade. The WTO officially commenced on January 1, 1995. It regulates the world market with the global rules of trade between nations. It's main function is to ensure that the trade flows smoothly, predictably and freely as possible. The main objective of WTO is to set and enforce rules for International trade , to provide forum for negotiating and monitoring further trade liberalisation, to resolve trade disputes, to include transparency of decision making process, to cooperate with other major international economic institutions involved in global economic management and to help developing countries benefit fully from the global trading system.
Current Developments.
Recently India and China agreed for joint research in the areas of WTO reforms, urbanisation and frontier technologies with a view to enhance economic cooperation between the countries. As per sources both the sides affirmed their commitment for a more inclusive and truely global world order with multilaterialism as the way forward.
Perspective
It is expected that if both sides work with cooperation we can definately reach great heights. We will have to maintain harmony and work accordingly because getting aggressive over pity issues many a times aggravates tension between both the fronts which leads to delayed projects consequently leading greater losses and many a times a total failure of the projects.
There are many issues like Tibet issue, CPEC issue, OBOR, etc in which there are differences in opinions from both sides , but these issues should be sorted mutually.
It is factually true that they are technologically advanced and superior to that of us and we can easily overcome our problems if we get to explore the know-how , this would help us to a great extent in our development process. If the technologies are merged together both these nations can be posed as global leaders in this sector.
Way Forward
Strategically both the nation's are equally important for one another so it would be wise to work together and undertake projects mutually. If Various trade sector related issues are examined carefully, it would help to facilitate investments.
By
KRITIKA SINGH