New Delhi, The preparation of India’s Trade Policy Review (TPR) report by the World Trade Organisation (WTO) is in full swing, and it is expected to be released in July, an official said.
In this regard, a team of officials from the WTO Secretariat was here last week.
“The work for the report is going on. We will submit the government report and also give our views on the WTO’s Secretariat report,” the official said.
In preparing its report, the Secretariat seeks the cooperation of the member countries. India has been a WTO member since 1995.
The report consists of detailed chapters examining the trade policies and practices of the member. It also includes trade policymaking institutions and a country’s macroeconomic situation.
The frequency with which WTO members are reviewed depends on their share of world trade, according to the WTO.
The four biggest traders (European Union, United States, China, Japan) are reviewed every three years. The next 16 biggest traders are reviewed every five years (India falls in this category), and all other members are reviewed every seven years.
The objectives of the Trade Policy Review Mechanism, as expressed in an annex of the Marrakesh Agreement, include facilitating the smooth functioning of the multilateral trading system by enhancing the transparency of members’ trade policies.
According to the WTO’s World Trade Statistics, between 2005 and 2024, India’s share of global merchandise exports has nearly doubled, rising from 1 per cent to 1.8 per cent; similarly, its share in global commercial services exports has more than doubled, rising from 2 per cent to 4.3 per cent.
