The Seattle Millennium talks on the WTO failed to achieve targets which it was supposed to achieve. Therefore it could not come out with any agreements on Global trade strategy. This failure can be attributed to the lack of mutual consensus among the four powerful developed economics, Japan, USA, Canada and the EU countries. They could not agree on various topics discussed in the round.
Few American Trade Unions and NGO’s put effort in inclusion of environmental measures among other related to trade, in discussion agreements, if any. Third world countries, inclusion Iredia opposed some arbitrary demands of free trade by( these developed economies which could have effect of breaking their domestic economics. They also tried to cover labour environment, competition and investment related policies and measures under the control of the WTO.
The failure of Seattle talk has the following implications for the Indian economy: (1) It may enhance India’s stature in international Platform. Developed Countries may search ways to convince to appease the India for her support or favour, development of our country. Large number of our population still remains unskilled, illiterate, which together brings hurdles their individual growth and altogether nation’s economic development.
Country’s economic development thus is not able to follow the sustainable development path which is necessary in order to bring equity and rapid development in nation’s progress. About 26% of our population still lies under below poverty level. Country’s huge investment goes to ameliorate their condition through welfare programmes.
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Further with less skilled manpower, India is not able to utilize her Human resource to enhance economic development.
Thus with less economic development, savings are less, which entails less investment and thus development.
Infrastructure development and other facilities will also be affected due to population explosion.
1. Economical growth can be achieved by capital, resources and educated and skilled workers. Basic problems like shelter, foods etc. also do not allow people to get higher education and population’s large part remains under-productive.
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2. This may have some effect on the amendments of the patent, copyright and other laws.
3. It may lead to continuous problems and disputes regarding to provisions of WTO.
4. It will help to spreading message among developed countries that their days of monopoly on world trade are gone. They cannot force or afford to leave developing countries isolated.