The WTO through its code provides a framework for an integrated approach to tackle the trade-related economic issues which cannot be isolated from the world economic order.

The WTO code lies in the international instruments, such as, the GATT 1994, the Multilateral Trade Agreements (MTA) and the plurilateral Agreements. The clash/conflict between MTA and GATT 1994 is to be resolved by accepting the provisions of MTA.

In essence, the WTO Agreement is based on the results of the Uruguay Round of negotiations.

The WTO Agreement, thus, covers the following:

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1. Multilateral Agreements on Trade in goods

2. General Agreement on Trade in services

3. Agreement on TRIPs

4. Rules and procedures regarding dispute settlement

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5. Plurilateral Trade Agreements (PTA)

6. Trade Policy Review Mechanism (TPRM)

Among these, agreement on agriculture deserves attention of the developing agrarian nations. The Agreement seeks to deal with non-tariff measures affecting global competition. It specifically aims at reducing domestic and export subsidies on agricultural goods.

It is laid down that, the current total aggregate measurement of support – (in terms of non-product specific subsidies and product specific subsidies) should not exceed 10 per cent of the annual value of total agricifltural product measured at international price.

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It is further laid down that the member countries should reduce the value of direct export subsidies to a level of 36 per cent below the 1986-90 base period level during the implementation span of 6 years. Moreover, the volume of subsidized exports should be reduced by 21 per cent.

The members have to allow minimum market access by reducing their import tariffs by 36 per cent and permit at least 3 per cent of their domestic consumption for foreign agricultural consumption initially and then after 6 years period it should be raised to 5 per cent.

‘Green box’ policies – relating to domestic support measures causing a minimum impact on free trade – are not subject to such reduction commitments.

The WTO Agreement on textiles and clothing aims at securing the integration of this sector into the GATT 1994 in four phases. By January 1,2005,(1) On January 1,1995,16% of total volume of imports of textiles and clothing sector in 1990; (II) January 1, 1998, not less than 17% of 1990 imports; (III) January 1, 2002, not less than 18% of imports; (IV) January 1, 2005, all remaining products to be integrated.

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Integration implies that trade in textile products and clothing will be governed by the General Rules of GATT as against the Multi-Fibre Agreement (MFA).

The WTO Agreement on anti-dumping sets out new and more detailed rules and the criteria, anti-dumping measures and dispute settlement.

The WTO Agreement embraces all internationally traded services and aims at progressive liberalisation of the service sector.

The TRIPs Agreement pertains to the protection of following categories of intellectual property rights: (I) copyright; (II) trademarks; (III) geographical indications; (IV) industrial designs; (V) patents;TVI) integrated circuits; and (VII) trade secrets.

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Regarding copyrights it is specified that the Berne Convention should be complied for the protection of liberally, artistic works including computer programming.

The owner of the registered trade mark possess exclusive rights for its use.

The geographical indication relate to the identification of a product originating in the territory of the member state; and it should be legally protected.

Industrial designs are to be protected for at least 10 years and patents for 20 years.

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Topographic of integrated circuits to be protected for 10 years. Trade secrets and know-how of commercial value to be protected against breach of trust.

The member governments are required to enact suitable legislations in this regard. The Council for TRIPs is, to monitor the members’ compliance in this direction.

The Dispute Settlement Body to be set-up by the WTO is to govern the dispute settlement system as per rules and procedures laid down.

Plurilateral Trade Agreements (PTA) consist: (I) Agreement on Trade in Civil Aircraft; (II) Agreement on Government Procurement; (III) International Bovine Meat Agreement and (IV) International Dairy Agreement.

TPRM is meant to review the trade policies and practices under MTA and PTA. The task to be carried out by the Trade Policy Review Body.