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International Institutions

World Trade Organization (WTO) : Multilateral regulation of trade began with the GATT that came into being in 1947 and that was substituted by the WTO in 1995. WTO was set up on the basis or 18 separate agreements, 14 were multilateral in character and the rest ware plurilateral in character. WTO is a forum through which these agreements are administered. It also maintains an effective dispute settlement mechanism. India has been a member of GATT/ WTO. Its external trade policy in tuned with that of WTO.

UNCTAD: It is another international institution that was set up in 1964. So far, there have been on stabilization of export earnings especially of the primary goods exporting countries, improvement in the market access for the goods of the developing countries, increase in the flow of finance, preferential treatment for the least developed countries.

World Bank: World Bank is the name that is used for the IBRD and International Development Association (IDA). In fact under the umbrella of World Bank, four institutions have been working. These include:

1.    International Bank for Reconstruction and Development (IBRD) set up in 1945.
2.    International Finance Corporation (IFC) set up in 1956.
3.    International Development Association (IDA) set up in 1960.
4.    Multilateral Investment Guarantee Agency (MIGA) set up in 1988.

International Monetary Fund (IMF) : It was set up in 1945 to ensure a stable monetary system in the world. Its major functions include: (i) to promote international co-operation among members on international monetary issues; (ii) to facilitate the balanced growth of international trade and to contribute to high levels of employment, real income and productive capacity: (iii) o promote exchange stability and orderly exchange arrangements while avoiding competitive currency devolution; (iv) to foster a multilateral system of payment and transfers while eliminating exchange restrictions, etc.

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