HPAS Mains 2021/22 Answer Writing Challenge Day 23: 30-10-2021

October 30, 2021

HPAS Mains 2021/22 Answer Writing Challenge Day 23: 30-10-2021

HPAS Mains General Studies Paper 3: International Financial and Economic Organizations: International Monetary Fund (IMF), World Trade Organization (WTO), International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), United Nations Conference on Trade and Development (UNCTAD), Organization for Economic Cooperation and Development (OECD), Brazil, Russia, India, China and South Africa (BRICS).

Question: WTO has helped in facilitating global trade, however, recently it has been facing certain challenges. In this context, analyze the relevance of WTO and suggest suitable reforms in its functioning. (20 marks, 400 Words)

Understanding of Question:
Directive	Analyze
Introduction	Provide brief introduction about how WTO has facilitated trade
Main Body	Challenges faced by WTO China’s state capitalism Institutional Issues Lack of transparency E-commerce and Digital Trade Relevance of WTO Rule based multilateral trading Settle disputes amicably Platform for new global trade agreements Stimulates global growth Ensures predictability and transparency in trade regulation Suggested Reforms Promote plurilateral negotiations Appointment process to dispute settlement body should be made independent of political control. Conferred with penalizing powers to curb wilful non-compliance New set of Rules
Conclusion	A reformed WTO will have to be constructed on the foundation of liberal multilateralism with a development dimension and appropriate safety valves for rules-based sovereign action.

General Studies Paper 3