These include agreements with ASEAN, Hong Kong and Macao, Pakistan and Chile, as well as ongoing negotiations with the Gulf countries, New Zealand and Australia. See “Report of the People`s Republic of China,” 95, para. 77 to 82. Developing countries, including India, have consistently submitted proposals to the WTO to introduce a new provision in the TRIPS agreement on preventing the theft of traditional knowledge such as Ayurvedic and naturopathy. It requested mandatory disclosure of the origin or origin of the biological resource, proof of prior informed consent, and distribution of benefits by filers before issuing a biopiracy verification patent to a company. India has several multilateral agreements with countries in the region: the Bangkok Agreement, the South Asia Preferential Trade Agreement (SAPTA) and the Global Trade Preference System (GSTP). Other concessions are also granted to some of these countries under bilateral trade agreements. However, the impact of these agreements on India`s trade appears to be minimal. In 1995/96, Indian imports of goods from the Eighth Bangkok Agreement and PSATA member countries accounted for only 3% of total merchandise imports and about 7% of their exports. As a member of the WTO, India is subject to a number of important agreements, such as subsidies and countervailing agreements, GATS, SPS, TRIPS, TRIMS, agriculture and textile agreements. India attaches importance to its participation in regional agreements under multilateral rules. India played an important role in the creation of the South Asian Regional Cooperation Association (SAARC), whose main success in 1995 was the conclusion of trade preference negotiations under the SAARC Preferential Trading Arrangement (SAPTA). The SAPTA was commissioned on December 7, 1995 and includes preferential tariff concessions for 226 positions and product groups.
In January 1996, a second round of SAPTA trade negotiations was launched to extend tariff concessions. Effective March 1, 1997, India granted concessions on 902 lines. The third round of trade negotiations began in July 1997. The aim is to continue the SAPTA process with the final goal of a free trade area in South Asia (SAFTA) by 2001. India is a member of the Bangkok Agreement, originally signed in 1975 and now includes Bangladesh, the Republic of Korea, the Lao People`s Democratic Republic, Papua New Guinea and Sri Lanka. The agreement provides for the liberalisation of tariff and non-tariff barriers between its members.Leave a reply