Vol. 2, Issue 1, Part L (2016)

Abstract
Trade is an essential part of economic development. The establishment of WTO is an important milestone in the history of international trade. India played an important role in establishment of GATT and then in establishment in WTO. India became the member of GATT in 1947 and started to play its part and now it’s an active member of WTO, the replacement of GATT, which came into effect on 1st January 1995 in Uruguay Round. India is very favour of governance of international trade which is based on international rules and regulations. It believes that trade will not only benefit its economy but will also benefit all 134 members. When developing countries were liberalizing and expanding their economies, they felt the need for better export opportunities. The W.T.O. provides opportunities to the developing countries to grow and expand their business.