Under TRIMS, WTO names the list of investment measures which member countries adopt and that discriminates with the foreign investment when compared to domestic ones and hence violate the basic WTO principle of National Treatment. National treatment demands that the same treatment should be given to foreign goods,services and investment which is being given to the domestic ones.
The restrictive measures adopted by countries include:
Hence, TRIMS provide the rules that restrict the preference of domestic firms and thereby enable international firms to operate more easily within foreign markets.
In order to bring all these measures under modulation, an agreement was signed between all the WTO members.
The TRIMs agreement’s overall goal is to urge nations to implement open, non-discriminatory investment policies that support trade and economic growth.
Ask Anything, Know Better
May 10 Trade secrets are intellectual property rights (IPRs) that refers to any practice or process of a company that is generally not known outside of the company. In general, any confidential business information which provides an enterprise a competitive edge and is unknown to others may be protected as a trade secret. Information considered a trade secret gives the company a competitive advantage over its competitors and is often a product of internal research and development. What qualifies as a trade...
January 12 The General Agreement on Trade in Services (GATS) is an international treaty that is part of the World Trade Organization (WTO) agreements. GATS came into force on January 1, 1995, along with the establishment of the WTO. The agreement aims to create a framework for the liberalization of trade in services among WTO member countries. Key features of the GATS agreement include: Wide Scope : GATS covers a wide range of services, including business, communication, construction, education, environmental, financial,...
January 12 The Agreement on Agriculture (AoA) is a significant international treaty that is part of the agreements established during the Uruguay Round of multilateral trade negotiations conducted under the General Agreement on Tariffs and Trade (GATT). The Agreement on Agriculture addresses issues related to trade in agricultural products and aims to establish a fair and market-oriented agricultural trading system. It introduced disciplines and rules to address various aspects of agricultural trade, including market access, domestic...
July 19 Sanitary stands for health and hygiene and Phytosanitary stands for plant health and hygiene. The members of WTO have signed an agreement on Sanitary and Phytosanitary (SPS) measures, which provides guidelines for member countries to adopt measures related to food safety and animal and plant health from various biosafety risks arising from trades. These risks are usually related to pests and diseases and may come from risks arising from additives, toxins, and contaminants in food and feed. Each WTO...
July 19 Indo-Pacific Economic Framework (IPEF) was launched by the US in 2022 as a significant step towards establishing free and fair trade with the nations of the Indo-Pacific region. Presently, there are 13 member countries in this framework including India which account for 40% of the global GDP and 28% of the global trade. Through this initiative, the IPEF partners aim to contribute to cooperation capability, prosperity, development, and peace within the region. Moreover, it is aiming towards advancing resilience, sustainability,...
July 17 As the world is getting more globalised, individuals and companies are working and earning in more than one country. It also means that they will have to pay taxes in all the countries from where they have earned incomes. The problem occurs when a person or company has to pay taxes twice on the same income earned in two different countries. For example, an Indian professional works and earns in USA for 3 months and returns to India and on his income earned in USA, both India and USA levy tax. It is double taxation...
Comments
Write Comment