DEVELOPING COUNTRIES AND THEIR PARTICIPATION IN THE WTO IN MAKING TRADE POLICY - AN ANALYSIS

Trade and investment are of paramount importance to achieve sustainable development thereby eradicating poverty. Developing countries were strongly arguing on this issue. Their argument emanates from the fact that the terms of trade between the developing and developed countries are unfair. All the developing countries realized that they needed the WTO to negotiate export market access particularly in highly protected sectors like agriculture and textiles, and to defend themselves against non-tariff protection from developed countries. The developing countries constitute for a four-fifths in the WTO, only a small minority are active in it. Weak participation in the WTO is largely a reflection and extension of policy-making deficits at home. In line with this they are participating in WTO and redesigning their trade policies in enhancing the domestic trade and contribute for the global trade. This article explores the GATT/WTO policies and their impact on the trade and development of developing countries. It also highlights the general arrangements/preferences available to developing countries by EU and other developed world and it provides good trade policy with specific objectives and indicators that are important for the developing countries.