The World Trade Organization and Its Impact on Indian Businesses

The World Trade Organization and Its Impact on Indian Businesses

Submitted By:-

Harish K. Raman

Symbiosis Law School, Pune

(Constituent of Symbiosis International University)

BBA.LL.B(C)

P.R.N. No.-13010124268

E-Mail Address - [email protected];

[email protected]

The World Trade Organization and Its Impact on

Indian Businesses

ABSTRACT :

The World Trade Organization (WTO) is a rule based multilateral trading organization which

facilitates trade between nations. Its main function is to act as a forum for international

cooperation on trade related policies and creation of codes of conduct for member

governments.1 At its center are the WTO agreements, negotiated and signed by the bulk of

the worlds trading nations and ratified in their parliaments. The WTO provides a forum for

negotiating agreements aimed at reducing obstacles to international trade and ensuring a level

playing field for all, thus supposedly contributing to economic growth and development. For

a structure which provides for countries to conduct negotiations and formalize trade

agreements; it does not specify or define outcomes. It seeks to globalize many countries and

help them sharpen their competitive edge and seek benefit from advanced technologies from

other nations. It has not only affected Indias international trade but also its internal economy.

This paper looks into this aspect and brings to light the many problems that businesses in

India could face. When we discuss Trade Policy and its relation with Free Trade Agreements,

makes us think will these policies affect businesses per se. How important are Enterprises for

the Indian economy, what if they come under threat, will it threaten other businesses? Should

Free Trade Agreements matter to Micro, Small and Medium Enterprises, will it make an

impact? How will Micro, Small and Medium Enterprises cope with this complete

liberalization of trade, will they be able to survive the onslaught or will they be wiped out.

Will it be an opportunity or a threat to businesses in India as we see them today? These

questions are too grave to be left unanswered, if left unquestioned these factors might make

the survival of these businesses difficult. This paper brings to light the answers to these

questions and explains their intricacies and moreover it also highlights certain basic problems

that the Micro, Small and Medium Enterprises face. It also looks into the chapters and

provisions of Free Trade Agreements and gives us a better perspective on the situation as a

whole.

Key Words: World Trade Organization; Free Trade Agreement; Micro, Small and Medium Enterprises;

Liberalization

1From the Website of the World Trade Organization - http://www.wto.org/

The World Trade Organization and Its Impact on

Indian Businesses

The country that is more developed industrially only shows, to the less developed the

image of its own future. - Karl Marx

Introduction

The World Trade Organization (WTO) is the only Global International Organization dealing

with the rules of trade between nations. At its heart are the WTO agreements, negotiated and

signed by the bulk of the worlds trading nations and ratified in their parliaments. The goal is

to help producers of goods and services, exporters, and importers conduct their business.

The WTO which officially came into existence on 1st January 1995is a product of the

Marrakech Treaty signed on 15th April 1994. India was one of the 76 democracies which

became a member on its activation. The WTO intends to supervise and liberalize

international trade. For a structure that has been provided for countries to conduct

negotiations and formalize trade agreements; it does not specify or define outcomes. It has

not only affected Indias international trade but also its internal economy. It will seek to

globalize many countries and help them sharpen their competitive edge and seek benefit from

advanced technologies from other nations.

The policies framed by the World Trade Organization have had both Positive and Negative

impacts on the Indian Businesses.

Positive Impacts:

Increase In Export Earnings:

Increase in Export Earnings can be experienced through the growth in Merchandise

exports and growth in Service exports.

1. Growth In Merchandise Exports: The activation of The WTO has enhanced the

exports of the Developing Countries due to its impact on the tariff and non-tariff

trade barriers, reducing them as a result of its intervention. Indias merchandise

exports have increased from 32 Billion USD (1995) to 185 Billion USD (2008-

09).

2. Growth In Service Exports: For countries like India the WTO established the

General Agreement on Trade In Services (GATS). Indias Service Exports

increased from 5 Billion USD (1995) to 102 Billion USD (2008-09).

Agricultural Exports: Curbing of trade barriers and domestic subsidies elevated the cost

of agricultural products in the international market.

Textile and Clothing: The dissolution of MFA (Multi-Fiber Arrangements) has largely

benefited the textiles sector as the quotas limiting its trade are now eradicated. As a

result developing countries like India can have unhindered export of textile and

clothing.

Foreign Direct Investment: In accordance with the agreement on TRIMs (Trade Related

Investment Measures) which lay down the rules that restrict the preference of domestic

firms and thus allow foreign firms to operate more easily in international markets, have

compelled the member nations to withdraw the restrictions on foreign investment.

Thereby harmonizing the dominance of local and foreign firms and companies. In 2008-

9, the net foreign direct investment in India was 35 Billion US Dollars.

Negative Impacts:

TRIPS: Protection of intellectual property rights has been one of the major concerns

of the WTO.

As a member of the WTO, India has to comply with the TRIPs standards.

However, the agreement on TRIPs goes against the Indian patent act, 1970, in the

following ways:

1. Pharmaceutical Sector: Under the Indian Patent Act 1970, only process patents

are granted to chemical, drugs and medicines. Thus, a company can legally

manufacture once it has the respective product patent.

The companies could sell good quality products at low prices. But, according

to the TRIPs agreement, product patents will also be granted which will raise

the prices of the products as a result the product in now not within the reach of

the poor people, fortunately most drugs manufactured in India are off-patents

so people will be less affected.

2. Agriculture: The TRIPs agreement covers agriculture as well so the Indian

agriculture will also be affected considerably. Since a large majority of the

Indian Population depends on agriculture for their livelihood, these

developments will have serious consequences.

3. Micro-Organisms: Under the TRIPs patenting has been extended to micro-

organisms as well. This will largely benefit the MNCs but not developing

nations like India.

TRIMs: Under the agreement on TRIMs the developed nations are favored as there

are no rules in the agreement to formulate international trade practices by foreign

investors. Also, by complying with the agreement TRIMs we will contradict our

objective of self-reliant growth based on locally available technology and resources.

GATS: The General Agreement on Trade in Services (GATS) favors the developed

nations more than the developing nations. The service sector in India will now have to

compete with gigantic foreign firms. Moreover since foreign firms are allowed to

transfer their profits, dividends and royalties to their present companies they will offer

a foreign exchange burden to the Indian Economy.

LDC Exports: Many member nations have agreed to allow duty-free and quota-free

market access to all products originating from Least Developed Countries (LDC).

India will now have to face the problem of competition arising due to other cheap

LDC exports internationally. Even more troublesome is the fact that the LDC exports

will also come to Indian markets and therefore provide competition to the locally

produced goods.

The WTO provides a forum for negotiating agreements aimed at reducing obstacles to

international trade and ensuring a level playing field for all, thus contributing to economic

growth and development.

Trade Policy and how is it linked to Free Trade Agreements?

For an entrepreneur in the Micro, Small and Medium Enterprise sector (MSMEs), the recent

shift in Indias trade policy from Multilateral Trade Agreements to Bilateral Free Trade

Agreements (FTAs) could significantly impact their business. Trade policy is an important

tool used by the Indian government to determine not only what India should export and

import but also to determine who will be the beneficiaries of its trade with other countries.

Until about a decade ago, Indias international trade policy was largely governed by WTOs

multilateral trade framework which obliges its member countries to tariff reduction and

restrictive non-tariff barriers but does not eliminate tariffs altogether. In recent years

however, Indias trade policy is being determined by Free Trade Agreements.

A Free Trade Agreement aims at total elimination of all tariffs and contains many items that

are not part of the rules of the WTO such as changes to regulation in intellectual property,

investment, public procurement and competition. Free Trade Agreements are expected to

reduce Indias ability to choose policy in the interest of domestic enterprises.

How important are Enterprises for the Indian economy?

Micro, Small and Medium Enterprises are enterprises engaged in manufacturing and services

with investment in plant and machinery below Rs. 25 lakhs and Rs. 10 lakhs respectively.

There are about 28.5 million MSMEs in India providing employment to more than 60 million

people, mostly from the poor and disadvantaged sections of our society. Clearly, MSMEs

play an important role in Indias economic and social arena.

Why should Free Trade Agreements matter to Micro, Small and Medium Enterprises?

If India signs an FTA, Indias trade including trade with MSMEs will be subject to severe

trade related competition and conditionality emerging out of various chapter and provisions

of the FTA agreements. Out of 28.5 million MSMEs over 25 million are micro enterprises

which have extremely limited capacity to compete against the large enterprises from

developed countries.

The million dollar question then remains:

How will MSMEs cope with this complete liberalization of trade?

Will it be an opportunity or a threat?

MSMEs contribute about 45% to Indias industrial output and 40% to its exports. It is

therefore extremely important that any major trade policy-making in India should keep in

mind the trade prospects of MSMEs in both domestic and export markets.

What are the key features of the Free Trade Agreements?

The following are the key features of a Free Trade Agreement:

Elimination of tariff barriers (import and export duties) on 85 to 90% of goods.

The trading partners must be treated equally even if they are not equal in terms of

socio-economic development indictors.

Partner countries cannot have discriminating trade policy instruments such as taxes,

subsidies, regulations, or laws) favouring their own companies over foreign

companies.

They also include chapters covering services, investments, public procurement and

competition policy.

All these features invariably influence each other and the aggregate impact on the industries

could be much deeper.

Under FTAs, markets are supposed to be fully opened up and foreigners and locals would be

treated equally. Unlike in the WTO, under FTAs, developing countries will not be technically

entitled to concessions given under the special and differential treatment and FTA partners

are supposed to engage in fully reciprocal trade, i.e. give and take of equal magnitude.

What type of FTAs is India negotiating?

In the past, India signed FTAs which covered trade only in goods for e.g. - the FTA with Sri

Lanka. However, in recent years, India is signing and negotiating FTAs which are more

comprehensive treaties covering trade not only in goods but also in services, as well as

investment, Trade Related Aspects of Intellectual Property Rights plus intellectual property

rights, and even public procurement and competition policy. FTAs with Japan, Malaysia, and

South Korea for example are of this variety. Those currently under negotiation with the

European Union and European Free Trade Association are also comprehensive.

Further, the Indian government has already begun high level talks envisaging FTAs with New

Zealand, Australia and Canada and is perhaps envisaging FTAs with the USA.

What are the key chapters in the FTAs and what are the provisions in each chapter?

Under FTAs, the key trade issues can be classified into two categories:

Good Trade Issues

Non-Goods Trade Issues.

A brief explanation of the issues under Goods Trade Issues and Non-goods Trade Issues in

FTAs and their provisions and how these will significantly affect Indian trade and industries,

especially the MSME sector has been looked upon.

A brief explanation of the six issues under Goods Trade -

Import Duties:

Duty, tariff or tax that is imposed by the government on the goods entering the border of a

nation is called import duty. The government uses import duty as a policy instrument to

protect and promote its indigenous industry producing substitutes of imported goods.

The impact on MSMEs:

Increased import competition due to tariff elimination would be a big threat for

MSMEs. According to a survey, 71% of the surveyed MSMEs found that their sales

due to imports declined by 26-50 percent. Even worse, under FTAs, there are hardly

any safeguards available to protect your economy against the import surge.

Export Taxes:

Governments levy export taxes on exports of certain goods, especially raw materials to

ensure cheaper raw material supply to industries which are growing and important for the

economy. India also imposes export taxes on a number of other raw materials to help ensure

that these resources are available to domestic industry at cheaper cost.


If India is forced to remove existing export taxes as a FTA requirement on a number

of products including raw leather and wood, MSMEs could face severe shortage of

raw material and they will no longer be able to trade competitively. Livelihoods of

millions of people dependent on these MSMEs will be adversely affected

Non-Tariff Measures/Barriers:

All measures other than normal tariffs, namely trade procedures, regulations, standards,

licensing systems etc. are called Non-Tariff Measures (NTMs). Those NTMs that cannot be

justified under WTO law are generally termed as Non-Tariff Barriers (NTBs). MSMEs

generally find it extremely difficult to meet all these high standards because meeting these

quality standards requires huge investment. Also, compliance requirement and procedures are

often very complicated, time consuming and costly.


By agreeing to stringent NTM/NTBs in FTAs, it would become compulsory for

MSME exporters to meet high health, safety, labour and environment standards for

exports to developed country markets. Majority of MSMEs in India neither have the

capacity nor the facilities to match the high standards of developed countries nor

cannot hope to gain from FTAs also because these do not ensure lower standards or

easier processes of quality certification. Consequently, MSMEs exports may face very

high rate of rejection in importing countries.

Rules of Origin (ROO):

Essentially, the Rules of Origin mean that for a product to be exported to a FTA partner

country, the product must have enough local content, as specified by the ROO to qualify for

preferential duty (zero or lower than the general duty).


The Indian MSME often want to import cheap inputs as intermediate goods from

neighbouring countries like China and MSME products often have huge import

content. Due to stricter ROO, MSMEs will not be able to import at cheaper rates

these intermediate goods and their products will no longer qualify for exports and

additional market access.

Moreover, As ROO specifications vary from country to country, it will be difficult

for micro and small enterprises to calculate the local content and to meet the

cumbersome procedural requirement in obtaining the ROO certificate.

Anti-Concentration Clause:

There are certain industries which are sensitive such as where MSMEs are dominant and

these would benefit from protection through a sensitive list where there is no obligation to cut

tariffs. However, an Anti-Concentration Clause allows only some products in the sensitive

list and not the whole sector. As a consequence, India would lose its flexibility to protect

whole sectors and FTA partners would gain market access to all sectors.


The Anti-Concentration Clause restricts the policy space of governments. The Clause

may be problematic for the auto industry, textile & garments and fisheries. Most of

these industries are in the MSME sector. Also, it could be a problem for gender

sensitive products i.e. products where women workers are employed in large

numbers. Womens employment opportunities in MSMEs will be severely affected if

such a product line under food processing industry is left out of the sensitive list.

Sectorals (Zero for Zero reduction):

Under the WTOs proposal on Sectorals, trading partners have to reduce import duty to zero

in some sectors with immediate effect on a voluntary basis.


Due to inclusion of the Sectorals clause in FTAs, import duty in both the partner

countries may become zero with immediate effect in some important and sensitive

industry segments like textiles.

In FTAs, Under the Non-goods Trade Issues, there are four key issues:

Intellectual Property Rights Policy:

Under WTOs Trade Related Intellectual Property Rights (TRIPS), member countries are

obliged to adhere to minimum harmonized standards for protection of IPRs such as patents,

geographical indications (GIs), trademark, industrial design rights, copyright etc. TRIPS

however provides some flexibility to developing countries in special circumstances. FTAs

deny these flexibilities and try to impose rules making the IPR regime much stricter than

TRIPS.


For small enterprises in particular, the stricter IPR regime will create some major

problems. This is probably because most MSMEs lack the resources and capability

to do research and development and acquire advanced technologies. Smaller

producers will be often pushed out by bigger companies, especially multinationals,

which can get IP rights such as patents much more easily as they have huge

resources to spend on R&D and patent applications. It also threatens products which

are based on traditional knowledge such as herbal medicines.

Investment Policy:

A countrys investment policy determines to a large extent the nature, magnitude and pace of

investment, along with ownership pattern of domestic enterprises. Because of the obvious

sensitivity of this issue, full opening up for foreign direct investments in all segments of the

economy was kept out of the WTO. However, investment has been included in the FTAs.

According to the investment chapter in FTAs, foreign investors will be treated equal to

domestic investors. Also, foreign investors can enter and operate largely without constraints

and conditions they were subjected to until now. In addition, foreign investors can sue

governments directly if their rights or profits are infringed upon. Under FTAs, foreign

investors cannot be asked to have Indian board members, invest a minimum amount, have

local labour, or for technology transfer either.


In most industries in India, foreign direct investment is already allowed (given

certain restrictions or caps) so additional FDI may not necessarily be forthcoming

after opening up of Investment in FTAs. But, after an FTA, wholly foreign owned

enterprises may be set up in many more areas without any performance requirements

and it could also lead to mergers and acquisitions in certain MSME segments. Small

entrepreneurs and small business could be taken over by the large enterprises. In the

pharmaceutical industry, for example, such acquisitions are already taking place.

Public Procurement:

Public procurement is the procurement of goods and services on behalf of a public authority,

such as a government agency. India uses government procurement as a development policy

tool to address economic and social inequalities by giving certain preferences to vulnerable

groups such as MSMEs, womens groups, village enterprises, minorities, backward

communities.


If the government gives market access to Indias public procurement market, foreign

companies will have a legal right to be treated equally with domestic companies

under the national treatment clause when they apply for public procurement

contracts. If this happens, Indian MSMEs which supply many products to the

government such as leather, plastic and metal products will have to compete with

foreign companies. This is likely to result in MSMEs losing out in terms of market

share for their products. India is not keen to include its government purchase (GP)

market under FTAs especially when it is not likely to get much access into developed

country procurement markets where a host of NTBs block foreign suppliers. Even

though the Indian government may not have agreed to directly give away its public

procurement market to foreign entities, indirect pressure of the FTA regime is

clearly evident. For example, in the pharmaceutical segment, the minimum turnover

required to be considered as a supplier is now 25 crores in some states and at the

Centre. This has been automatically eliminating MSMEs from this segment of

government purchase.

Competition Policy:

Competition Policy was also kept out of the WTO because of its critical role from a

development perspective. However, developed countries now demand that competition policy

should be included in FTAs and companies should be given equal treatment regardless of

their nationality. Until now, India has not made major concessions under this chapter.


If Competition Policy clause in is included in FTAs and the Indian Government

agrees to adhere to a high and enforceable standard of competition, hence,

Government of India cannot discriminate between foreign enterprise and Indian

enterprises , and it would be extremely difficult for her to pursue some of her

preferential policies such as in public procurement to Indian MSMEs. Allowing free

competition often allows smaller enterprises to be eaten up by larger ones.

Competition Policy often prevents state aid and limits the activities of state trading

corporations. Competition policy in FTAs will lead to reduced policy choices for the

Indian government. The Indian government may not be able to treat Indian MSMEs

preferentially over bigger and foreign industries and also may not be able to offer

development schemes for the Indian MSMEs.

The Goods Trade and Non-Goods Trade issues contained in FTAs significantly impact

Indias trade prospects, and therefore MSMEs economic future. MSMEs, and not only those

which are engaged in exports and imports, but even those which trade only domestically need

to be aware and alert of the policy changes in international trade rules that the Indian

government is signing up to.

Conclusion

WTO is reality, which has come to stay. We have to face the emerging challenges and grasp

the opportunities.

The World Trade Report 2007 has traced sixty years of multilateral trade co-operation,

starting with the birth of the GATT on 1 January, 1948. The world has changed a great deal

over these six decades and so has the multilateral trading system. Globalization has brought

economic interaction among nations closer than ever before, thanks in no small part to

revolutions in information and transport technology and growing openness in government

policy. The trend towards increased inter-dependency has rendered international economic

co-operation more complex and multi-faceted. Co-operation among nations has become

harder to manage and more influential in shaping the circumstances in which people live. The

subject matter covered by the system has expanded significantly and many more players are

involved in shaping the system. The 23 original signatories of the GATT have now become

the 151 Members of the WTO.

Still, the landscape for international trade talks looks much different with a uniform deal than

without one. There need to be a system of checks and balances in accordance with aspects

affecting trade. The completion of a WTO agreement reflects a broad appetite for trade

integration and reduces the risk that regional deals degenerate into a world of Balkanized

trade. Not before time that countries accept the fact that just mere exploitation is not the route

for the betterment of humanity and the world as a whole has to integrate and form a

marketplace where every country gets opportunities and protection.

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The World Trade Organization and Its Impact on Indian Businesses