Indian Economy
General Knowledge

Trade Organisations

Trade Organisations

» International Monetary Fund (IMF) was established on 27th December, 1945 on the basis of decision taken in the Bretenwood Conference and it started functioning w.e.f. 1st March, 1947.

» The total member countries of IMF in 2002 were 183.

» The function of IMF is to encourage financial and economic co-operation between member countries and to extend world trade.

» International Bank for Reconstruction and Development (IBRD) was established in 1945.

» IBRD along with other institutions is also called World Bank. The other institutions are International Finance Corporation, International Development Agency and Multilateral Investment Guarantee Agency.

» Presently, it is helping member countries in capital investment and encouraging long-term balanced development.

» General Agreement on Tariffs and Trade (GATT), came into being on 30th October, 1947 and started functioning from 1st January, 1948.

» The principle of GATT was - equal tariffs policy, to remove quantitative ban and disposal of business dispute in a democratic way.

» On 1st January, 1995 the World Trade Organisation took over the place and position of GATT.

» The Headquarter of WTO is in Geneva and the number of its member countries in the year 2003 was 146. India is a founder member of it.

» The India-ASEAN Trade in Goods Agreement has come into effect on Jan. 1, 2010, though it was signed on August 13, 2009.

» The signing of the India-ASEAN Trade in Goods Agreement paves the way for the creation of one of the world's largest free trade areas (FTA)—market of almost 1.8 billion people with a combined GDP of US $ 2.75 trillion.