Common Contracts
1 similar Gatt Agreement contracts
The GATT Agreement – the disadvantaged Indian IndustryGatt Agreement • July 12th, 2021
India is one of the earliest signatories to the General Agreement on Tariffs and Trade in 1948, which is based on Adam Smith’s theory of ‘Laissez faire’, that if men are left free to follow their own self-interests, production and prosperity will be forthcoming. A further objective was that trade must not only be free but also fair. Accordingly, a further Agreement1 was entered into for imposition of duties, to offset dumping, that is the practice of exporting goods to countries, at prices lower than that, at which they are sold in their home country. The rationale behind such exports being, to wipe out the local industry, leaving foreign markets open for future exploitation. Pursuant to the Agreement, India has made suitable changes in the Customs Tariff Act, 1975
