Chapter 1: Regulatory Bodies
There are two important policy framing organizations we need to know about before we start this Module:
DGFT (Directorate General of Foreign Trade) - The Regulator of Foreign Trade in India.
Headquartered in New Delhi and headed by the Director-General of Foreign Trade, the DGFT is responsible for framing laws and policies to promote India’s exports, at the same time keeping the business regulated. It also issues an authorization to exporters and monitors their legal obligations. Since the liberalization of Trade, DGFT has successfully undergone its role as a facilitator for exports in India.
Address: Directorate General of Foreign Trade (DGFT)
- Udyog Bhawan, H-wing, Gate No-02, Maulana Azad Road, New Delhi -110011
- Toll-Free No: 1800-111-550 OR Dial 011-23061562
- Email: [email protected]
WTO (World Trade Organization)
The Marrakesh Agreement was signed on 15th April 1994 by 123 nations. The World Trade Organization or the WTO was formed under this agreement. It is the largest economic trade organization in the world and acts as an inter-governmental body to facilitate, regulate, and monitor international trade.
Headquartered in Geneva, Switzerland, the WTO has 164 member nations at present. WTO is one of those organizations that encourages ease of business and liberalization of trade.