ABSTRACT
India is a founding member of the WTO. Founded on 1 January1995, WTO replaced General Agreement on Tariffs and Trade (GATT), which had been in existence since 1947 to oversee the multilateral trading system. The countries that had signed GATT were officially known as “GATT contracting parties”. India joined the GATT in July 1948. (India became part of the family of “GATT contracting parties” – official name for GATT signatories – by joining the group in July 1948.)
