Author Archives: Lakshay Anand
General Agreement on Tariffs and Trade (GATT) was made in the year 1947 that aimed at initiating an international trade, by liberalizing policies and removing tariffs. GATT is a multilateral agreement, between several nations of the world that regulates international trade. Its primary objective is to reduce tariffs to a substantial amount along with abolishing other trade barriers. But,… Read More »
Structure of the World Trade Organisation: Ministerial Conference WTO is headed by the Ministerial Conference who enjoys absolute authority over the institution. It not only carries out functions of the WTO but also takes appropriate measures to administer the new global trade rules. It is integrated by representatives of all WTO Members and shall meet at least once… Read More »
Cost, Insurance and Freight (CIF) and Free on Board (FOB) are international shipping agreements used in the transportation of goods between a buyer and a seller. They are among the most common of the 12 international commerce terms (INCOTERMS) established by the International Chamber of Commerce (ICC) in 1936. The specific definitions vary somewhat in every country, but… Read More »
WTO Agreements cover goods, services, and intellectual property. The three agreements establishing the WTO are GATT, GATS, and TRIPS. WTO Agreements – GATT, GATS, and TRIPS General Agreement on Tariffs and Trade was established in 1947. In 1995, GATT was replaced by the World Trade Organisation (WTO). As far as the old system or GATT was concerned, there were two… Read More »
The task of ensuring that all Members live up to their commitments and that there is a common understanding of the nature of those commitments is a central part of the work of the WTO. WTO’s procedure is a mechanism which is used to settle trade dispute under the Dispute Settlement Understanding (DSU). A dispute arises when a… Read More »
Section 3 of the Act is the substantive provision in the Indian Competition Law dealing with anti-competitive agreements and arrangements. An anti-competitive agreement is an agreement having an appreciable adverse effect on the competition. Section 3 prohibits any agreement in respect of production, supply, distribution, storage, acquisition or control of goods or services which causes, or is likely… Read More »
The abuse of dominant position is one of the ways of interfering with competition in the marketplace. Abuse is stated to occur when an enterprise or group of enterprises use its dominant position in the relevant market in an exclusionary land in an exploitative manner. Abuse of dominant position impedes fair competition between firms, exploits consumers and makes… Read More »
Introduction – The cartel is an association of producers who by agreement among themselves attempt to control production, sale, and prices of the product to obtain a monopoly in any particular industry or product. Analysing the object of a cartel, in other words, it amounts to an unfair trade practice which is not in the public interest. The… Read More »
Competition Commission of India was formed under Section 7 of the Act by the Central Government after the verdict of Supreme Court in the case of Brahma Dutt vs. Union of India [AIR 2005 SC 730] where the Court held that for the purpose of regulatory and advisory functions relating to competition in market, Competition Commission of India… Read More »
INTRODUCTION Sports has always been a part and parcel of humans since the ancient times. It plays a key role in the development of soul and body. But the changing scenario of today’s world has converted this celebration into a business. The physical traits like strength, endurance, speed, and power are now highly priced and for maintaining these… Read More »
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