1) Use of restrictive measures for BoP problems has declined markedly;
2) Services trade has been brought into the multilateral system and many countries, as in goods, are opening their markets for trade and investment;
3) The trade policy review mechanism has created a process of continuous monitoring of trade policy developments.

The functions of the IMF are grouped under three heads
1. Financial – Assistance to correct short and medium term deficit in BOP;
2. Regulatory – Code of conduct and
3. Consultative - Counseling and technical consultancy.

(i) Administering WTO trade agreements.
(ii) Forum for trade negotiations.
(iii) Handling trade disputes
(iv) Monitoring national trade policies.

i) The Multi Fibre Agreement governed the world trade in textile and garments since 1974.
ii) It imposed quotas on export of textiles by developing nations to the developed countries.

(i) Free trade area is the region around a trade bloc whose member countries have signed a free-trade agreement.
(ii) Such agreements involve cooperation between at least two countries to reduce trade barriers. e.g. SAFTA, EFTA.

(i) Common market is established through trade pacts.
(ii)  A group formed by countries within a geographical area to promote duty free trade and free movement of labour and capital among its members.

(i) The IMF established Structural Adjustment Facility (SAF) in March 1986 to provide additional balance of payments assistance on concessional terms to the poorer member countries.
(ii) In December 1987, the Enhanced Structural Adjustment Facility (ESAF) was set up to augment the availability of concessional resources to low income countries.
(iii) The purpose of SAF and ESAF is to force the poor countries to undertake strong macroeconomic and structural programmes to improve their balance of payments positions and promote economic growth

i) SDRs (Special Drawing Rights) otherwise called 'Paper Gold'.
ii) SDRs are the form of international reserves created by the IMF in 1969.
iii) SDRs solve the problem of international liquidity.

The main functions of SAARC are as follows.
1) Maintenance of the cooperation in the region.
2) Prevention of common problems associated with the member nations.
3) Ensuring strong relationship among the member nations.
4) Removal of the poverty through various packages of programmes.
5) Prevention of terrorism in the region.

Inclusive growth, Trade issues, Global governance, Shared Prosperity, International peace and security.

(i) It facilitates free movement of goods, services and investments within ASEAN by creating a single regional market like the European Union.
(ii) It provides free access to the marketers of one member country to the markets of all other member countries, thus fostering growth in the region.
(iii) It improves business competitiveness between businesses from different countries and also narrow developmental gaps between member countries.
(iv) It paves way for market and investment opportunities for the member nations.
(v) It fosters co-operations in many areas including industry and trade.

1. Agreement on Trade Related Intellectual Property Rights (TRIPs)
(i) Intellectual Property Rights include copy right, trade marks, patents, geographical indications, trade secrets, industrial designs, etc.
(ii) TRIPS Agreement provides for granting product patents instead of process patents.
(iii) The period of protection will be 20 years for patents, 50 years for copy rights, 7 years for trade marks and 10 years for layout designs.
(iv) As a result of TRIPS, the dependence of LDCs on advanced countries for seeds, drugs, fertilizers and pesticides has increased.
(v) Farmers are depending on the industrial firm for their seeds
2. Agreement on Trade Related Investment Measures (TRIMs)
(i) TRIMs are related to conditions or restrictions in respect of foreign investment in the country.
(ii) It calls for introducing equal treatment for foreign companies on par with national companies. TRIMs were widely employed by developing countries.
3. General Agreement on Trade in Services (GATS)
(i) GATS is the first multilateral set of rules covering trade in services like banking, insurance, transportation, communication, etc.,
(ii) All members countries are supposed to extend MFN (Most Favoured Nation) status to all other countries without any discrimination
(iii) Transparency should be maintained by publishing all relevant laws and regulations over services
4. Phasing out of Multi Fibre Agreement (MFA)
(i) The multi fibre agreement governed the world trade in textiles and garments since 1974.
(ii) It imposed quotas on export of textiles by developing nations to the developed countries
(iii) This quota system was to be phased out over a period of ten years. This was beneficial to India.
5. Agreement on Agriculture (AoA)
(i) Agriculture was included for the first time under GATT.
(ii) The important aspects of the agreement are Tariffication, Tariff cuts and Subsidy reduction.

Introduction:
1. India is the founding member of the WTO.
2. India favours multilateral trade approach and enjoys MFN status.
3. India benefited from WTO on following grounds:
4. By reducing tariff rates on raw materials, components and capital goods, it was able to import more for meeting her developmental needs.
5. India's imports go on increasing.
6. India gets market access in several countries without any bilateral trade agreements.
7. Advanced technology has been obtained at cheaper cost.
8. India is in a better position to get quick redressal from the trade disputes.
9. Indian exporters benefited from wider market information.

Investment for productive purposes
(i) World Bank helps in reconstruction and development of territories of member nations through investment for productive purposes.
(ii) It encourages the development of productive facilities and resources in less developed countries.
Balanced growth of international trade
(i) Promoting the long range balanced growth of trade at international level and the maintaining equilibrium in BoPs of member nations by encouraging international investment.
Provision of loans and guarantees
(i) Arranging the loans or providing guarantee on loans by various other channels and execute important projects.
Promotion of foreign private investment
(i) This is done by means of guarantees on loans and other investment made by private investors.
(ii) The Bank supplements private investment by providing finance for productive purpose out of its own resources or from borrowed funds.
Technical services
(i) The World Bank facilitates different kinds of technical services to the member countries through Staff College and experts.