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Why India must prepare to exit the World Trade Organization

American economist Harry Dexter White and British economist John Maynard Keynes were strong advocates of a centrally controlled international trade environment, and recommended the establishment of three institutions: the International Monetary Fund — for fiscal and monetary issues; the World Bank — for financial and structural issues, and the International Trade Organization (ITO) — for international cooperation.

The ITO was envisioned to be a specialised agency under the UN to address various issues related to trade, but the US never approved it, as it reportedly didn't support American interests completely.

wtoo 690In a tight spot: The World Trade Organization faces accusations of

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