India's stand at the WTO on patents and Intellectual Property Rights.
World Trade Organization (WTO) is an international body that was setup on January 1st 1995 as an precedent of General agreement on Tariffs and Trade (GATT).
WTO is an organization where all UN members abide to its rules on Trade and Commerce related matters. The WTO thus supervises international trade and maintains harmony between countries. It also acts as an court of justice to resolves trade related disputes between countries.
India has taken a stand against the U.S allegation of violating WTO norms and not compiling to the TRIPS agreement (Trade related issue) with respect to patents and IPR (intellectual property rights).
This happened when a federal agency of the US (USTIC) decision to categorizes India as a 'Priority foreign country' lowering its status in the matters of markets and economy in the international trade.
This was due to India's move to give compulsory license to Natco pharma (Hyderabad) to produce anti-cancer drug called 'NEXAVAR', at 30 times lower in price to the patent owner of the U.S firm Bayer's pharma , for the benefit of the Indian public.
India's stand is that its act is in abidance to the TRIPS agreement and that it has not violated any rules of the WTO. It says that in the past, the U.S has given similar sanction to its companies many a times in its countries interest.
India being a developing county has always been facing such humiliation from developed countries. The allegations against it reflect an intentional act to hinder its development. It adds confusion to the WTO that mirrors a county's big picture related to Trade and Commerce.
India knowing its weightage in the global arena is ready to fight for justice against the U.S at the WTO. India has stood firm on its ground in the quest of justice in this regard.
This stand of India may set a benchmark for other developing countries to fight for justice for growth of their economy. This may flag of the constructive agenda at the WTO.
Hopefully India's such a move may make its dream come true and it would soon become a developed country in the world.
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