The Need for GAAR

By Saachi Kanjani & Isha Maniar “Editor’s Note: There has been extensive debate about the implementation of General Anti-Avoidance Rules (GAAR) across different jurisdictions. The need for

Towards The TRIPS Agreement

The TRIPS Agreement aimed not only at protection of the Intellectual Property rights but their due enforcement as well. The Agreement, thus, sets out minimum standards to be established and also provides for the administrative and civil mechanisms for enforcement. These minimum standards for the enforcement of IPR allow right holders to protect their legitimate interests through civil courts or administrative proceedings. However, considering the innovations in technological fields, increased patent filing, new symbols being created everyday and works requiring copyrights, IPR enforcement needs to be strengthened further.

WTO and its Global Administration in International Dispute Resolution

The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War. The WTO provides a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all, thus contributing to economic growth and development. The WTO also provides a legal and institutional framework for the implementation and monitoring of these agreements, as well as for settling disputes arising from their interpretation and application. The current body of trade agreements comprising the WTO consists of 16 different multilateral agreements (to which all WTO members are parties) and two different plurilateral agreements (to which only some WTO members are parties).

Over the past 60 years, the WTO, which was established in 1995, and its predecessor organization the GATT have helped to create a strong and prosperous international trading system, thereby contributing to unprecedented global economic growth. The WTO currently has 160 members, of which 117 are developing countries or separate customs territories. Decisions in the WTO are generally taken by consensus of the entire membership. The highest institutional body is the Ministerial Conference, which meets roughly every two years. A General Council conducts the organization’s business in the intervals between Ministerial Conferences. Both of these bodies comprise all members. Specialized subsidiary bodies (Councils, Committees, Sub-committees), also comprising all members, administer and monitor the implementation by members of the various WTO agreements.

Indian General Insurance Industry and its Scope in ASEAN FTAs

General insurance is typically defined as any insurance that is not determined to be life insurance. General Insurance comprises of insurance of property against fire, burglary etc., personal insurance such as Accident and Health Insurance and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc. General Insurance acts as aegis to the financial causalities and alongside it also acts an economical back-up for a nation’s economy. Insurance allied up with banking sector dispenses up to 7% of India’s total GDP. The general insurance entered into show in the Indian Market in 17th century due to the Industrial revolution and the persistent escalation in sea trade for import and exports of goods and services. It can be said that the notion of Indian General Insurance has a legacy from British Occupation. In the year 1973 the whole business on General Insurance was nationalized with the enactment of General Insurance Business (Nationalization), Act. Till date we have observed foreign insurance companies engaging into Indian markets and having share of 24% of FDI being allowed in the Indian market it has not become an Eye-candy for the foreign market and secondly the major general insurance market be it EU or USA is diminishing and long term expenditure in the EU market isn’t feasible and has now come to the situation of saturation and if India does not enter into foreign markets the time is not far away when the general insurance market would not have much improvement.