India has made an advance payment of Swiss Franc 44,55,445 (about Rs 33 crore) as its contribution to the WTO for 2020, an official said. The payment was made in December last year. The World Trade organisation (WTO) derives most of the income for its annual budget from contributions by its member countries. These contributions are based on a formula that takes into account each member's share of international trade. Miscellaneous income mainly consists of contributions from observer countries, income from the sale of publications and rental of meeting rooms.
 
What
  1. India has made its advance payment of its WTO contribution. It was CHF 44,55,445 for 2020. It was paid in December 2019 itself for 2020. India is one of the few countries who pay their dues well on time, the official said. The WTO also manages a number of trust funds, which have been contributed by members.
  2. India makes around Rs 33-crore payment to WTO for 2020 in advance India makes around Rs 33-crore payment to WTO for 2020 in advance. India makes around Rs 33-crore payment to WTO for 2020 in advance.
  3. The WTO also manages a number of trust funds, which have been contributed by members. These are used in support of special activities for technical cooperation and training meant to enable least-developed and developing countries make better use of the WTO and draw greater benefit from the multilateral trading system.  
  4. These are used in support of special activities for technical cooperation and training meant to enable least-developed and developing countries make better use of the WTO and draw greater benefit from the multilateral trading system.
Flashback
  1. The WTO was born out of negotiations, and everything the WTO does is the result of negotiations. The bulk of the WTO’s current work comes from the 1986–94 negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade (GATT)
  2. The WTO is currently the host to new negotiations, under the ‘Doha Development Agenda’ launched in 2001.
  3. Where countries have faced trade barriers and wanted them lowered, the negotiations have helped to open markets for trade. But the WTO is not just about opening markets, and in some circumstances its rules support maintaining trade barriers — for example, to protect consumers or prevent the spread of disease.
  4. India has been a WTO member since 1 January 1995 and  a member of GATT since 8 July 1948.