India Makes Payment To WTO For 2020 In Advance
India has made an advance payment of Swiss Franc 44,55,445 (about Rs 33 crore) as its contribution to the World Trade Organization for 2020, an official said.
The payment was made in December last year.
The 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 sale of publications and rental of meeting rooms.
"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.
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.
Geneva-based WTO is a global trade rule making body. It has 164 members. India is its member since Jan. 1, 1995.