Genetic Industry: The word ‘genetic’ means parentage or hereditary. Genetic industries are concerned mainly with producing  -  breeding or multiplying of certain species of plants or animals with the object of earning profits from their sale. Examples of these types are nurseries, forestry, cattle breeding and commercial kennels. Animal husbandry is one type of Genetic Industry.

Features an establishment of World Trade Organisation (WTO) : Bretten Woods Conference decided to set up an International Trade Organisation (ITO) to promote and facilitate international trade among the member countries and to overcome various restrictions and discriminations as were being practised at that time. But due to United States' stiff competition the idea could not be materialized. Istead of abandoning the idea, the participants of the conference became ready to make some arrangement among themselves so as to liberalise the world from high custom I... iffs and various other types of restrictions that were in practice at the time. This arrangement was known as General Agreement for Tariff and Trade (GATT). This was made in Jan 1,1994. With effect form 15 Jan 1995, GATT was transformed into World Trade Organisation (WTO) with its head quarter at Geneva, Switzerland. WTO was established to offer the promotion of free and fair trade among notions. WTO is a powerful body.

WTO governs trade not only in goods, but also in services and intellectual property rights. It is member driven rule based organisation in the sense that all the decisions are taken by the member Government on the basis of general consensus. It has a global status. India is founding member of WTO. As on Dec 11, 2005 there were 149 members in WTO.

Objectives of WTO :

1. Raising standards of living and incomes, ensuring full employment, expanding production, trade and optimal use of world's resources.

2. Ensuring reduction of tariffs and other trade barriers imposed by different countries.

3. To promote an integrated more viable and durable trading system.

Functions of WTO :

1. Promoting an environment that is encouraging to its member countries to came forward to WTO in mitigating their grievances.

2. Laying down a commonly accepted code of conduct with a view to reducing trade barriers including tariffs and eliminating discriminations in international trade relations.

3. Acting as a dispute settlement body.

4. Holding consultations with IMF and IBRD and its affiliated agencies so as to bring better understanding and cooperation in global economic policy making.

5. Supervising on a regular basis the operations of the revised agreements and ministerial declarations relating to goods, services and Trade Related Intellectual Rights (TRIPS).

WTO agreements : The WTO agreements contain the procedure for settling disputes and also have provisions for special treatment to developing countries. The agreements require that the governments make their trade policies transparent by notifying to WTO office. Some of the WTO agreements are :

1. Agreement on Textile and Clothing (ATC) : This agreement has bren developed under WTO to phase out the quota restrictions as imposed by the developed countries under Multi Fibre Arrangement (MFA) on exports of textiles and clothing from the developing countries. Under the ATC, the developed countries have agreed to remove quota restrictions in a phased manner during a period of 10 years starting from 1995. It is a milestone in the world trade of textile and clothing as virtually it would become quota free since Jan 1, 2005.

2. Agreement on Agriculture (AOA) : It is an agreement to ensure free and fair trade in agriculture. Because of this, developed countries have agreed to lower down the customs duties on their imports and subsidies to the exports of agricultural products. However, developing countries have been exempted from making similar reciprocal offers.

3. General Agreement on Trade in Services (GATS) : The major provisions of GATS are :

1. All member countries are required to remove restrictions on trade in services in a phased manner. The developing countries have been given freedom to decide about the period by which they would liberalise the area of services.

2. GATS provides that trade in services is governed by Most Favoured nations’ (MFNs) obligation that prevents countries from discriminating among foreign suppliers and services.

3. All member countries shall promptly publish all relevant laws and regulations pertaining to services.

4. Agreement on Trade Related Aspects of Intellectual Property Rights : This agreement was negotiated in 1986-1994. Intellectual property means information with commercial values such as idea, inventions, creative expressions and others. The agreement set out the minimum standards of protection to be adopted by the parties in respect of seven intellectual properties viz, copy rights and related rights, trade marks, geographical indication, industrial designs, patents, layout design of integrated circuits and undisclosed information (trade secrets).

he Chamber of Commerce and Industry was formed as an association of business and industrial houses to promote and protect their common interest and goals. There are other chambers also like ASSOCHAM, Confederation of Indian Industry (CII). These chambers interact with the government at different levels to reorient or put in place polices which reduce hindrances, increase interstate movement of goods in internal trade.

The chambers also aims at erecting sound infrastructure and simplying and harmonising the tax strcuture. They work for the following issues:

1. Transportation or Inter-state movement of goods : They work for many activities involved in inter-state movement of goods including registration of vehicles, surface transport policies, construction of highways and roads etc.

2. Octroi and other local levies : Octroi and local taxes are the important sources of revenue of the local government. The chambers tries to should ensure that their imposition not at the cost of smooth transportation and local trade.

3. Harmonisation of sales tax structure and Value Added Tax : These Chambers play an important role in interacting with the government to harmonise the sales tax structure in different states. A rational strcuture of the sales tax and its unifrom rates across states are important for promoting a balance in trade.

4. Marketing of agro products and related issues : The associations of agriculturists and other federations play an important role in the marketing of agro products. Chambers of Commerce helps in streamlining of local subsidies and marketing policies of organisations selling agro products.

5. Weights and Measures and prevention of duplication brands : The Chambers of Commerce and Industry interact with the government to formulate such laws relating to weights and measures and protection of brands that could be beneficial for both producers as well as consumers.

6. Excise duty : The excise policy plays an important role in pricing mechanism and it is the duty of the Chamber to interact with the government to ensure streamlining of excise duties etc.

7. Promoting sound infrstructure : The Chamber of Commerce and Industry in association with government tries to build up heavy investment projects.

8. Labour legislation : The Chambers of Commerce and Industry tries to maintain such kind of labour laws that should be flexible and helpful in running industries, maximising production and generating employment.

In Entrepot trade, import of goods is made before the export of goods.

 In the absence of international trade of goods and services, it would not have been possible for the world community to consume goods and services produced in other countries that the people in these countries are able to consume and enjoy a higher standard of living.

 Itinerant retailers are as :
1. Paddlers and hawkers : Paddlers and hawkers are probably amongst the oldest form of retailers in the market place who have not lost their utility even during the modern days. They are small producers or petty traders who carry the products on a bicycle, a hand cart, and move from place to place to sell their merchandise at the door-steps of the customers. They generally deal in non-standardized and low-value products such as toys, vegetables and fruits, fabrics etc. They are also found in streets of residential areas, place of exhibitions or meals, and outside the schools, during the lunch break.
2. Market Traders : Market traders are the small retails who open their shops at different places on fixed days or dates, such as every Saturday or alternate Saturdays, and so on. These trades may be dealing in one particular line of merchandise, say bricks or ready made garments, toys or crockery, or alternatively, they may be general merchants. They are mainly catering to lower-income groups of customers and deal in low-priced consumer items of daily use.
3. Street traders (Pavement Vendors) : Street traders are the small retailers who are commonly found at places where huge floating population gathers, for example, near railways stations and bus stands, and sell consumer items of common use, such as stationary items, eatables, ready-made garments, newspapers and magazines.
4. Cheap jacks : Cheap jacks are such petty retailers who have independent shops of a temporary nature in a business locality. They keep on changing their business from one locality to another, depending upon the potentiality of the area. However, the change of place is not as frequent as in the case of hawkers or market traders. They also deal in consumer items and provide service to consumer in terms of making the products available where needed.