WTO's Global Procurement Agreement will give India access to $ 1.7 trillion procurement market

With India evaluating pros and cons of joining the WTO's global procurement agreement (GPA), a senior official of the multilateral body today said being a part of the pact would give New Delhi access to about $ 1.7 trillion procurement market.

Currently, India has an observer status in this plurilateral pact. The GPA, which is a legally binding agreement in the WTO, sets fair rules for public purchases. Members to the agreement open their markets only to fellow signatories - rather than to all WTO members.

Referring to India's Public Procurement Bill, which was approved by the Cabinet, he said: "Since India is going to implement these principles (like good governance etc) through this legislation...becoming a member of the WTO's GPA would be a positive step in reforming the procurement regime, making it more open and transparent".

At present, 42 WTO members are signatories to GPA. Developed countries, most of which are members of GPA, want India to sign the GPA under the WTO.