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wto

wto

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Published by Farhan Badar

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Published by: Farhan Badar on May 21, 2011
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05/21/2011

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Submitted by:
Farhan BadarBBA-FA08-123-LHR 
Submitted to:
Sir Imran Ali
Submission date:
May 5
th
, 2011
Batch and section:
10 B
 
The WTO was born out of negotiations;Everything the WTO does is the result of negotiations
What is the World Trade Organization?
Simply put: the World Trade Organization (WTO) deals with the rules of tradeBetween nations at a global or near-global level. But there is more to it than that.Is it a bird, is it a plane?There are a number of ways of looking at the WTO. It¶s an organization for liberalizingtrade. It¶s a forum for governments to negotiate trade agreements. It¶s a placefor them to settle trade disputes. It operates a system of trade rules. (But it¶s notSuperman, just in case anyone thought it could solve ² or cause ² all the world¶sProblems!) Above all, it¶s a negotiating forum « Essentially, the WTO is a place where member Governments go, to try to sort out the trade problems they face with each other. Thefirststep is to talk. The WTO was born out of negotiations, and everything the WTO doesis the result of negotiations. The bulk of the WTO¶s current work comes from the1986±94 negotiations called the Uruguay Round and earlier negotiations under theGeneral Agreement on Tariffs and Trade (GATT). The WTO is currently the host tonew negotiations, under the ³Doha Development Agenda´ launched in 2001.Where countries have faced trade barriers and wanted them lowered, the negotiationshave helped to liberalize trade. But the WTO is not just about liberalizingTrade, and in some circumstances its rules support maintaining trade barriers ² for Example to protect consumers or prevent the spread of disease.It¶s a set of rules « At its heart are the WTO agreements, negotiated and signedby the bulk of the world¶s trading nations. These documents provide the legalGround-rules for international commerce. They are essentially contracts, bindinggovernments to keep their trade policies within agreed limits. Although negotiated And signed by governments, the goal is to help producers of goods and services,Exporters, and importers conduct their business, while allowing governments toMeet social and environmental objectives. The system¶s overriding purpose is to helptrade flow as freely as possible ² so longas there are no undesirable side-effects ² because this is important for economicdevelopment and well-being. That partly means removing obstacles. It also meansensuring that individuals, companies and governments know what the trade rules arearound the world, and giving them the confidence that there will be no suddenchanges of policy. In other words, the rules have to be ³transparent´ and predictable. And it helps to settle disputes « This is a third important side to the WTO¶s work.Trade relations often involve conflicting interests. Agreements, including thosepainstakingly negotiated in the WTO system, often need interpreting. The mostharmonious way to settle these differences is through some neutral procedure based onan agreed legal foundation. That is the purpose behind the dispute settlementprocess written into the WTO agreements.
 
 
H
istory
Born in 1995, but not so youngThe WTO began life on 1 January 1995, but its trading system is half a century older.Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided theRules for the system. (The second WTO ministerial meeting, held in Geneva in May1998 included a celebration of the 50th anniversary of the system.)It did not take long for the General Agreement to give birth to an unofficial, de factoInternational organization, also known informally as GATT. Over the years GATTEvolved through several rounds of negotiations.The last and largest GATT round, was the Uruguay Round which lasted from 1986to 1994 and led to the WTO¶s creation. Whereas GATT had mainly dealt with tradein goods, the WTO and its agreements now cover trade in services, and in tradedInventions, creations and designs (intellectual property).WHAT WTO DOES?The WTO is run by its member governments. All major decisions are made bythe membership as a whole, either by ministers (who usually meet at least once everytwo years) or by their ambassadors or delegates (who meet regularly in Geneva).While the WTO is driven by its member states, it could not function without itsSecretariat to coordinate the activities. The Secretariat employs over 600 staff and itsexperts ² lawyers, economists, statisticians and communications experts ² assistWTO members on a daily basis to ensure, among other things, that negotiationsprogress smoothly, and that the rules of international trade are correctly applied andenforced.TRADE NEGOTIATIONSThe WTO agreements cover goods, services and intellectual property. They spellout the principles of liberalization, and the permitted exceptions. They include individualcountries¶ commitments to lower customs tariffs and other trade barriers, and to openand keep open services markets. They set procedures for settling disputes. Theseagreements are not static; they are renegotiated from time to time and new agreementscan be added to the package. Many are now being negotiated under the DohaDevelopment Agenda, launched by WTO trade ministers in Doha, Qatar, in November 2001.

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