International Organisations

World Trade Organisation (WTO):

★ The WTO is the

international organisation
whose primary purpose is to
open trade for the benefit of
all.
★ Oversees the international
trading system, seeking to establish barrier-free trade and fair access to markets
★ The World Trade Organization (WTO) is the only global international organisation
dealing with the rules of trade between nations
★ The WTO is run by its member governments. All major decisions are made by the
membership as a whole, either by ministers (who usually meet at least once every
two years) or by their ambassadors or delegates (who meet regularly in Geneva).
★ The WTO has 164 members representing 98% of world trade. Over 20 countries are
seeking to join the WTO
★ A series of global agreements has gradually reduced trade barriers and increased
free trade, although the latest round of talks began in Doha in 2001, seeking to
reduce tariffs on agricultural products, to benefit developing countries, and have not
been agreed yet.
★ WTO's 'most favoured nation' requires a country to treat all WTO members to the
same low barriers as the most favoured.
★ DG Okonjo-Iweala highlights trade’s role in ambitious and just climate action at
COP26, ensure a green transition that is just and inclusive to all economies.
★ The United Kingdom has been a WTO member since 1 January 1995 and a member
of GATT since 1 January 1948.
★ Provides stability and gives members confidence in the international trading system
by:
○ Undertaking the liberalisation of trade by encouraging the removal of barriers
and protectionist policies
○ Resolving trade disputes
○ Providing a forum for trade negotiation
○ Administering trade agreements that become the ground rules for
international commerce
World Bank:
★ 2 goals for 2020:
1- End extreme poverty- decrease the percentage of people living on £1.90 a day.
2- Promote shared prosperity, by fostering the income growth of the bottom 40% for
every country.
★ Vital source of financial and technical assistance.
★ Reduce poverty and support development.
★ 5 institutions managed by their member countries.
★ Low interest loans, 0-low interest credits, grants to developing countries.
★ Education, health, public administration, infrastructure, financial
and private sector, and agriculture.
★ Criticised for loans being ineffective in reducing poverty.
★ Since the 1990s it claims to be supporting bottom up projects-
sustainable for those living below the poverty line.

IMF:
★ International Monetary Fund of 190 countries.
★ Established in 1944 after the great depression.
★ Resources come from countries paying capital subscriptions
assigned to positions in the global economy.
★ Pool has 1 trillion dollars available, which countries can use when
in financial difficulty- can help rebuild reserves and stabilise their currencies.
★ Monitors international monetary systems and global economy developments,
identifies risks and recommends policies.
★ Financial resources from quote subscriptions from member countries.