World Trade Organization (WTO

)

replacing the General Agreement on Tariffs and Trade (GATT).  . 1995 under the Marrakech Agreement .World Trade Organization  The World Trade Organization (WTO) is an international organization designed by its founders to supervise and liberalize international trade. which commenced in 1947. The organization officially commenced on January 1.

General Agreement on Tariffs and Trade (GATT)  The General Agreement on Tariffs and Trade (GATT) came into existence in 1947 It sought substantial reduction in tariff and other barriers to trade and to eliminate discriminatory treatment in international commerce. India signatory to GATT 1947 along with twenty two other countries Eight rounds of negotiations had taken place during five decades of its existence    .

 Trade related Investment Measures (TRIMS).  Subsidies.  Trade services. Morocco. on 15th April 1994. This round of negotiations covers a wide range of subjects like.  Safeguards.  Trade related IPR (TRIPS).General Agreement on Tariffs and Trade (GATT)   The significant round is the “Uruguay Round” of 1986. . This agreement was finally signed in the Marrakech.

 .  Currently 153 member countries.Establishment of WTO In order to implement the final act of “Uruguay Round” agreement of GATT the WTO was established on Jan 1st 1995.  WTO is run by its member nations.  India is one of the founder member of WTO. Decisions are taken by consensus among entire member nations.

Principles of WTO The main principles of WTO are:  To promote fair competition    To encourage economic and development reforms To increase predictability through transparency To lower trade barriers for free trade   To ensure fair treatment to all nations. To Provide a mechanism for settling trade disputes. .

units : .The Trade Policy Review Body and .Organization Structure of WTO  Ministerial conference: The WTO's top-level decision-making body is the ministerial conference. . which meets at least once in every two years  General Council: The general council which meets several times a year in Geneva. The General Council have two sub .The Dispute Settlement Body.

. the Council for Trade in Services (Services Council).Organization Structure of WTO  Councils: There are three Councils each handling a different broad area of trade – the Council for Trade in Goods (Goods Council). and the Council for Trade-Related Aspects of Intellectual Property Rights (TRIPS Council).

-Committee on BOP restrictions.Organization Structure of WTO  Committees: There are also specialized committees. . finance & administration  The WTO secretariat in Geneva has around 600 staffs and is headed by a Director General. -Committee on Budget. -Committee on Trade & Development.

Sign up to vote on this title
UsefulNot useful