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r The World Trade Organization is an international organization
which was created for the liberalization of international trade.
The World Trade Organization came into existence on January
1st, 1995 and it is the successor to General Agreement on Trade
and Tariffs (GATT).
r The World trade organization deals with the rules of trade
between nations at a global level. WTO is responsible for
implementing new trade agreements. All the member countries
of WTO have to follow the trade agreement as decided by the
WTO.
r Its main function is to ensure that trade follows as smoothly,
predictably and freely as possible.
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 ÿocation: Geneva, Switzerland


 Established: 1 January 1995
 Created By: Uruguay Round Negotiations (1986-84)
 Membership: 153 countries
 Beget: 189,257,600 Swiss francs for 2008
 2007 Secretariat Staff: 625
 Head: Director-General, Pascal ÿamy
 
 WTO reiterates the objectives of GATT
 Raising standard of living and income
 Introduce sustainable development
 Taking positive steps to ensure that helps in developing
countries
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The Ministerial Conference is the top most body of the WTO,
which meets in every two years. It brings together all the
members of WTO.
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The General Counsel of the WTO is the highest level decision
making body in Geneva, which meets regularly to carry out the
functions of WTO.

 

The Workings of GATT, which covers international trade in
goods, are the responsibility of the Council of Trade.
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There are subsidiary bodies under the various councils dealing
with specific subjects such as agriculture, subsidies, market
access etc.
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Principles %  
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  WTO
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 It helps promote peace and prosperity across the globe.
 Disputes are settled amicably.
 Rules bring about greater discipline in trade negotiations, thereby
reducing inequalities to a large extent.
 Free trade reduces the cost of living and increases household income.
 Companies have greater access to markets and consumers have wider
range of products to choose from.
 Good governance accelerates economic growth
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r India is one of the founding members of WTO along with
other countries. India's participation in an increasingly rule
based system in governance of International trade, would
ultimately lead to better prosperity for the nation.
r Various trade disputes of India with other nations have been
settled through WTO. India has also played an important part
in the effective formulation of major trade policies.
r By being a member of WTO several countries are now
trading with India, thus giving a boost to production,
employment, standard of living and an opportunity to
maximize the use of the world resources.
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 It appears that India does not stand to gain much by shouting for
agriculture reforms in developed countries because the overall
tariff is lower in those countries.
 India will have to tart major reforms in agriculture sector in India
to make Agriculture globally competitive. Same way it is
questionable if India will be major beneficiary in dismantling of
quotas, which were available under MFA for market access in US
and some EU countries.
 It is likely that China, Germany, North African countries, Mexico
and such others may reap benefit in textiles and Clothing areas
unless India embarks upon major reforms in modernization and up
gradation of textile sector including apparels.