Scribd
Upload
57 views2 pages

Preserving and Protecting The Environment of The World So As To Benefit All The Nations of The World

The World Trade Organization (WTO) emerged in 1995 to regulate global trade and replace the General Agreement on Tariffs and Trade (GATT) established in 1947. The WTO aims to liberalize trade, reduce tariffs and non-tariff barriers, settle trade disputes, ensure fair treatment of all member nations, raise living standards, optimize the use of global resources, promote the growth of developing countries, and protect the environment. It currently has 153 member countries and operates through negotiation and consensus between members.

Uploaded by

SK Lashari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
57 views2 pages

Preserving and Protecting The Environment of The World So As To Benefit All The Nations of The World

The World Trade Organization (WTO) emerged in 1995 to regulate global trade and replace the General Agreement on Tariffs and Trade (GATT) established in 1947. The WTO aims to liberalize trade, reduce tariffs and non-tariff barriers, settle trade disputes, ensure fair treatment of all member nations, raise living standards, optimize the use of global resources, promote the growth of developing countries, and protect the environment. It currently has 153 member countries and operates through negotiation and consensus between members.

Uploaded by

SK Lashari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

WTO

A) EMERGENCE OF WTO :After the Second World War, many countries got down together to work on ways and
means to promote international trade. The result was signing of General Agreement on Tariffs
and Trade (GATT) by 23 countries in 1947. India was one of the founder members of GATT.
GATT was created to reduce global depression and to liberalise and regulate the world
trade by reducing tariff barriers. GATT has been replaced by WTO in 1995. WTO is wider in
scope as it regulates world trade in goods, as well as in services intellectual property rights, and
investment. In January 2010, the membership of WTO was 153 countries. Its rules and policies
are the outcome of negotiations among WTO members. Thus WTO is a member driven,
consensus based organisation.
B)

PRINCIPAL OBJECTIVES OF WTO

1)

Trade Without Discrimination :-

Trade without discrimination through the application of Most Favoured Nation (MFN)
Principle. As per MFN clause, a member nation of WTO must accord (give) the same
preferential treatment to other member nations which it gives to any other member nation.
2)

Raising The Standard Of Living :-

Raising the standard of living and incomes and ensuring full employment of the citizens
of its member nations.
3)

Optimum Use Of World's Resources :-

Ensuring optimum use of world's resources and, thereby, expanding world production
and trade of goods as well as services.
4)

Settlement Of Disputes :-

Settlement of disputes among members through consultation, conciliation, and as a last


resort through dispute settlement procedures.
5)

Growth Of Less Developed Countries (LDCs) :-

It recognises the need for positive efforts designed to ensure that developing countries
especially the LDCs, secure a better share of growth in international trade.
6)

Protection Of Environment

Preserving and protecting the environment of the world so as to benefit all the nations
of the world.
7)

Enlargement Of Production And Trade


WTO aims to enlarge production and trade of goods as well as services.

8)

Employment
WTO aims at generating full employment and increase in effective demand.

C) FUNCTIONS OF WTO
WTO has following functions
1)

Implementation Of Reduction In Trade Barriers


WTO shall check the implementation of tariff cuts and reduction of non-tariff measures
agreed upon the member nations at the conclusion of Uruguay Round.

2)

Forum For Negotiation


WTO shall provide the forum of negotiations among its members concerning their
multilateral trade relations.

3)

Settlement Of Disputes

4)

WTO shall administer the understanding on rules and procedures governing the
settlement of disputes.
Assistance To IMF And IBRD

5)

WTO shall co-operate with IMF, IBRD and its affiliated agencies to achieve greater
coherence in global economic policy.
Administration Of Agreements

7)

WTO shall look after the administration of 29 agreements (signed at the conclusion of
Uruguay Round in 1994), plus a number of other agreements, entered into after Uruguay
Round.
Examination Of Trade Policies
WTO shall regularly examine the foreign trade policies of member nations, to see that
such policies are in line with WTOs guidelines.
Consultancy Services

8)

WTO shall keep a watch on the developments in the world economy and it provides
consultancy services to its member nations.
Collection Of Foreign Trade Information

6)

WTO shall collect information on import - export trade and on various trade measures
and other trade statistics of member nations.

You might also like