WORLD TRADE ORGANIZATION
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WTO is the strong pillar of international trade.The WTO is the only international organisation that deals with the global rules of trade between nations.The main objective of WTO is to free flow the international trade.Free flow means reduction of barriers or trade liberalisation between nations.
HISTORY OF WTO
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WTO as the successor to the GATT(General agreement on tariff and trade). GATT continued to operate almost 47 years (1948-94). This provided multilateral forum and discuss about trade problems and reduction trade barriers.But GATT had so many limitations like there was no specific legal entity,lack of proper rules and regulations,this was provisional and it had contradicting parties and mainly trade in goods only.So to overcome the limitations of GATT, WTO came into existence on 1 st January 1995 by replacing the GATT.
ORGANISATIONAL STRUCTURE OF WTO
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WTO organisational structure consist of ministerial conference, general council, council for each broad area of trade and subsidiary bodies.
(1) MINISTERIAL CONFERENCE(MC)
The top most decesion making body of wto.which has to meet at least once in every two years.
(2) GENERAL COUNCIL (GC)
GC council perform daily activities of WTO and report to the MC .There are 3 bodies of general council
General council
Dispute settlement body
Trade policy review body
(3) COUNCIL FOR EACH BROAD AREA OF TRADE
Three more councils,each handling a different area of trade and reporting to GC.
Goods councils ( The concil for trade in goods)
Service council ( council for trade in services)
TRIP council ( council for trade related aspects of intellectual property rights
FUNCTIONS OF WTO
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* Formulate and implement rules for international trade.
*To carry out periodical review of the trade policy of its members country
*To provide platform for settlement of dispute
*To co-operate other international organisation like IMF and World Bank
* Smoothly and freely flow the international trade it's members country as possible.
MAJOR AGREEMENTS OF WTO
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1. Trade in agricultural
2.Trade in textile and clothing
3. Trade related intellectual property rights (TRIPS)
4.Trade related investment members (TRIMS)
5.General agreement on trade in services (GATS)
6.dispute settlement
7. Agreement on export subsidiary
8.Anti Dumping agreement etc.
WTO FACTS AND FIGURES
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FORMATION:. 1 st January 1995 under Marrakech agreement signed by you