Wto scope introd
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The World Trade Organization (WTO) was established in 1995 and replaced the General Agreement on Tariffs and Trade (GATT). The WTO has 153 member countries and governs over 95% of global trade. It aims to liberalize trade, set trade rules, facilitate dispute resolution, and cooperate with other economic institutions to promote international trade. The WTO is overseen by a ministerial conference that meets every two years and a director-general. Its headquarters are located in Geneva, Switzerland.
Wto scope introd
- 2. INTRODUCTION: The setting up of WTO was agreed to by 125 countries on april 15,1994 at a conference in Marrakesh which concluded the strennous Uruguay round of GATT negotiations after more than 7 years of hard bargaining. The new World Trade Organisation which replaces the general agreement on Tariff and Trade(GATT),had come into effect from january 1,1995 with the support of atleast 85 founding members,including India.
- 3. WTO has 153 members,representing more than 95% of total world trade. The WTO is governed by a ministerial conference,meeting every 2 years. A general council which implements the conference’s policy decisions and is responsible for day to day administration. Director-general,who is appointed by the ministerial conference. The WTO’s headquarters is at Geneva,Switzerland.
- 4. OBJECTIVES: To help developing countries benefit fully from global trading system. To set & enforce rules for International trade. To increase the transparency of decision making process. To facilitate trade without any discrimination. To resolve trade disputes.
- 5. To provide forum for negotiating & monitoring the international trade. To cooperate with other major international economic institutions involved in global economic management. The main overall objective of WTO is to promote and ensure the international trade in member countries with the mantra of liberalization, privatization and globalization.
- 6. SCOPE: The WTO shall provide the common institutional framework for the conduct of trade relations among its members in matters related to the agreements and associated legal instruments included in the Annexes. The agreements and associated legal instruments of the Multilateral Trade Agreements are binding on all members.
- 7. The agreements and associated legal instruments of the Plurilateral Trade Agreements (A plurilateral agreement implies that WTO member countries would be given the choice to agree to new rules on a voluntary basis.) are also a part of this agreement for those members that have accepted them and are binding on them. The general agreement on Tariff & Trade,1994 is legally distinct from the general agreement on Tariff & Trade dated 30 october 1947.
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