Chapter- WTO Subject- Indian EconomyClass- Generic IVth Sem

teacher name-Ritu Kankra

The World Trade Organization (WTO) is the only globalinternational organization dealing with the rules oftrade between nations. At its heart are the WTOagreements, negotiated and signed by the bulk of theworld’s trading nations and ratified in theirparliaments. The goal is to ensure that trade flows assmoothly, predictably and freely as possible.

Location: Geneva, Switzerland

Established: 1 January 1995Created by: Uruguay Round negotiations (1986-94)

Membership: 164 members representing 98 per cent of world trade

Budget:- 197 million Swiss francs for 2019Secretariat staff: 625

Head: Roberto Azevêdo (Director-General)

The General Council has the following subsidiary bodieswhich oversee committees in different areas:

◦ Council for Trade in Goods-There are 11 committees under thejurisdiction of the Goods Council each with a specific task. Allmembers of the WTO participate in the committees. The TextilesMonitoring Body is separate from the other committees but stillunder the jurisdiction of Goods Council. The body has its ownchairman and only 10 members. The body also has several groupsrelating to textiles.

◦ Council for Trade-Related Aspects of Intellectual Property Rights-Information on intellectual property in the WTO, news and officialrecords of the activities of the TRIPS Council, and details of theWTO's work with other international organizations in the field.

Council for Trade in Services-The Council for Trade in Servicesoperates under the guidance of the General Council and isresponsible for overseeing the functioning of the GeneralAgreement on Trade in Services (GATS). It is open to all WTOmembers, and can create subsidiary bodies as required.

Trade Negotiations Committee-The Trade NegotiationsCommittee (TNC) is the committee that deals with the currenttrade talks round. The chair is WTO's director-general. As ofJune 2012 the committee was tasked with the DohaDevelopment Round.

The Service Council has three subsidiary bodies:◦ financial services,

◦ domestic regulations,

◦ GATS rules and specific commitments.

The council has several different committees, workinggroups, and working parties.

There are committees on the following:◦ Trade and Environment;

◦ Trade and Development (Subcommittee on Least-DevelopedCountries);

◦ Regional Trade Agreements;

◦ Balance of Payments Restrictions;

◦ and Budget, Finance and Administration.

There are working parties on the following: Accession.There are working groups on the following: Trade, debtand finance; and Trade and technology transfer.

The 128 countries that had signed GATT by 1994

On 1 January 1995, the WTO replaced GATT, which had been inexistence since 1947, as the organization overseeing the multilateraltrading system. The governments that had signed GATT were officiallyknown as “GATT contracting parties”. Upon signing the new WTOagreements (which include the updated GATT, known as GATT 1994),they officially became known as “WTO members”.

The list below is historical. It contains the 128 GATT signatories as at theend of 1994, together with the dates they signed the agreement.

Click here to see the up-to-date list of WTO members.

https://www.wto.org/english/thewto_e/gattmem_e.htm

Administering WTO trade agreements

Forum for trade negotiations

Handling trade disputes

Monitoring national trade policies

Technical assistance and training for developing countries

Cooperation with other international organizations

Negotiating the reduction or elimination of obstaclesto trade (import tariffs, other barriers to trade) andagreeing on rules governing the conduct ofinternational trade (e.g. antidumping, subsidies,product standards, etc.)

Administering and monitoring the application of theWTO's agreed rules for trade in goods, trade inservices, and trade-related intellectual propertyrights

Monitoring and reviewing the trade policies of ourmembers, as well as ensuring transparency ofregional and bilateral trade agreements

Settling disputes among our members regarding theinterpretation and application of the agreements

Building capacity of developing country governmentofficials in international trade matters

Assisting the process of accession of some 30countries who are not yet members of theorganization

Conducting economic research and collecting anddisseminating trade data in support of the WTO'sother main activities

Explaining to and educating the public about theWTO, its mission and its activities.

In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

Thank you