WTOWorld trade organization

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations to ensure that trade flows as smoothly, predictably and freely as possible

WTO agreements, negotiated and signed by the bulk of the world’s trading nations and approved in their parliaments(148 member countries ).

WTO AGREEMENTS

The WTO’S rules and the agreements are the result of negotiation between the members

The current sets were the outcome to the 1986-93 Uruguay Round negotiation which included a major revision of the original General Agreement on Tariffs and Trade (GATT)

GATT is now the WTO’S principal rule- book for the trade In goods

achievement

Global trade in 1997 increased 14-fold as compared to 1950 The last half-century has witnessed an exceptional growth

in world trade; goods exports grew on average by 6% per annum

Mission Statement of WTO

The World Trade Organization — WTO — is the international organization whose primary purpose is to open trade for the benefit of all.

Director General (Mr. Pascal Lamy)

Goal of WTO

The ultimate goal is to help producers of goods and services, exporters, and importers conduct their business.

Objectives Managing trade agreements Settling trade disputes Reviewing national trade policies Support developing countries in trade policy Solving Issues, through technical assistance Training programs Cooperating with other international organizations Ensuring full employment

FUNCTIONS OF WTO

To implement rules and provisions related to trade policy review mechanism

To provide facilities for implementation, administration and operation of multilateral and bilateral agreements of the world trade

To ensure the optimum use of world resources To administer the rules and processes related to

dispute settlement

Major Activities of WTO

Negotiating the reduction or elimination of obstacles to trade (import tariffs, Subsidies etc)

Monitoring and reviewing the trade policies of the members.

Assisting the process of accession of some 30 countries who are not yet members of the organization()

Explaining to and educating the public about the WTO