World Trade Organization | History | Objectives | Functions

World Trade Organization History, Objectives, functions

Image: History, Objectives and Functions of W.T.O

History and operations of W.T.O

World Trade Organization (WTO) is the successor to General Agreement on Tariffs and Trade (GATT). According to the agreement reached in the , GATT was converted into a formal international organization called World Trade Organization. WTO came into operation on 1st January 1995. Now, WTO serves as an international framework for world trade. It is being directed by a Ministerial conference which will meet at least once every two years. Its normal business operations will be overseen by General council.

Objectives of W.T.O

Based in Geneva, Switzerland, WTO serves the following objectives:

1. Enhancing the standard of living and income, promoting full employment, expanding production, trade and optimum utilization of world’s resources.

2 Introducing sustainable development, a concept which envisages that development and environment can go together.

3. Taking positive steps to ensure that developing countries, especially the least developed ones, secure a better share in world trade.

Functions of W.T.O

World Trade Organization is a powerful body with enlarged functions. It is envisaged to play a crucial role in the world’s economic affairs.

The essential functions of W.T.O are as follows:

1. Administering and implementing the multilateral and plurilateral trade agreements. Providing the framework for the implementation, administration and operation of plurilateral trade agreements.

2. To provide symposium for dialogues among members nations regarding multilateral trade relations in matters delineated in the agreements.

3. Administering the understanding on rules and procedures governing the settlement of disputes.

4. Seeking to resolve trade disputes.

5. Overseeing national trade policies.

6. Administering the trade review-mechanism in relation to international trade.

7. Cooperating with international institutions such as IMF and IBRD and its affiliated agencies involved in global policy making.

Functions of W.T.O’s General Council

The regular business of WTO is over seen by a General council. The General Council performs the following functions:

1. Supervising the functioning of revised agreements, operations of the revised agreements and ministerial declarations related to goods and services, trade related aspects of intellectual property rights (TRIPs) on regular basis.

2. Acting as a dispute settlement body.

3. Serving as a trade review mechanism; and

4. Establishing Goods councils, services councils and TRIPs councils as subsidiary bodies.

Leave a Reply

This site uses Akismet to reduce spam. .




Recent Posts


Related pages


definition of voidable contractunited nations conference on trade and development unctadmeaning of amalgamation of companiesjudgmental sampling definitionsdr allocationdefine inter firm and intra firmessential of valid contract with examplefdi exampleautocratic organizationadvantages of virtual organizationdollar equal rupeegatt purposetotal gearing ratio formulaadvantage of sole traderfdi of indiavaluation venture capital methodwhy rbi is called lender of last resortmixed economy socialismuncalled share capitalrapid urbanization definitionmultistage cluster random samplingdeduction in economicsspans of controlimportance of elasticity in economicsthe doctrine of ultra viresdirect costing and absorption costingsebi guidelines for listed companieswhat are the four requirements of a valid contractreconciliation statement in cost accountingadvantages of volunteer samplingformulas muvmanagerial accounting and cost conceptsexplain the concept of consumer sovereigntyeconomics dumpingmoa & aoadirectdistributiondemocratic leadership style advantagespayback accountingdefine dishonournon probability sampling methods examplesmoral suasion by rbisocial responsibility of businessmendefinition of total productive maintenancefully convertible currencydisadvantages of fdi for developing countriesbenefits of delegatingdirect material cost variancedisadvantages of cash flowwhat does bailee meanmisfeancematerial yield variance formuladisseminator role of managerwhat is redemption of debentureswhy tqm is importantcost accounting marginal costingdiversification definition marketingglobal strategy advantages and disadvantagesuses of precis writinghow to calculate the average collection periodindirect and direct exportingsundry creditors definitiontypes of conglomerate mergerscentralized and decentralized organizationmarginal costing pptadvantages and disadvantages of pay back periodroles of the imfprogressive regressive proportionaladvantages and disadvantages of secondary research methodsnon cumulative preference sharesjob costing formatpayback profitabilitythe advantages of franchisingcluster sample exampledebenture financewhats a cartelwhat is iou in accounting