WTO- WORLD TRADE ORGANIZATION
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The organization officially commenced on 1 January 1995 under the Marrakech Agreement. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business. WTO has 159 members on 2 March 2013
Function of WTO
The WTO shall facilitate the implementation, administration and operation, and further the objectives, of this Agreement and of the Multilateral Trade Agreements, and shall also provide the framework for the implementation, administration and operation of the Plurilateral Trade Agreements.
2. The WTO shall provide the forum for negotiations among its Members concerning their multilateral trade relations in matters dealt with under the agreements in the Annexes to this Agreement.
3. The WTO shall administer the Understanding on Rules and Procedures Governing the Settlement of Disputes
4. The WTO shall administer the Trade Policy Review Mechanism (hereinafter referred to as the
"TPRM")
5. With a view to achieving greater coherence in global economic policy-making, the WTO shall cooperate, as appropriate, with the International Monetary Fund and with the International Bank for
Reconstruction and Development and its affiliated agencies.
Law, economics and politics have each inspired and constrained the capacity of countries to work together for the creation and maintenance of a rules-based regime in which members with widely power work together to reduce barriers to trade.
According to BBC News, A chronology of key events of WTO including:
1948 1 January - Gatt agreement comes into force.
1948 March - Charter of International Trade Organisation signed but US Congress rejects it, leaving Gatt as the only international instrument governing world trade.
Function of WTO
The WTO shall facilitate the implementation, administration and operation, and further the objectives, of this Agreement and of the Multilateral Trade Agreements, and shall also provide the framework for the implementation, administration and operation of the Plurilateral Trade Agreements.
2. The WTO shall provide the forum for negotiations among its Members concerning their multilateral trade relations in matters dealt with under the agreements in the Annexes to this Agreement.
3. The WTO shall administer the Understanding on Rules and Procedures Governing the Settlement of Disputes
4. The WTO shall administer the Trade Policy Review Mechanism (hereinafter referred to as the
"TPRM")
5. With a view to achieving greater coherence in global economic policy-making, the WTO shall cooperate, as appropriate, with the International Monetary Fund and with the International Bank for
Reconstruction and Development and its affiliated agencies.
Law, economics and politics have each inspired and constrained the capacity of countries to work together for the creation and maintenance of a rules-based regime in which members with widely power work together to reduce barriers to trade.
According to BBC News, A chronology of key events of WTO including:
1948 1 January - Gatt agreement comes into force.
1948 March - Charter of International Trade Organisation signed but US Congress rejects it, leaving Gatt as the only international instrument governing world trade.