It took over GATT (General agreement on tariffs & trade). In 8 th round of GATT, popularly known as Uruguay Round, member nations of GATT decided to set up a new organization, ‘World Trade Organization’ in place of GATT. Headquarters
WTO headquarter Centre William Rappard, Geneva, Switzerland
WTO is an international trade organization having set of rules & principles, mutually designed & agreed upon to promote international trade in general & reduction of tariffs barriers & removal of import restrictions in particular.
Implementing WTO agreements & administering the international trade.
Cooperating with IMF & World Bank & its associates for establishing coordination in Global Trade Policy-Making.
Settling trade related disputes among member nations with the help of its Dispute Settlement
Reviewing trade related economic policies of member countries with help of its Trade Policy Review Body (TPRB).
Acting as forum for trade liberalization.
DOHA ROUND The WTO launched the current round of negotiations, the Doha Development Agenda (DDA) or Doha Round, at the fourth ministerial conference in Doha, Qatar in November 2001. The Doha round was to be an ambitious effort to make globalization more inclusive and help the world's poor, particularly by slashing barriers and subsidies in farming.
The attempts to expand the coverage of the WTO agreements became more apparent with the launching of the Doha Development Agenda (DDA) at the WTO’s 4th Ministerial Conference in Doha, Qatar in 2001.
In a nutshell, the DDA seeks to start negotiations on non-agricultural tariffs, trade and environment, WTO rules like anti-dumping and subsidies, investment, competition policy, trade facilitation, transparency in government procurement, and intellectual property. The deadline for negotiations was on Jan. 1, 2005.
IN MY narrow area of specialization, international trade, the most significant development will be the completion of the Doha Round of WTO trade talks (knock on wood). While it has been stalled for almost a decade, much of this time was spent learning-by-doing.
When the GATT was transformed into the WTO in 1995, the basic nature of the organization changed—especially for developing nations. It took years for them to learn how to establish coalitions and play the game. Likewise it was not until 2008 that the leadership group was changed to reflect the new trade realities (Japan was ejected from the group while Brazil, India and China were added). Since 2008, the delay was basically due to the US’s unwillingness to engage in meaningful give-and-take. That changed after Obama’s loss of the House and now the negotiations are moving ahead. Conventional wisdom at the WTO is that we should see something this spring.