EVOLUTION OF WTO ❖ ITO ❖ GATT ❖ WTO ❖ FUNCTION OF WTO

1. UGC NTA NET - COMMERCE
UNIT 1 - BUSINESS ENVIRONMENT &
INTERNATIONAL BUSINESS
PART - 1

2. ❖ EVOLUTION OF WTO
❖ ITO
❖ GATT
❖ WTO
❖ FUNCTION OF WTO

3. Great
Depression -
1929
Smooth Hawely
Tariff Act - 1930
Tariff war
World War II
1939 - 1945
Bretton Wood
Conference - 1944
1944
● IMF
● IBRD
● ITO
Evolution
of WTO

4. The International Trade Organization (ITO) was the proposed name
for an international institution for the regulation of trade.Led by the United
States in collaboration with allies, the effort to form the organization from 1945
to 1948, with the successful passing of the Havana Charter, eventually failed due
to lack of approval by the US Congress.
In Havana in 1948, the UN Conference on Trade and Employment
concluded a draft charter for the ITO, known as the Havana Charter, which
would have created extensive rules governing trade, investment, services, and
business and employment practices. However, the United States failed to ratify
the agreement.
ITO - INTERNATIONAL TRADE ORGANISATION

5. For 47 years
From 1948 to 1994, (GATT) provided the rules for world trade with some of
the highest growth rates in international commerce. It seemed well-established,
but throughout those 47 years, it was a provisional agreement
The Marrakesh Agreement, manifested by the Marrakesh Declaration,
was an agreement signed in Marrakesh, Morocco, by 123 nations on 15 April
1994, marking the culmination of the 8-year-long Uruguay Round. The
World Trade Organization, which officially came on 1 January 1995.
Reasons for failure of the GATT agreement can be justified, such as the
GATT by itself was only the set of rules and multilateral agreements and has no
constituent bases, it was only interested in trade in goods without
paying attention to services and intellectual property rights.
GATT - General Agreement on Tariffs and Trade

6. WTO is an international organization that is concerned with the
regulation of international trade between nations. The WTO officially
commenced on 1 January 1995 under the Marrakesh Agreement, signed
by 123 nations on 15 April 1994, replacing the General Agreement on
Tariffs and Trade (GATT), which commenced in 1948.
The WTO deals with regulation of trade in goods, services and
intellectual property between participating countries by providing a
framework for negotiating trade agreements and a dispute resolution
process aimed at enforcing participants' adherence to WTO
agreements, which are signed by representatives of member
governments
WTO - World Trade Organization

7. Location - Geneva, Switzerland
Established - 1 January 1995
Membership - 164 members representing 98% world trade
Budget - 197 million Swiss francs for 2019
Secretariat staff - 625
Head - Roberto Azevedo (Director-General)
Function/ Objectives
● 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

8. SUBSCRIBE AND TAP BELL ICON