2. In the Presentation
Understanding WTO
Functions and Principles of WTO
Role of WTO
Agreements of WTO
GATT
TRIPs of WTO
Conclusion
3. WORLD TRADE ORGANISATION
o WTO is an intergovernmental organisation which regulates the international trade
and oversees the rules for global trade between countries
o WTO headquarter is in Geneva, Switzerland.
o It supplanted the 1947 General agreement on tariffs and trade(GATT)
o It was officially commenced on 1st January 1995 ,under the Marrakesh agreement
o Its based on agreements signed by a majority of world`s trading nations
o It also deals with the trade related intellectual property rights(IPR)
4. FUNCTIONS OF WTO
o The main function of WTO is to help producers of goods and services as well as
exporters and importers to protect and manage their business
o WTO facilitates the trades by framing agreements aiming to reduce or eliminate
tariffs, quotas, and other restrictions.
o Handling trade disputes
o Monitoring and manage national trade policy
o Forum for trade negotiation
o Cooperation with other international organizations
5. PRINCIPLES OF WTO
The basic principle of WTO includes
o Trade without discrimination
1- Most Favoured Nation(MNF)- treating other people equally
2-National treatment- treating foreigners and locals equally
o Free and fair trade
o Predictability- through binding and transparency
o Encouraging development and economic reform.
6. AGREEMENTS OF WTO
Some of the agreements of WTO are
o Tariffs- more binding and closer to zero
o The agricultural agreement- new rules and commitments
o Textiles – back in the main streams
o Intellectual property –agreement on TRIPS
o Agreement on trade related investment measures (TRIMs)
7. TRIPS of WTO
Agreement on Trade-Related Aspects of Intellectual Property
Rights(TRIPS)
o Its an international agreement administered by the WTO that sets the minimum
standards for many forms of intellectual property(IP) regulation.
o The area of IP that it covers are: copyright and related rights, trademarks including
service marks, geographical indications ,industrial design, patents and undisclosed
information including trade secrets and test data
o The TRIPS agreement introduced IP law into the international trading system for the
first time.
8. TRIPS
o The general goals of the TRIPS agreement which reproduced the basic Uruguay round
negotiating objectives established in the TRIPS area in 1986
o It includes the reduction of distortions and hindrance to internal trade, promotion of
effective and adequate protection of IPR.
o TRIPS agreement sets down minimum standards ,allowing members to provide more
protection of IP if they wish so
9. GENERALAGREEMENT ON TRADE AND TARIFFS
o GATT was an agreement signed by 23 countries in 1947
o The agreement covers international trades in goods and checked by the council of
trade in goods
o Treaty includes minimizing barriers to international trade by eliminating or
reducing the quotas, tariffs and subsidies
o GATT expanded and refined over the years by adding GATS and TRIPS leading to
creation of WTO in 1995
o WTO extended GATT in two major ways: first GATT became the one of the three
major trade agreements that went into WTO . Second WTO was put on a much
sounder institutions than GATT.
10. CONCLUSION
o WTO regulates the international trade and manages the rules for global trade between
countries, it replaced GATT in 1947.
o It’s a place where the members of countries come and talk about the problems related to
international trade
o It promotes peace by handling disputes and provide free trades, lowers customs tariffs and
other trade barriers
o Its agreement covers goods, services, agricultural , textile as well as intellectual property
regulation
o India ,as a developing economy, has been benefitted being a founding member of WTO. The
country has seen a large significant changes after formation of WTO. There are many issues
which are yet to be sorted out with the WTO, but large things are falling in shape for the
Indian economy
