3. What is World Trade
Organisation?
- Intergovernmental organization which regulates the international trade.
- Officially commenced on 1st jan 1995 under the Marrakesh Agreement.
- Signed by 123 nations in 1994
- WTO had replaced GATT(General agreement on tariffs and trade)
- They deal with: agriculture, textiles and clothing, banking, telecommunications,government
purchases, industrial standard and product safety, food sanitation regulations, intellectual property
and much more.
4. Principles of
WTO
Non-discrimination
Two dimensions i.e, Most-favoured
Nation(MFN) & National Treatment.
Free Trade
Introduce changes through “progressive
libralisation” in the countries
Predictability
Achieved through binding and
transparency.
Promoting Fair Competition
System of rules dedicated to open,
fair and undistorted competition.
Encouraging Development
& Economic Reforms
Special concern for developing
countries, especially least developed
countries
03
5. Functions
of WTO
Administra
t-ive
Functions
Platform
for
negotiatio-
ns
Execution
Administe
-ring
TPRM
Economic
Coherence
Facilitates objectives of WTO and provides framework for the
implementation, administration and operation of Plurilateral
Trade Agreements
Provides a platform for negotiations
among the members concerning their
multilateral trade relations .
Understanding on Rules and
Procedures governing the settlement
of Disputes.
WTO has to administer the
Trade Policy Review
Mechanism(TPRM).
Achieve greater economic
coherence in global economic
policy making cooperating as
appropriate, with IMF and
World Bank.
FUNCTIONS OF
WTO:
7. 01
02
03
04
05
06
07
WTO AGREEMENTS:
Trade Related
Aspects of
Intellectual
Property Rights
(TRIPs)
Trade Related
Investment
Measures (TRIMs)
General
Agreement on
Trade in
Services(GATS)
Agreement on
Manufactured
Goods Agreement on
Agriculture
(AoA)
Agreement on
Textiles and
Clothing (Multi-
Fibre Arrangement)
Agreement on
Subsidies and
Countervailing
Measures(SCM)
8. - Enhanced the value and quantity of trade.
- Broadened the Trade governance scope in
investment, services & Intellectual property.
- Encouraged Sustainable trade developments.
- World’s only international organization that
supervises 95% of the world’s global trade.
- WTO is seeking to privatize essential public
services such as education , health care,energy
and water.
-Free trade is not working for the majority of the
world.
- WTO rules on dumping, safeguards and
subsidies have been misused.
- WTO takes too long to arbitrate and settle
disputes.
Achievements &
Failure: