INTRODUCTION“There are number of ways looking at WTO .its an org for liberalizing trade actsplace for them to settle disputes its not just liberalizing trade and in somecircumstances its rules support maintaining trade barriers e.g.-top protectconsumer or to prevent the spread of diseases”Following is the brief history of GATT to WTO The primary objective of GATT was promotion of world trade thru tariffreduction GATT provided the reduction of tariffs and trade restriction in a phasedmanner over a period of time In various of negotiations member nations agreed to tariff reduction overlarge number of traded goods. In the Tokyo round held during the period1973 to 1979 issues such improved trading framework and technicalbarriers to trade were negotiated The last and the most significant round began in 1986 in punta delEste,uruguay. it took more eight years of complex negotiations tocomplete this round. There were considerable differences among membernations over issues such as multi fiber agreement, trade in services,intellectual property rights anti dumping etc. Due to the existence of these differences, the then director general ofGATT, orthor dunkel,prepared a draft final act that what he believed couldbe the agreed outcome of the Uruguay round. The draft came to be knownas dunkel draft, it was in the form of single treaty i.e. signing of the treatymeant complement agreement with all the provision without anyexceptions. The draft was intensely discuses d and debited and wasinitially opposed by developing nations,labour unions and other rightgroups.finally,the final act was signed by all member nations in april1994.many developing nations had to sign the act, as they were under pressurefrom powerful trading country, especially the USA . With the signing of the final act, the WTO was setup. The WTO agreementcame into force from January 1. 1995. india has become one of thefounder members of WTO, by ratifying the WTO agreement on dec
30,1994 While GATT was an legal agreement, WTO is an internationalorganization setup has a permanent body to keep a watch on trade ingoods and services, foreign investments, intellectual property rights,antidumping laws etc. with the objective of promoting free and fare trade.