The document discusses the World Trade Organization (WTO). It describes the WTO as an international organization that oversees and liberalizes international trade according to agreements negotiated and signed by most of the world's trading nations. The WTO seeks to help trade flow smoothly and predictably between nations by administering trade agreements, settling disputes, and assisting developing countries, among other functions. Key principles of the WTO's trading system include non-discrimination, reciprocity, binding and enforceable commitments, and transparency.

1. WORLD TRADE ORGANISATION RAJESH KP

4. WTO BRIEF HISTORY The WTO's predecessor, the General Agreement on Tariffs and Trad e (GATT), was established after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation - notably the Bretton Woods institutions known as the World Bank and the International Monetary Fund.

6. WTO BRIEF HISTORY A comparable international institution for trade, named the International Trade Organization was successfully negotiated. The ITO was to be a United Nations specialized agency and would address not only trade barriers but other issues indirectly related to trade, including employment, investment, restrictive business practices, and commodity agreements. But the ITO treaty was not approved by the United States and a few other signatories and never went into effect.

7. WTO BRIEF HISTORY In the absence of an international organization for trade, the GATT would over the years "transform itself" into a de facto international organization. The GATT was the only multilateral instrument governing international trade from 1948 until the WTO was established in 1995.

11. Structure The WTO has 153 members, accounting for over 97% of world trade. Decisions are made by the entire membership. This is typically by consensus. A majority vote is also possible but it has never been used in the WTO, and was extremely rare under the WTO’s predecessor, GATT. The WTO’s agreements have been ratified in all members’ parliaments.

12. Structure The WTO’s top level decision-making body is the Ministerial Conference which meets at least once every two years. Below this is the General Council (normally ambassadors and heads of delegation in Geneva, but sometimes officials sent from members’ capitals) which meets several times a year in the Geneva headquarters. The General Council also meets as the Trade Policy Review Body and the Dispute Settlement Body. At the next level, the Goods Council, Services Council and Intellectual Property (TRIPS) Council report to the General Council. Numerous specialized committees, working groups and working parties deal with the individual agreements and other areas such as the environment, development, membership applications and regional trade agreements.