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World Trade Organisation


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World Trade Organisation

  1. 1. World Trade Organisation The basic purpose of the WTO is to promote international trade without any discrimination-1 st Jan, 1995
  2. 2. Functions of WTO <ul><li>WTO shall facilitate the implementation, Administration and operation of the plurilateral trade aggreement. </li></ul><ul><li>WTO shall provide a forum for the negotiation among its members concerning their multilateral trade relations </li></ul><ul><li>WTO shall administer the understanding on rules and procedures governing the settlement of disputes </li></ul><ul><li>WTO shall administer the trade policy review mechanism and </li></ul><ul><li>WTO shall co operate as appropriate with IMF AND IBRD and with the affiliated agencies </li></ul>
  3. 3. Functions of WTO <ul><li>WTO administers the 28 agreements contained in the final act and the no of plurilateral agreements and the government procurement through various councils and committees </li></ul><ul><li>It oversees the implementations of issues related to tariff cut an non tariff measures agreed to in the trade negotiations </li></ul><ul><li>It examines the trade regimes of the individual member countries </li></ul><ul><li>WTO provides dispute settlement courts and panel </li></ul><ul><li>It acts as a management consultant for world trade </li></ul><ul><li>It provides technical co-operations and training </li></ul><ul><li>It can be used as a forum for continuous negotiations </li></ul><ul><li>It co-opts with the international institutions like IMF,IBRD etc for making global economic policy </li></ul><ul><li>And it oversees the national trade policies of member governments. </li></ul>
  4. 4. Organisation Structure of WTO <ul><li>Ministerial Conference-policy and strategy making body </li></ul><ul><li>General Council-executive body of WTO-disputes settlement and trade related policy </li></ul><ul><li>Councils-trade in goods , trade in services and trade related aspects of intellectual property bodies </li></ul><ul><li>Committees and Management Bodies-committee on trade and development, balance of payment and budget, finance and administrations </li></ul>
  5. 5. International Monetary Fund <ul><li>IMF is a post war international monetary institution. </li></ul><ul><li>It came into existence to promote economic and financial cooperation among member countries </li></ul>
  6. 6. Objectives of IMF <ul><li>Avoid the competitive devaluation and exchange control </li></ul><ul><li>Establish and maintain currency convertibility with stable exchange rate </li></ul><ul><li>To promote international monetary cooperation </li></ul><ul><li>To facilitate balance growth rate </li></ul><ul><li>To lend confidence to members by making the fund’s resources available </li></ul><ul><li>To provide short term assistance to correct the balance of payment </li></ul>
  7. 7. International Liquidity and Special Drawing rights <ul><li>Assets like bullion, commercial credit , currencies, foreign securities and SDR’s maintained by the countries to settle the deficit in the BOP and the aggregate total of such stock of all the central banks in the world is known as international liquidity,. </li></ul>
  8. 8. Problems of international liquidity <ul><li>Imports, Globalisation and structural shifts </li></ul>
  9. 9. International Bank for Reconstruction and Development <ul><li>IBRD was established to provide long term assistance for the reconstruction and development of economies of the economies of the member countries </li></ul>
  10. 10. Functions of IBRD <ul><li>To assist in the reconstruction and development and development of its member countries </li></ul><ul><li>To promote private foreign investment by means of guarantees </li></ul><ul><li>To promote long range balanced growth of international trade and the maintenance of equilibrium in the BOP of member countries </li></ul>
  11. 11. International Development Association <ul><li>Established in 1960 as an affiliate to IBRD </li></ul><ul><li>Objectives – </li></ul><ul><li>To provide development finance on easy terms to less developed member countries </li></ul><ul><li>To provide assistance for poverty alleviation in the poorest countries </li></ul><ul><li>To provide finance at concessional interest rates </li></ul>