The WTO’s predecessor, the general agreement on traiffs and trade(GATT),was estabilsh after world warII in the wake of other multilateral institutions dedicated to International economic corporation. GATT was the only multilateral instruement governing international trade from 1948 until the WTO was estabilshed on january 1,1995.
The World trade organisation is an organisation thatintends to supervise and liberalise international trade.WTO was officially commenced on january 1, 1995WTO was created by uruguay round negotiation (1986-94).
There are total 153 member countrries was counted in the year 2011. Budget 196 million swiss france in the year 2011. Currently there are total 629 staff members are present in WTO.
WTO reiterates the objectives of GATT, someof them are as follows:- Promote trade flows by encouraging nations to adopt nondiscriminatory and predictable trade policies. Raising standard of living and income. Introduce sustainable development.
Acting as a forum for multilateral trade negotiations. Seeking to resolve trade disputes. Acting as a watchdog of international trade. Maintaining trade related database.
Cooperating with other international institutions involved in global economic policy making. Acting as a management consultant for world trade. Technical assistance and training for developing countries.
PRINCIPLES OFWTO TRANSPAREN CY RULE BASED MFN TRADING TREATMENT SYSTEM PRINCIPLES OF WTO DISMANTLIN NATIONAL G TRADE TREATMENT BARRIERS FREE TRADE PRINCIPLE
ORGNISATIONAL STRUCTURE Ministerial Conference GC: Trade Policy GC: Dispute Review Body Settlement Body General Council Council for Trade Council for Intellectual Council for Trade in Goods Property Rights in Trade In Servfices Committee Trade-relatedCommittee Council Council On trade & Committe intellectual on for for developme- e on BOP property Budget services goods nt rights council
Agriculture :- The agreement relating to agriculture is made up of several elements, which seek to reform trade in agriculture. Health and Safety Measures:- The agreement on the application of Sanitary and Phytosanitary Measures concerns the application of food safety and animal and plant health regulation.
Textiles and Clothing:- The objective of this agreement is to secure the integration of the textile and clothing sector . TRIPS :- The WTO agreements of trade related aspects of intellectual property rights (TRIPs) recognises that widely varying standards in the protection and enforcement of intellectual property rights and the lack of multilateral disciplines dealing with international trade in counterfeit goods.
TRIMS:- Trade related Investement Measures (TRIMs) are those restrictions a nation places on foreign investment that adversely affect trade in goods and services Disputes Settlement:- The Dispute Settlement Understanding(DSU) is the legal text that spells out the rules and procedures for disputes between member countries.