What Is WTO - World Trade Organization ?


What Is the World Trade Organization ?

The World Trade Organization (WTO) is an organization in the context of business rules between many countries and also dealing with the rules of trade between nationswhich not only helps in the execution of many business activities but also performs many activities in the context of business programs. It is a global international organization in the context of a trade between countries of the world. The basic purpose of this organization is to provide many facilities in the context of carrying out business activities, importing goods and services, giving many facilities to importers and exporters. The main goal of  World Trade Organization (WTO) is to help producers of goods and services, exporters, and importers conduct their business.



www.myfirstwebs.com



The World Trade Organization is a world-class organization that issues guidelines for world trade and provides loan to their member countries as per their requirement. It is responsible for the changes and implementation of new business agreements. India is a founding member country. Currently it has 164 members and 23 "observer" countries



The origin of the WTO lies in General Agreement on Tariffs and Trade (GATT) was originally established in 30 October 1947, and took effect on 1 January 1948 by 23 founding countries in Geneva, in which India was also one. As a result of the  8th  round of Multilateral Trade Negotiations (MTN) of the Uruguay Round Agreements (1986-1994) under the auspices of the GATT, on 1 January 1995, the World Trade Organisation was born.

The WTO headquarters is in Geneva, Switzerland. Its current Director-General is Roberto AzevĂȘdo is the sixth Director-General of the WTO.


Functions of the WTO


Some important functions of the WTO can be mentioned in the following manner:-

1. It provides facilities for implementation, administration and Operationalization of the world trade agreement and multilateral agreement.

2. Works as a forum for discussions between members countries on any future related trade and tariffs.

3. Administers the rules and procedures related to settlement of disputes.

4. Global economic policy cooperates with the International Monetary Fund (IMF) and the World Bank to bring more harmony in manufacturing.



No comments:

Post a Comment