“ The World Trade Organisation is ‘ member-driven ’, with decisions taken by General agreement among all member of governments and it deals with the rules of trade between nations at a global or near-global level. But there is more to it than that. ”
They deal with: agriculture , textiles and clothing , banking , telecommunications , government purchases , industrial standards and product safety , food sanitation regulations , intellectual property , and much more.
The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities .
WTO: The Beginnings/ History
WTO began its life on 1 January 1995
Before WTO its name was GATT (General Agreement on Tariffs and Trade) with a view to flows of trade are going smooth , predictable and free from hassles .
The purpose of the WTO is to let the consumers and producers enjoy secure supplies and greater choice for the finished products
The WTO is certainly one of the most important institutions dealing with international economic relations.
In broad terms, its role is twofold, first with establishment of international trade in both goods and services .
And second , to progressively liberalize that trade , presently valued at close to eight thousand billion dollars every year.
Pascal Lamy (Director-General) Head : 625 Secretariat staff : 182 million Swiss francs for 2007 Budget : 151 countries on 27 July 2007 Membership : Uruguay Round negotiations (1986-94) Created by : Geneva, Switzerland Location :
Why WTO ?
To arrange the implementation , administration and operations of multilateral (involving three or more participants) and plurilateral trade agreements (power which shared between different countries)
To arrange the forum for deliberations for the member nations in regard to their multilateral trade relations in issues deal with under the agreements
To provide a framework for implementing of the results arising out of the deliberations ( long and care full agreements/consideration ) which taken place at ministerial conference level
To manage the created understanding on rules and procedure governing the settlement of disputes
To manage effectively and efficiency the trade policy review mechanism (TRIM)
To create more together relationship with all nations in respect of global economic policy-making , it would cooperate with the IMF and the world bank & its affiliated Organisations
The system helps promote peace
Disputes are handled constructively
Free trade cuts the costs of living
It provides more choice of products and qualities
Trade raises incomes
Trade stimulates economic growth
The system encourages good government
Conclusion Continue.. WTO PUBLIC FORUM 2006 Source: www.wto.org