WTO (World Trade Organisation)

• WTO stands for World Trade Organization. It was established in 1995 and it is the outcome of Bretton Woods Conference which was occurred during second world war.

 

• The WTO officially commenced on 1 Jan 1995 under MARRAKESH Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement of Tariffs & Trades (GATT) which commenced in in year 1948.

 

• The basic idea behind WTO is to develop institute of international level for monitoring, supervising, promoting, liberalizing international trade to worldwide.

 

• Headquarters –  Centre William Rappard , Geneva, Switzerland

 

• Director General – Roberto Azevedo

 

• Official Language – English, French, Spanish

Objectives Of WTO

1. The objectives of WTO are –

   • Growth of less developed countries.
   • Trade without any Discrimination.
   • Protection & preservation of Environment.
   • Optimum utilization of worlds available resources.
   • Raising of living of standard of citizen of member country.
   • Increasing Employment globally
   • Settlement of trade disputes among the members countries .

Functions Of WTO

• Administration of Agreements
• Implementation of reduction of trade barriers
• Examination of foreign trade policy
• Collection of foreign trade information
• Settlement of disputes
• Forum for negotiation
• Assistance of IMF & IBRO