General Awareness All About World Trade Organization(WTO)
The World Trade Organization (WTO) is founded on the General Agreement on Tariffs and Trade (GATT), which entered into force on 1 Jan, 1948. Its 23 original signatories were members of a Preparatory Committee appointed by the UN Economic and Social Council to draft the charter for a proposed international Trade Organization. Since this charter was never ratified, the General Agreement remained the only international instrument laying down trade rules. In December 1993 there were 111 contracting parties, and a further 22 countries applying GATT rules on a de facto basis. On 15 April 1994 trade ministers of 123 countries signed the Final Act of the GATT. Uruguay Round of negotiations at Marrakesh, bringing the WTO into being on 1 January 1995.
Objectives of WTO:
Following are the important objectives of WTO
- To raise standards of living, ensuring full employment and large and steadily growing volume of real income and effective demand and expanding the production and trade in goods and services.
- To allow for the optimal use of the world's resources in accordance with the objectives of sustainable development.
- To ensure that developing countries, especially the least developed among them, secure a share in the growth in international trade commensurate with the needs of their economic development.
- To develop an integrated, more viable and durable multilateral trading system.
- To ensure linkages between trade policies, environmental policies and sustainable development.
Important Facts of WTO:
- Location : Geneva, Switzerland
- Established : 1 January 1995
- Created by : Uruguay Round Negotiations (1986-94)
- Head (Director General): Roberto Azevedo(from Sep 2013)
- Present Secretariat Staff: : 639
Functions:
- Administering WTO trade agreements
- Forum for trade negotiations
- Handling trade disputes
- Monitoring national trade policies
- Technical assistance and training for developing countries
- Cooperation with other international organizations
WTO Secretariat:
The WTO secretariat, based in Geneva, has around 639 staff and is headed by a director general. The ministerial conference appoints the director general for four year term. The secretariat does not have the decision making role. The secretariat's main duties are to apply technical support for the various councils and committees and the Ministerial Conferences.
Important Links:
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