World Trade Organization



World Trade Organization

Introduction

World trade organization (WTO) is an institute who is accountable to set legitimate rules and regulations of trade among distinctive countries. WTO is officially commenced in the year 1995, under the Marrakech agreement, replacing the (GATT) General Agreement on Tariffs and Trade, which was commenced in the year 1948 (www.wto.org). World trade organization is born in 1995, but it is not so young because its bases were founded in the year 1948 (GATT). The basic theme of WTO is to provide a framework of trade for the members of the organization. The recent stats and figures suggest that there are 155 members in world trade organization. There are many ways of looking at WTO; it is regarded as an organization for liberalization trade. The other way of looking at WTO; it is a place to settle dispute among trading countries. The legal policies of trade among members of WTO are sanctioned by the top authority. In simple term, WTO is a perfect forum for trade negotiation; it's a place to set fair trade rules and regulations, it is place to trade disputes between two countries. World trade organization has played an integral part in mounting the global economy.

Discussion

World trade organization is an institute who is responsible for to fix all the trade related policies for 155 members (www.wto.org). The main objective of organization is to settle disputes among trading countries, it fix the trade policies among trading countries by sitting on negotiation table. WTO is liable to all the trade related problems for the registered members of the organization. When the countries face trade barrier they sit on the negotiation table, to eliminate the trade barriers. In this contemporary world, no single country can fulfill its demands because of resources constraint. Every country is interdependent on other country, in order to fulfill the demand of the country and its individuals. The countries want to exploit the resources available outside the local boundaries, for this exploitation world trade organization has been commenced. The basic purpose of WTO is to provide a trade platform for the member countries, in order to achieve prosperity.

WTO provides trading countries the legal ground-rules in order to perform International trade. The rules and regulations of International trade are set by the WTO for the best benefit of all the members of the organization. All the negotiations are signed by the government, but its integral aim is to provide a trading platform to produces of goods and services, importers, exporters and environmental objectives. This helps the countries in escalating the trade flows among the member countries. Another main objective of World trade organization is to eliminate the disputes among trading countries. The trade relations sometimes involve conflicting interests which are disputed on the negotiation table.

World trade organization is accountable of International economic agencies. These agencies also monitor the control of IMF and World Bank. The main purpose of International economic agency is to monitor the fairground play of ...