Here we come up with an another article. Because we don't want you to miss any important topic which is related to our self not only in terms of exams but as a human being. So here we go -
The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade. It was established on 1st January, 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994. It has replaced the General Agreement on Tariffs and Trade (GATT), which commenced in the year 1948.
WTO is a forum for governments to negotiate trade agreements, which deals with regulation of trade between participating countries by providing a framework for negotiating trade agreements.
So basically, we can say that, It is an organization for trade opening. It operates a system of trade rules. So, it's a place where member governments try to sort out the trade problems, they face with each other.
The WTO's current Director-General is Roberto Azevedo, who leads a staff of over 600 people in Geneva, Switzerland. Presently, 164 countries are the member of the organization. The three official languages of the WTO are English, French and Spanish.
The WTO's main activities are:
- Negotiating the reduction or elimination of obstacles to trade (import tariffs, other barriers to trade) and agreeing on rules governing the conduct of international trade (ex. anti dumping, subsidies, product standards, etc.)
- Administering and monitoring the application of the WTO's agreed rules for trade in goods, trade in services, and trade-related intellectual property rights.
- Monitoring and reviewing the trade policies of our members, as well as ensuring transparency of regional and bilateral trade agreements.
- Settling disputes among our members regarding the interpretation and application of the agreements.
- Building capacity of developing country government officials in international trade matters.
- Conducting economic research and collecting and disseminating trade data in support of the WTO's other main activities.
WTO and its activities in India :-
India has been a WTO member since 1 January 1995 and a member of GATT since 8 July 1948. With the joining of this organization, India has achieved more power in terms of trade with other countries. Here are the recent activities of India with WTO.
India ratifies Trade Facilitation Agreement
India’s WTO ambassador Anjali Prasad handed over her country’s instrument of acceptance to Director-General Roberto Azevedo on 22 April, 2016.
India launches safeguard investigation on unwrought aluminium
On 21 April 2016, India notified the WTO’s Committee on Safeguards that it initiated on 19 April 2016 a safeguard investigation on unwrought aluminium.
India appeals panel report in dispute with US over solar cells and solar modules
On 20 April 2016, India filed a notice of appeal in the dispute with the United States concerning “certain measures relating to solar cells and solar modules”. India appeals certain issues of law covered by the panel report and certain legal interpretations developed by the panel in this dispute.