discuss the features of the world trade organisation's?
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most important salient features of world trade organisation are as follows: (a) Non-Discrimination (b) Free Trade (c) Stability in the Trading System (d) Promotion of Fair Competition (e) Special Concern for Developing Countries (f) Market Access Commitment (g) Decision at the Ministerial Level Meeting (h) Wider Range of Issues (i) Multilateral Trading System.
(a) Non-Discrimination:
This is the most important principle on which WTO has been founded. The principle of non-discrimination means two things. (1) All trading partners will be granted the most favoured nation (MFN) status, that is, each member state of WTO will treat every other member state equally as the most favoured nation doing trade.
No discrimination will be done by a member of state between different trading states who are also members of WTO. However, some exceptions have been provided in this regard, for example, in case regional trade agreements exist. (1) Foreign goods, services, trademarks, patents and copyrights shall be given the same treatment as is given to nationals of a country.
(b) Free Trade:
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The objective of WTO, as in case of GATT, is to promote free trade among nations through negotiations. For this purpose WTO has to work for progressive liberalisation of trade through reduction in tariffs and removal of quantitative restrictions on imports by member countries.
(c) Stability in the Trading System:
Under WTO agreements member states are committed not to raise tariff and non-tariff trade barriers arbitrarily. This provides stability and predictability to the trading system.
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most important salient features of world trade organisation are as follows: (a) Non-Discrimination (b) Free Trade (c) Stability in the Trading System (d) Promotion of Fair Competition (e) Special Concern for Developing Countries (f) Market Access Commitment (g) Decision at the Ministerial Level Meeting (h) Wider Range of Issues (i) Multilateral Trading System.
(a) Non-Discrimination:
This is the most important principle on which WTO has been founded. The principle of non-discrimination means two things. (1) All trading partners will be granted the most favoured nation (MFN) status, that is, each member state of WTO will treat every other member state equally as the most favoured nation doing trade.
No discrimination will be done by a member of state between different trading states who are also members of WTO. However, some exceptions have been provided in this regard, for example, in case regional trade agreements exist. (1) Foreign goods, services, trademarks, patents and copyrights shall be given the same treatment as is given to nationals of a country.
(b) Free Trade:
ADVERTISEMENTS:
The objective of WTO, as in case of GATT, is to promote free trade among nations through negotiations. For this purpose WTO has to work for progressive liberalisation of trade through reduction in tariffs and removal of quantitative restrictions on imports by member countries.
(c) Stability in the Trading System:
Under WTO agreements member states are committed not to raise tariff and non-tariff trade barriers arbitrarily. This provides stability and predictability to the trading system.
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