Question

Essay on world trade organisation

Answer 1

the World Trade organization is the only body making global trade rules with binding effects on its members. it is not only an institution but also a set of agreements. the WTO regime is known as the rules _based multilateral trading system. the history of the organization dates back to 1947,when the general agreement on tariffs and trade

Answer 2

The world trade organisation or WTO is the only international organization that deals with global rules of trade between nations. It provides a framework for conduct of international trade in goods and services. It lays down the rights and obligations of governments in the set of multilateral agreements.
The WTO is officially commenced on January 1 1995 under the Marrakesh agreement, signed by 123 nations on April 15 1994, replacing the general agreement on tariffs and trade ( GATT ), which commenced in 1948. The WTO deals with regulation of trade between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants adherence to WTO agreements, which are signed by representatives of member governments and ratified by their Parliaments.
Most of the issues that the WTO focuses on derive from previous trade negotiations especially from the Uruguay round ( 1986 - 1994 ).
The most important functions of WTO are:
* It oversees the implementation, administration and operation of the covered agreements.
* It provides a forum for negotiations and for settling disputes.
The WTO describe itself as a rules based member driven organisation. All decisions are made by the member governments and the outcome of negotiations among members.The WTO agreements foresees votes where consensus cannot be reached, but the practice of consensus dominates the process of decision making.
Richard Harold Steinberg ( 2002 ) argues that although the WTO's consensus governance model provides law based initial bargaining trading rounds close through power- based bargaining favouring Europe and the u.s and may not lead to pareto improvement.
There are five principles of the trading system. They are:
1 Non discrimination
2. Reciprocity
3. Binding and enforceable commitments
4. Transparency
5. Safety values.
It is formed before 22 years and it's headquarters is located in centre william Rappard, Geneva, Switzerland. It's director general is roberto azevedo.