Social Sciences, asked by mdashu, 1 year ago

objectives of world trade organization?

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Answered by TheRose
4
Tariffs and Trade (GATT) (1968-93) gave birth to World Trade Organization (WTO).  World Trade Organization was formed as a replacement for General Agreements on Tariffs and Trade in 1995 with the purpose of supervising and liberalizing international trade.

 Unlike GATT, World Trade Organization is a permanent organisation which has been established on the basis of an international treaty approved by participating countries.  WTO has a total of 157 member countries accounting for over 97% of the world trade.

Objectives of World Trade Organization

To accept the concept of sustainable development

To protect the environment

To ensure optimum utilization of world resources

To enlarge production and trade of goods

To ensure full employment and increase in effective demand

To improve the standard of living of people of member countries

Functions of World Trade Organization

To deal with regulation of trade between participating countries

To provide a framework for negotiations and formalization of trade agreements

It is responsible for enforcing trade laws and agreements

It monitors trade services and trade related aspects at intellectual property rights

To assist international organisations such as IMF and IBRD

To provide a framework for dispute settlement

Answered by sunilninawe96731902
1

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