what is the role of WTO in the liberalisation of foreign policies of countries across the world
Answers
In 1995 the World Trade Organisation (WTO) had substituted the General Agreement on Tariffs and Trade (GATT). In contrast to the GATT, the WTO is extremely influential as it has a constitutional and institutional framework, supported by a conflict settlement method. Nations which do not withstand by the trade jurisdictions are driven to court and can finally face punishment.
The WTO was authorized to promote global trade, commercial growth, and expansion. The Preface of the GATT 1947 declares that trade and commercial effort should be directed with a view to promoting patterns of existence, guaranteeing adequate employment and a substantial and steadily rising volume of real benefits. These fundamental purposes were strengthened in the Marrakesh Agreement Authorizing the WTO.
The World Trade Organization(WTO) has agreements that cover goods, services and intellectual property.
The principles of liberalization are spelled out which include the commitments of individual countries to tariffs of lower customs to keep open services markets.
The agreements also look forward to settlement of disputes which are renegotiated at intervals and new agreements are incorporated, if required.