Question

What is WTO? And explain the various provisions of WTO with respect of international trade.

Answer 1

$\huge\underline\mathbb\purple{WTO:--}$

✅✅The World Trade Organization is an intergovernmental organization that is concerned with the regulation of international trade between nations.

$\huge\underline\mathbb\purple{Provisions:--}$

✅✅Provisions requiring all WTO members to safeguard the trade interests of developing countries, support to help developing countries build the capacity to carry out WTO work, handle disputes, and implement technical standards, and. provisions related to least-developed country (LDC) Members.

$\huge\underline\mathbb\purple{Thank\:You}$

Answer 2

WORLD TRADE ORGANISATION (WTO)

WTO commenced its operations on January 1, 1995 under Marrakesh Agreement, signed by 123 countries it replaced the General Agreement on tariffs and trade. GATT was established in 1948 with 23 countries as the global trade organisation to administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes. World Trade Organisation is expected to play an important role in the context of globalisation of the world Economies.

What is it supposed to do? Following observations may be noted in this regard:

• WTO is expected to promote free trade by eliminating tariff and non tariff barriers/ restrictions by the member countries.
• It intends to promote competition and free access to the Global market by the member countries.
• It is expected to facilitate be lateral as well as multilateral trade agreements.
• It is to ensure optimum utilisation of the world resources by enlarging size of the Global market through tariff free movement of the good and services across different parts of the world.

As of 2016, the WTO has 165 members.