Question

what is WTO mention its major AIMS mention its limitations

Answer 1

Answer:

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments.

Its major aims are--

(1) to set and enforce rules for international trade,

(2) to provide a forum for negotiating and monitoring further trade                liberalization,

(3) to resolve trade disputes,

(4) to increase the transparency of decision-making processes,

Its limitations are--

1. Free trade may prevent developing economies develop their infant industries. For example, if a developing economy was trying to diversify their economy to develop a new manufacturing industry, they may be unable to do it without some tariff protection.

2. WTO is being overshadowed by new TIPP trade deals. These deals are negotiated away from WTO and focuses mainly on US and EU. It excludes China, Russia, India, Brazil and South Africa. It threatens to diminish the global importance of WTO

3. Difficulty of making progress. WTO trade deals have been quite difficult to form consensus. Various rounds have taken many years to slowly progress. It results in countries seeking alternatives such as TIPP or local bilateral deals.

4. WTO trade deals still encompass a lot of protectionism in areas like agriculture. Protectionist tariffs which primarily benefit richer nations, such as the EU and US.

5. WTO has implemented strong defense of TRIPs ‘Trade Related Intellectual Property’ rights These allow firms to implement patents and copyrights. In areas, such as life-saving drugs, it has raised the price and made it less affordable for developing countries.

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#I M THE ONE

Explanation:

Answer 2

WTO

• World Trade organization.
• It is a international organisations. As the name suggests it deals with international / Universal trade matters. It is the main body that deals with trade issues internationally.
• It trains and montiors all matters regarding the trade between nations.
• It's headquarters is mainly situated in Geneva, swizterland.

AIMS of WTO

• The main aim of WTO is to resolve trade disputes if occured between nations.

• It enables developing countries to take benefit from the trading system.

• It allows the major economic institutions to acquisite the other majors in the economy internationally.

• To make the entire decision making process transperant to the economy.

Limitations

•Till the date the biggest limitation in WTO is they are not so sensitive in the development of " non- tarrif barriers to imports ".

• Try to monopolize all basic services.

• Only developed countries are benefited over developing countries.

• Industrialized countries benefits more than poor countries.