Question

when was wto set up what are its main functions??

Answer 1

Answer:

1 January 1995 setup

Explanation:

The main functions of the WTO are:

Administering WTO trade agreements.

Providing forum for trade negotiations.

Handling trade disputes.

Monitoring Members' trade policies.

Providing technical assistance and training to developing and least developed economies.

Cooperating with other international organizations.

Answer 2

Answer:

The World Trade Organization (WTO) was established on January 1, 1995 as a result of the conclusion of the Uruguay Round negotiations in 1994. The WTO is based in Geneva and headed by a Director-General, who is now Roberto Azevêdo from Brazil.  

The predecessor of the WTO is the General Agreement on Tariffs and Trade (GATT). Both the GATT and WTO aim at reducing tariff and eliminating other trade barriers among Members. The GATT was founded in 1947 with 23 Members and now, the WTO has 164 Members, contributing to 98% of global trade.

The WTO draws up globally binding trade rules to augment the transparency and predictability of international trade.

 

Functions

The main functions of the WTO are:

Administering WTO trade agreements

Providing forum for trade negotiations

Handling trade disputes

Monitoring Members’ trade policies

Providing technical assistance and training to developing and least developed economies

Cooperating with other international organizations