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