Question

Write a detail note on WTO.

Answer 1

The World Trade Organization (WTO) is an intergovernmental organization that is concerned with the regulation of international trade between nations. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 124 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. It is the largest international organization in the world..

The WTO deals with regulation of trade in goods, services and intellectual property between participating countries by providing a framework for negotiating trade agreementsand a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which are signed by representatives of member governments and ratified by their parliaments.The WTO prohibits discrimination between trading partners, but provides exceptions for environmental protection, national security, and other important goals. Trade-related disputes are resolved by independent judges at the WTO through a dispute resolution process.

Answer 2

Answer:

The World Trade Organization (WTO) is an organization that aims at liberalizing international trade.

It was formed at the initiative of developed nations which forms rules and regulations regarding international trade and sees that these rules are obeyed globally.

Today, there are 164 members in the WTO, while in 2006, there were only 150.

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