Write a detailed note on features, structure, objectives and functioning of WTO.
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Answer:
Features, structure, objectives and functioning of WTO are :
FEATURES OF WTO (World Trade organisation) :
- Establishing rule based trading design free from arbitrary restrictions of the countries.
- Ensuring optimum utilisation of world resources.
- Protecting environment.
- Promoting international trade by removal of tariff and non tariff barriers by providing greater market access to member countries.
STRUCTURE OF WTO :
(i) The Ministerial conference :
The ministerial conference is composed the representatives of all the members. It is the head body of the WTO. It is the supreme authority of the WTO. It take decision on all matters under any of the multi lateral trade negotiations.
(ii) General council :
The general council is composed of representatives of all the members to oversee the operation of the WTO agreement on regular basis.
(iii) The Secretariat :
The secretariat is headed by the director General. The Director General is appointed by the ministerial conference. He is appointed for 4 years.
OBJECTIVES OF WTO :
- Developmental of multilateral trading system encompassing the GATT, the results of the Uruguay Round and all the agreements concluded under the GATT.
- To raise standard of living, real income, employment through expansion of trade.
- Proper utilisation of world resources .
- The developing countries are to secure a share in the growth of international Trade and the WTO will make positive efforts for it.
- To ensure linkage among different trade policies, environmental policies and sustainable development.
- Ensuring reduction of tariff and other trade barriers imposed by different countries.
FUNCTIONS OF WTO :
- To make and cooperate with IMF & IBRD in coherent global economic policy.
- To provide the forum for negotiation among member countries.
- To facilitate in the implementation of trade in the civil aircraft , trade in dairy products.
- To use world resources in the best possible way so as to raise the standard of living.
- Supervising revised agreements relating to goods, services and trade related intellectual property (TRIPS) .
- Acting as dispute settlement body .
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