Question

Write a note on WTO.​

Answer 1

Answer:

The World Trade Organisation (WTO) as a successor to the General Agreement on Trade and Tariff, was founded on January 1, 1995. The WTO presently has 164 member countries with the last to join was Afghanistan. The member countries to the WTO are obligated to abide by the policies and regulations that are framed under relevant rules.

The major functions of the World Trade Organisation include facilitation of international trade by way of removal of both non-tariff and tariff barriers which allows higher market penetration by the member countries. The rules formulation is consistent with the trading regime and cannot implement any such regulation that would amount to imposing arbitrary trade restriction. The interest of developing countries is also protected along with the optimal utilisation of resources across the world.

Answer 2

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• WTO – World Trade Organisation, was established in 1995 as the heir organisation to the GATT (General Agreement on Trade and Tariff). GATT was founded in 1948 with 23 nations as the global (international) trade organisation to serve all multilateral trade agreements by giving fair chances to all nations in the international exchange for trading prospects. WTO is required to build a rule-based trading government in which countries cannot place unreasonable constraints on trade.
• In addition, its mission is to increase stock and trade of services, to assure maximum utilisation of world resources and to preserve the environment. The WTO deals include trade in commodities as well as services to promote international trade (bilateral and multilateral) through the elimination of the tax as well as non-tariff obstacles and implementing greater marketplace access to all member nations.
• As an influential member of WTO, India is at the lead of building fair global laws, statutes and shields and supporting the concerns of the developing system. India has fulfilled its promises towards the liberalisation of trade, made in the WTO, by eliminating quantitative limitations on imports and decreasing tariff charges.

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