Question

Write features, objectives and functions of WTO.

Answer 1

(i) The WTO shall facilitate the implementation, administration and operation and further the objec­tives of this Agreement and of the Multilateral Trade Agreements, and shall also provide the frame work for the implementation, administration and operation of the plurilateral Trade Agreements.

(ii) The WTO shall provide the forum for negotiations among its members concerning their multilateral trade relations in matters dealt with under the Agreement in the Annexes to this Agreement.

(iii) The WTO shall administer the Understanding on Rules and Procedures Governing the Settlement of Disputes.

(iv) The WTO shall administer Trade Policy Review Mechanism.

(v) With a view to achieving greater coherence in global economic policy making, the WTO shall cooperate, as appropriate, with the international Monetary Fund (IMF) and with the International Bank for Reconstruction and Development (IBRD) and its affiliated agencies.

Objectives of WTO

Important objectives of WTO are mentioned below:

(i) to implement the new world trade system as visualised in the Agreement;

(ii) to promote World Trade in a manner that benefits every country;

(iii) to ensure that developing countries secure a better balance in the sharing of the advantages resulting from the expansion of international trade corresponding to their developmental needs;

(iv) to demolish all hurdles to an open world trading system and usher in international economic renaissance because the world trade is an effective instrument to foster economic growth;

(v) to enhance competitiveness among all trading partners so as to benefit consumers and help in global integration;

(vi) to increase the level of production and productivity with a view to ensuring level of employment in the world;

(vii) to expand and utilize world resources to the best;

Answer 2

Features of WTO:

• Non-discrimination is the principle in which world trade organization founded.

• The objective of WTO is to promote free trade among nation through negotiation

• WTO has shown special apprehension for the emerging countries as it has given them more time to regulate to contracts under it and also some special civil liberties.

Function of WTO:

Its main functions comprise:  

• Managing WTO trade agreements,  

• Giving a forum for trade negotiations,  

• Handling trade arguments, observing national trade policies,  

• Providing technical support  

• And training for emerging countries, and ensuring collaboration with other international organizations.

Objective:

The following are the main objectives of WTO:

(1) to set and apply rules for global trade,  

(2) To offer a forum for conveying and observing further trade liberalization,  

(3) to decide trade arguments,  

(4) to increase the clearness of decision-making processes,

Hope it helped.............