WORLD TRADE ORGANIZATION BY CHIRAGH DEVAL @LEXCLIQ

WORLD TRADE ORGANIZATION

INTRODUCTION

Its an intergovernmental organization that maintains relations with nations for international trade. It came on 1st January 1995, after the Marrakesh Agreement, and replaced GATT (General Agreement on Tariffs & Trade) that was established in 1948. World trade organization works with 164 countries covering over 96% of global trade and global GDP.

World trade organization deals in services and goods, intellectual property rights by providing a framework for negotiating trade agreements. Tariffs & quotas were the main aims of the World trade organization that were signed by the representatives of member governments. Dispute resolution is also there in WTO for the nations only as to avoid conflict and if still, a conflict arises, then there should be a revolving body that is Dispute Resolution.

The headquarters of the World Trade Organization is in Geneva, Switzerland. Ministerial Conference is the top decision making in this, headed by General Council that look after the day to day activities and lastly, we have the Secretariat led by the Director-general and four disputes.

URUGUAY ROUND

It was the main round of negotiation in the General Agreement on tariffs and trade and was the longest also where numerous things were discussed. This negotiation aimed to spread trade in several areas. Especially in trade in services and intellectual property and trade-related to agriculture & textiles sector also. Later it goes on till the Marrakesh Agreement, during the ministerial meeting at Marrakesh, Morocco, and thus it was known as the Marrakesh Agreement. Mainly it deals in the six parts:

-The Agreement establishing the World Trade Organization.

-Dispute Settlement.

-Reviews on government trade policies.

-The multilateral Agreements on Trade in Goods.

-The General Agreement on Trade in Service.

-The Agreement related to trade-related aspects on Intellectual Property Rights.

 

DOHA ROUND

It is the current negotiation round that WTO has launched and basically known as Doha Development Round. It was set up at the fourth ministerial conference in Doha, Qatar in November 2001. Basically, this round was for the poorer ones i.e., farmers, and trade-related to agriculture. The initial agenda comprised further trade liberalization.

It started between developed nations and major developing countries on issues such as industrial tariffs and non-tariff barriers to trade, was between European Union and the US over the subsidies related to agriculture. The majority of the time the steps were taken to deal in this negotiation but it failed miserably every time.

FUNCTIONS OF WORLD TRADE ORGANIZATION

-It looks like the trade is all over the globe.

-It provides a way for negotiation and dispute settlement body.

-It also provides rules and procedures governing the dispute settlement body.

-It administers the trade policy mechanism

-International Monetary Funds are also regulated by World Trade Organization

-Multi-trade relations are also governed under World Trade Organization

CONCLUSION

World trade organization came for the benefit of the nations due to the financial crisis that prevails after the second world war and to look for the trade to be done at ease way and efficiently. No country should get discriminate against underdeveloped countries, with many negotiations rounds and agreement policies World Trade Organization is a successful organization in today’s world.

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