WTO = world trade organization

Posted: July 13, 2010 in INO
  1. the WTO, the legal & institutional foundation of multilateral trading system, was established on January/1/1995 by the ‘Marrakesh agreement’ at morocco on april/15/1994.
  2. it is the organization that succeeded the general agreement on tariffs & trade.
  3. GATT was formally dissolved only at the end on 1995.
  4. the Marrakesh agreement gave until December/1996 for the contracting parties to GATT to join the new organization (WTO) as original members.
  5. WTO is a permanent organization, which has been established on the basis of an international treaty approved by participating countries.
  6. WTO is not an agency of the UNO.
  7. at the end of 2004, there were more than 145 members.
  8. china becomes the 143rd member in 2001.

Objectives of WTO:

  1. to improve the standard of living of people in the member countries
  2. to ensure full employment & broad increase in effective demand
  3. to increase production & trade of goods.
  4. to increase production & trade of services.
  5. to accept the concept of sustainable development
  6. to ensure optimum utilization of world resources
  7. to protect the environment.

General administration:

  1. WTO has a general council for its administration, which comprises of 1 permanent representative of each member nation. Normally, it has 1 meeting per month which is held at Geneva.
  2. the principle organs of the WTO are:
    1. the ministerial council
    2. the general council
    3. the trade policy review body
    4. the dispute settlement body
    5. the appellate body
    6. the council of trade in goods
    7. the council on trade-related aspects of intellectual property rights
    8. a secretariat
  3. the ministerial council is the supreme organ of the WTO, consisting of the representation of all the member-states.
  4. it is the highest decision-making body.
  5. it meets at least once in every 2 years to take decisions on all matters under any of the multilateral trade agreements.
  6. the general council is composed of delegates from all the members-state & its responsible for conducting the day-to-day work, of the WTO.
  7. there are a number of important committees for administration of WTO, out of which 2 committees play the crucial role of WTO. They are:

i)                    dispute settlement body

ii)                  trade policy review body.

  1. 3 other sectoral councils of WTOs general council are:

i)                    council for trade-related aspects of intellectual property rights

ii)                  council for trade in goods

iii)                council for trade in services.

  1. director-general is the highest official of the organization to look after day-to-day working.
  2. general council of WTO elects director general for 4 years.
  3. 4 deputy director generals are also elected to assist the director general.

Functions:

  1. to provide a platform to member countries to decide future strategies related to trade & tariff.
  2. to administer the rules & process related to dispute settlement.
  3. to provide facilities for implementation, administration & operation of multi-lateral & bilateral agreements of the world trade.
  4. to implement rules & provisions related to trade policy review mechanism
  5. to assist IMF & IBRD for establishing coherence in universal economic policy determination.
  6. to ensure the optimum use of the world resources.

WTO ministerial conference:

Conference Year Place
First 9-13 December, 1996 Singapore
Second 18-20 may, 1998 Geneva
Third 30th nov-3rd dec, 1999 Seattle USA
Fourth 9-14 nov, 2001 Doha
Fifth 10-14 sept, 2003 Cancum Mexico
Sixth December 20025 Hong Kong
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