Question

Answer the following questions.

Write features, objectives and functions of WTO.

Answer 1

World Trade organisation is the global organization that forms rules of trade between countries. WTO was established with the aim of removing tariff and non-tariff barriers among member nations and promoting international trade.

Features of the WTO (World Trade Organization):
i. It governs trade in goods, services and intellectual property rights among the member countries.
ii. It is a body created by an international treaty with the approval of the governments and legislatures of the member states.
iii. The decisions of the WTO are made by the governments of the member nations on the basis of consensus.

Objectives of the WTO:
i. Reducing tariff and other non-trade barriers imposed by different nations
ii. Ensuring sustainable development by optimally using the world’s resources
iii. Developing a more integrated, feasible and stable trading system

Functions of the WTO:
i. Providing an environment to the member countries in which they can put forward their grievances before the WTO without any hesitation
ii. Resolving trade disputes of member nations
iii. Eliminating discrimination in trade relations by laying down a commonly accepted code of conduct
iv. Creating better understanding between member countries by consulting the IMF, the World Bank and various other World Bank affiliates.