Question

Write a brief note on World Trade Organisation (WTO).

Answer 1

1. World Trade Organisation was formed in April 1994 based on signing of the final Act of the Uruguay Round by the member nations of GATT (General Agreement on Tariffs and Trade).
2. The headquarters of the WTO is in Geneva, Switzerland.
3. The main objectives of WTO is to ensure rules for international trade and to provide a forum for negotiating and monitoring further trade liberalization.
4. To resolve trade disputes and to ensure that developing countries, secure a better share of growth in World Trade.
5. To ensure full employment and broad increase in effective demand and transperancy of decision making process.
6. World Trade Organisation gives five types of subsides like cash subsidies, tax concessions, loan guarantees, stock purchases, procurement subsidies, thereby reducing the cost of doing business.
7. At present, there are 164 member countries in WTO .
8. The structure of WTO consists of a Director General, four Deputy Director General and other 600 official staff from around 80 member countries.