|Image credit: brics-info.org|
The WTO is a successor to GATT and has 153 members which represent more the 95% of total world trade. It is governed by a Ministerial Conference, which meets every two years; a General Council which implements the conference’s policy decisions and is responsible for day-to- day administration; and a director-general, who is appointed by the Ministerial Conference. The WTO’s headquarters is in Geneva, Switzerland.
Few objectives of WTO have been mentioned below;
- It eliminates discriminatory treatment in international trade relations.
- It facilitates the optimal use of the world’s resources for sustainable development.
- It helps in ensuring reduction on tariffs and other barriers to trade operations.
- It facilitates higher standards of living, full employment, increase in production and trade in goods and services of the member nations.
- It administers the understanding of rules and procedures, governing the settlement of disputes of the agreement.
- It facilitates the implementation, administration, and operation of the objectives of the Multilateral Trade Agreement.
- It cooperates with the IMF and World Bank with a view to achieving a greater coherence in global economic policy.
- It ensures the implementation of the substantive code.
- It acts as a forum for the negotiation of further trade liberalization.
Article by Anisha Dutta
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