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World Trade Organization: Objectives

The World Trade Organization (WTO) regulates international trade and commenced in 1995 under the Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT). The WTO aims to help the trading system become more smooth, fair, free, and predictable by administering trade agreements between member nations and supporting negotiations for new agreements. It seeks to improve living standards, ensure full employment, enlarge production and trade, increase trade of services, ensure optimum use of resources, protect the environment, and accept sustainable development.

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123 views

World Trade Organization: Objectives

The World Trade Organization (WTO) regulates international trade and commenced in 1995 under the Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT). The WTO aims to help the trading system become more smooth, fair, free, and predictable by administering trade agreements between member nations and supporting negotiations for new agreements. It seeks to improve living standards, ensure full employment, enlarge production and trade, increase trade of services, ensure optimum use of resources, protect the environment, and accept sustainable development.

Uploaded by

KishanChavda
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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World Trade Organization

The World Trade Organization (WTO) is an intergovernmental


organization which regulates international trade. The WTO officially commenced on 1
January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April
1994, replacing the General Agreement on Tariffs and Trade (GATT), which
commenced in 1948. The WTO's current Director-General is Roberto Azevdo,[11 who leads a
staff of over 600 people in Geneva, Switzerland. current 131 countries and 31 observers.

The WTO deals with regulation of trade between participating countries by


providing a framework for negotiating trade agreements and a dispute resolution
process aimed at enforcing participants' adherence to WTO agreements, which are
signed by representatives of member governments.

ROLE OF WTO. The main goal of WTO is to help the trading industry to become
smooth, fair, free and predictable. It was organized to become the administrator of
multilateral trade and business agreements between its member nations. It supports all
occurring negotiations for latest agreements for trade;

Objectives:

1. To improve the standard of living of people in the member countries.

2. To ensure full employment and broad increase in effective demand.

3. To enlarge production and trade of goods.

4. To increase the trade of services.

5. To ensure optimum utilization of world resources.

6. To protect the environment.

7. To accept the concept of sustainable development.

Functions:

The main functions of WTO are discussed below:

1. To implement rules and provisions related to trade policy review


mechanism.

2. To provide a platform to member countries to decide future strategies


related to trade and tariff.
3. To provide facilities for implementation, administration and operation of
multilateral and bilateral agreements of the world trade.

4. To ensure the optimum use of world resources.

5. To assist international organizations such as, IMF and IBRD for


establishing coherence in Universal Economic Policy determination.

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