Functions of wto ppt. (DOC) Functions of WTO 2022-10-27
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The World Trade Organization (WTO) is a global international organization that promotes and regulates international trade. It was established in 1995 to replace the General Agreement on Tariffs and Trade (GATT), which had been in place since 1947. The WTO is made up of 164 member countries, and its main function is to ensure that trade flows as smoothly, predictably, and freely as possible. It does this through the following functions:
Administering WTO agreements: The WTO has a large number of agreements covering a wide range of trade-related issues. These agreements are negotiated and signed by the member countries, and the WTO is responsible for administering and overseeing the implementation of these agreements.
Providing a forum for trade negotiations: The WTO serves as a forum for member countries to negotiate new trade agreements or to revise existing ones. This helps to reduce trade barriers and to promote more open and fair trade between countries.
Providing a dispute resolution mechanism: When member countries have a trade dispute, they can bring their case to the WTO for resolution. The WTO has a dispute settlement system in place to help resolve these disputes in an unbiased and transparent manner.
Providing technical assistance and capacity building: The WTO provides assistance to developing countries in the form of technical assistance and capacity building. This includes providing training and technical expertise to help these countries better understand and implement WTO agreements, as well as providing financial assistance to help them participate in the organization.
Collecting and disseminating trade-related data: The WTO collects and disseminates a wide range of trade-related data, including information on trade flows, tariffs, and trade agreements. This data is used by member countries to inform their trade policies and by researchers to better understand global trade patterns.
Overall, the WTO plays a vital role in the global economy by promoting and regulating international trade. It helps to reduce trade barriers and to ensure that trade flows smoothly, predictably, and fairly. By fulfilling these functions, the WTO helps to foster economic growth and development around the world.
World Trade Organization (WTO)
Its annual budget is roughly 160 million Swiss Francs. All major decisions are made by the membership as a whole, either by ministers , who meet at least once every two years, Decisions are normally taken by consensus. It does not have branch offices outside Geneva. Decisions are made by the entire membership. They try to persuade governments to reduce barriers to trade to free, fair, and open markets around the world. The General Council: There shall be a General Council composed of representatives of all theMembers, which shall meet as appropriate. The General Council also meets as the Trade Policy Review Body and the Disputes Settlement Body.
Following the complaint, there are formal hearings like a court until a settlement is reached. Rules make life easier for all. The General Council shall alsocarry out the functions assigned to it by this agreement. The Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. Membershipto these Committees shall be open to representatives ofall Members. The work programmed covers about 20 areas of trade. To ensure the optimum use of world resources.
The basic principles make life more efficient. Numerous specialized committees, working groups and working parties deal with the individual agreements and other areas such as, the environment, development, membership applications and regional trade agreements. As part of its functions, the Committee on Trade andDevelopment shall periodically review the specialprovisions in the Multilateral trade Agreements in favourof the Least-developed country Members and report tothe General Council for appropriate action. The Uruguay Round also created new rules for dealing with trade in services, relevant aspects of intellectual property, dispute settlement and trade policy reviews. It gives equal representation to all its members regardless of the size of their economy or share in international trade.
World Trade Organization (WTO): Objectives and Functions
The General Council: There shall be a General Council composed of representatives of all theMembers, which shall meet as appropriate. Gatt dispute settlement system is slow. Council for Trade in Services Banks insurance firms telecommunications companies tour operators hotel chains transport companies. Membership in these Councils shallbe open to representatives of all Members. In the intervals betweenmeetings of the Ministerial Conference, its functions shall beconducted by the General Council. Around 30 others are negotiating membership.
The rules state how Copyrights patents trademarks geographical names used to identify products industrial designs intellectual property should be protected when trade is involved. It provides more choice of products and qualities. It can be approached from various degrees of abstraction. The organization functions as a central body that facilitates global trade. Should speed up internal reforms in building up world-class infrastructure. . The General Council is further divided into multiple councils and committees that focus on specific topics.
Its aim is to achieve major reform of the international trading system through the introduction of lower trade barriers and revised trade rules. These bodies shall keep the General Councilinformed of their activities on a regular basis. There may well be more than four — but that misses the point. The 12 th Ministerial Conference is now scheduled to take place in June 2021 in Kazakhstan. They shall establish their respective rules of procedure subject to theapproval of the General Council. This is typically by consensus.
The complete set runs to some 30,000 pages consisting of about 30 agreements and separate commitments called schedules made by individual members in specific areas such as, lower customs duty rates and services market-opening. The Trade Policy Review Body may have its own chairmanand shall establish such rules of procedure as it deems necessary forthe fulfilment of those responsibilities. The system encourages countries to settle their differences through consultation. These Councils shall carry out thefunctions assigned to them by their respective agreementsand by the General Council. It will not be summarised here. These Councils shall meetas necessary to carry out their functions 9.
The Dispute settlement Body: The General Council shall convene as appropriate to discharge theresponsibilities of the Dispute Settlement Body provided for in theDispute Settlement Understanding. Using Mexico as a case study, the article examines the impact of trade liberalization on indigenous peoples and on the environment. The Round is also known semi- officially as the Doha Development Agenda as a fundamental objective is to improve the trading prospects of developing countries. To implement rules and provisions related to trade policy review mechanism. Gatt was just provisional agreement.
The General Council shall alsocarry out the functions assigned to it by this agreement. General Council The General Council comprises the representatives of all member countries and acts as the representative of the Ministerial Conference when it comes to daily operations. Many members also see the reviews as constructive feedback on their policies. To administer the rules and processes related to dispute settlement. Each country promises to do the same for imports into its own market.
Example of Telecommunication services: : The telecommunications sector has a dual role: it is a distinct sector of economic activity; and it is an underlying means of supplying other economic activities, for example: electronic money transfers. To provide a platform to member countries to decide future strategies related to trade and tariff. Examples of such bodies include the Council on Goods, the Councils on Services, the Committee on Textiles under the Council on Goods, etc. The Dispute Settlement Body mayhave its own chairman and shall establish such rules of procedure as itdeems necessary for the fulfilment of those responsibilities. These bodies shallkeep the General Council informed of their activities ona regular basis.