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Importance Of Wto

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OBJECTIVES OF THE STUDY
To have an understanding of WTO and the principles and functions of WTO
To study the structure of WTO To study the need of WTO
To study the functions of WTO To study the provision of TRIPs, TRIMs of WTO
To have a knowledge of different agreements done under WTO guidance To study role of WTO in developing countries
To study the current issues of WTO

What is World Trade Organization
World Trade Organization deals with the rules of trade between nations at a global level
BEGINNING OF WORLD TRADE ORGANISATION
World Trade, after the Second World War, was governed by the General agreement on Tariffs and Trade (GATT), 1945, even though the USA refused to ratify the Agreement on the ground that the USA would thereby …show more content…

The Uruguay Round was aimed at trade liberalization through the removal of the remaining barriers to free and fair trade. The final Act embodying the results of the Uruguay Round of Multilateral Trade Negotiations at Marrakesh of 15 April 1994 established the World Trade Organization. WTO is an inter-governmental organization, nonetheless, the rules apply to the business and focus on how producers of goods and services, exporters, and importers conduct their business. The World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

Structure of World Trade Organization
WTO has its own legal personality with its own Secretariat having around 640 staff headed by a Director-General.
The WTO has 160 members, accounting for almost 95% of world trade. Around 25 others are negotiating membership.
Decisions are made by the entire membership. This is typically by consensus. A majority vote is also possible but it has never been used in the WTO, and was extremely rare under the WTO’s predecessor, the General Agreement on Tariffs and Trade …show more content…

World Trade Organization helps to arrange the implementation, administration and operations of trade agreements.
World trade Organization provide a framework for implementing of the results arising out of the deliberations which taken place at ministerial conference level.
World Trade Organization helps to manage the created understanding on rules and procedure governing the settlement of disputes.
World Trade Organization helps to manage effectively the trade policy review mechanism (TRIM)

TRIMs, AND TRIPS OF WTO Agreement on Trade-Related Investment Measures (TRIMs)
TRIMs refers to certain conditions or restrictions imposed by a governments in respect of foreign investment in the country. The agreement on TRIMs provides that no contracting party shall apply any TRIM which is inconsistent with the WTO Articles
Agreement on Trade-Related Aspects of Intellectual Property Rights

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