TNPSC Indian Economy Study Materials - WTO - World Trade Organisation

WTO - World Trade Organisation

WTO is intergovernmental organisation which regulates international trade. It acts as a forum for negotiating trade agreements and a negotiator where the member nations try to sort out their trading disputes. 

History of WTO.

• Before the existence of WTO there is a predecessor GATT. It stands for General Agreement on Trade and Tariff.
• GATT came to effect on Jan 1, 1948.
• As the name suggests, GATT is only a set of rules agreed my its signatories regarding trade.
• WTO was constituted based on the Marrakesh Treaty(1994) which is the result of the Uruguay round of negotiations. 
• WTO was established on 1 Jan 1995.

Functions of WTO

1. Administering the WTO agreements.
2. acts as a forum for negotiation.
3. Settles trade disputes among member countries
4. Monitoring international trade.
5. Provides trading assistance to developing countries

Important Facts to remember.

1. GATT came to effect on Jan 1, 1948.
2. WTO established on Jan 1, 1995.
3. WTO Head Quaters: Geneva, Switzerland.
4. Number of members : 164 as on Dec 2015.
5. Latest WTO Members
1. 164th - Afghanistan
2. 163rd - Liberia
3. 162nd - Kazakhstan
4. 161st - Seychelles