The World Trade Organisation (WTO) : Navigating Global Commerce Towards

What is the World Trade Organisation (WTO) ?

—  A world who thrives on interconnectedness, regulating such a world is very difficult therefore WTO stand on behalf of leadership, which was established in 1st January 1995, in WTO there is 164 members and 25 observe government, it's main head office in Geneva, created by Uruguay round negotiation.

 

— Before that the WTO replaced it as GATT (General Agreement Tariffs and Trade) which was an agreement. In this agreement, the government has to sign and they have to follow rules as per agreement. But it's not sufficient among the countries because only agreement between countries can't be enough, there is a need to involve a third party who can organise and manage this agreement.

— Therefore on 15th April 1994 a meeting was conducted by many countries in Marakesh (Morocco) where 123 countries participated and most of them ministers signed in negotiations. It was a successful meeting after many difficult scenes in 1989.

After that the WTO was established and being major reforms in trade and tariffs

Here are the essential function of WTO 

• Trade negotiation

• Dispute Settlement Monitoring and Surveillance 

• Technical Assistance and Capacity Buildings

• Trade policy Review Mechanism

• Trade Facilitation

•  Accession of New Members

•  Non-discrimination

•  Trade Policy Review

•  Intellectual Property Rights

•  Trade and Environment

•  Transparency of Notifications

In world trade what is the Important of WTO

WTO does a lot of work which is related to the International Trade Facility, let us understand it in depth.

— WTO creates a platform for multilateral negotiations between countries to simplify trade and find solutions to trade-related problems. During these talks, many objectives are propounded and solutions to the problems related to those objectives are resolved. These objectives are mostly to resolve problems such as working out tariffs and resolving trade disputes.

— WTO also works to review trade policy. All countries present their trade policy to WTO and WTO reviews that policy and during this review any country can ask trade related queries to WTO.

— WTO detects world trade trends and also observes trade related agreements made by countries. This case also identifies the commitments made by countries during trade.

— WTO provides technical help and advice which is very helpful for small countries like developing and non-developing countries. WTO also ensures that small countries also have the ability to participate in international trade and get equal competition. 

Here are some example which kind of help WTO provide

1. Technical help and financial support 

2. Accession support

3. Trade facilities

4.  Trade related training etc.

— WTO ensures that agreements in government procurement should be transparent among all countries. Competition in government procurement should be fair.

— WTO conducts economic research and analysis to solve trade related problems and provide valuable information to policy makers which is valuable in decision making.

Conclusion

— WTO is a world trade organisation. It resolves trade related disputes between countries. It also helps smaller countries to participate in competition in world trade. It provides trade related training and financial assistance to those countries and WTO also ensures that fair competition is maintained in world trade. It also conducts meetings between all the countries where all the countries express their problems and queries.