World Trade Organization (WTO)
World Trade Organization (WTO) is an international organization which aims at improving the welfare of the people of member counties and for unrestricted trade between nations. It consists of 146 members out of which 98 are developing countries with rest least developing counties. Volume of world trade. It also settles disputes between two nations through its panes of members.
The WTO is the only international organization dealing with the global rules of trade between nations. Its main faction is to ensure that trade flows as smoothly, predictably countries with important trade rights. It also binds government of trade policies. The main goal of WTO is to improve the welfare of its member countries.
(a) Administer trade agreements
(b) Settle disputes over trade
(c) Review natioanltrade policies
(d) Play active rote in trade negotiations.
(e) Aid developing countries in technical and training aspects.
(f) Co-operate with other international organizations
WTO has 146 members out of which 112 are developing countries. All members may participate in all councils, committees’ etc. excepting dispute settlement, appellate body and textiles monitoring body.
It consists of trade policy review body, disputes settlement body, genera council and trade negotiation committee.
The general council is further classified into :
(a) Committees on trade and environment:
This includes trade and development, regional trade agreements, budget , finance and administration, transfer of technology and working groups on relationship between trade and investment.
(b) Council for trade in goods:
This comprises of committees on market access, antidumping practices, customer valuation, import licensing and textile monitoring body.
(c) Council for trade related aspects of intellectual property rights
(d) Council for Trade in Services:
This consists of committees on specific commitments and working parties on domestic regulations.
(e) Council for trade in Service:
This includes dispute settlement body, committee on agriculture and committee on trade and development.
WTO takes 60 days in settling disputes among nations over trade. It consists of dispute settlement panel that form and expert review group and gives its report about the two parties under dispute. The dispute settlement body based on the report proceeds further to settle the disputes between the two parties.
The result of WTO is a more prosperous peaceful and accountable economic world. All discussions in WTO are taken by the member countries and functions are settled thereby reducing conflict between its member countries. It answers the consumer and producer that they can enjoy secure supplies and greater choice of the fished products, components, raw materials and services.
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