Structer and Function of WTO

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STRUCTURE AND FUNCTION OF WTO

Structure and Function

Of

WTO

The World Trade Organization is an autonomous body which deals with the rules and regulations of the world trade . It does the policing job of ensuring that the terms and conditions of the trade agreements are followed thoroughly by the participating countries . The governing body of WTO is the Ministerial Conference and it meets every two years Headquartered in Geneva , Switzerland the General Council of WTO implements the policy decided at these conferences . The WTO is based

on the General Agreement on Tariffs and Trade (GATT , which was created in 1947 . The WTO came into force in January 1995

The General Agreement on Trade in Services (GATS ) is a treaty of the World Trade Organization (WTO ) and came into effect in January 1995 and was due to the result of the Uruguay Round negotiations . This treaty was created to extend the multilateral trading system to services just like GATT . With the advent of globalization and multinational trade practices the TRIPS (Trade-Related Aspects of Intellectual Property Rights agreement was negotiated in the Uruguay Round of 1986-94 . This covers the rules and regulations covering the ideas and knowledge used in the world economy and industries

Two other agreements or rather rules that govern WTO are the National Treatment and the Most-Favored-Nation treatment . The former enforces to treat one 's own nationals and foreigners equally , whereas the later means to treat all the trading partners equally

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Despite of the WTO being a huge organization and its decade of operation has not provided much success in terms of economic prosperity . As a matter of fact many a rich and poor countries have suffered economic social and environmental degradation . This was found out in the Doha conference of July , 2006 . The blame game is still on and the time has now come to rethink the way the global economy is going to operate

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Reference

Why the WTO Doha Round Talks Have Collapsed - and a Path Forward ' by Lori Wallach and Deborah James . August 14 , 2006 Intellectual property : protection and enforcement

General Agreement on Trade in Services World Trade Organization...