World Trade Organization

Introduction

World Trade Organisation (WTO ) is the highest legislative judiciary body for global trading system . WTO is the result of several negotiations of various nations that used to participate in WTO discussions for settling disputes , trading negotiations and bring about economic benefits to respective nations through negotiations , settlements and in framing of global trading policies . The current work of WTO has been framed from 1986-94 negotiations titled as Uruguay Round under General Agreement on Tariffs and Trade (GATT ) and Doha Development Agenda ' that was launched in the year 2001 . WTO has

been taking up the responsibility of resolving trade disputes from time to time , both in terms of global trading system and in bringing economic reforms for various nations in to build a healthy global economy . Especially after globalization , liberalization of trade policies have immensely benefited global trading in exchange of products and services around the world and for this much contribution has been extended from WTO . WTO agreements contracts , trade policies are all signed before its implementation and for the good cause of international commerce . These contracts and agreements help business exporters , importers to conduct business at international level and also to abide and practice the legal binding principles laid down by WTO . WTO also enables respective governments to meet objectives both at social level and at environment level . Global trade being a complex issue which involves different nations business working , internal trade policies when staged at global business forum requires excessive assessment of EXIM policies , tariffs , duties and many other supporting factors to meet at international level . These issues are not easy and require at times result in conflict and disputes which have to be resolved at WTO with the stance of arbitrator ship or taking the position of intermediary official . WTO offers complete code of rules , regulations , legal abiding contracts , agreements and has a solution almost for every situation of international trade and commerce and hitherto , WTO has been successful in its execution of several global trade strategies

Although global trading system has passed half-a-century in carrying its operations under GATT since 1948 , WTO commenced its operations only on 1 January , 1995 . The second meeting of WTO was held in Geneva in May 1998 which celebrated 50th anniversary of trade system . The goal and mission of WTO is to improve the economy conditions of poor countries lift trade barriers and to provide an international platform for smooth and free global trading between nations which is also named as multilateral trading system . Some of the important functions of WTO are (1 ) to implement and administer the operation of covered agreements (2 ) A discussion forum for settlement of disputes and to negotiate on trade issues and policies . WTO is closely interrelated with World Bank , IMF which are net bodies of Bretton Wood system . Trading principles of WTO include (1 ) Trade without discrimination (2 Reciprocity (3 ) Committed , enforcing and binding agreements (4 Transparency (5 ) Safety trading measures

WTO headquarters are based at Geneva in Switzerland . There are 151 member...