Write short note on WTO and …

The World Trade Organisation (WTO) was set up in 1995 as a successor to the General Agreement on Trade and Tariffs. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business. It sets the rules for global trade. It has 150 members. All decisions are taken unanimously but it is dominated by the US, European Union and Japan. The developing countries complain of its non-transparent procedures. They are ignored by the developed countries.

The main functions of WTO are discussed below:

1. To implement rules and provisions related to trade policy review mechanism.
2. To provide a platform to member countries to decide future strategies related to trade and tariff.
3. To provide facilities for implementation, administration and operation of multilateral and bilateral agreements of the world trade.
4. To administer the rules and processes related to dispute settlement.