It was established in 1995 under the Marrakesh Agreement.164 Country is a member of WTO and 98% of world trade is done through WTO.
Its headquarters are in Geneva Switzerland. Afghanistan became its last member of WTO in 2016. The meeting of the WTO held every 2 years.
It makes rules for trade between two countries, which means, what rules will have to be followed is declared by WTO.
The main motto of the World Trade Organization is that trading should be as smooth as it is possible, trading should have predictability. Trading should be on the freeway, as free as possible.
The WTO’s budget is 197 million Swiss francs for the year 2019 and it has Secretariat Staff 625 for now as it’s head Roberto Azevedo.
It is an international organization of the world whose agreements or regulations made for keeping in mind the business activities.
Any law made by the collective signature of all the countries, that in order to make anyone trade international law.
It is necessary for all countries to vote and this law passed only when all countries welcome it with a collective signature.
It monitors business activities are that it can easily exchange products and services internationally.
In 1944, it proposed to make the first ITO(International Trade Organization) at the Bretton Woods Conference. The USA was not much agreed with this proposal, then it could not be made ITO.
That’s why a working organization called GATT (General Agreement on Tariffs and Trade) was created. The main objective of GATT was to reduce the barriers to import and export.
Then in 1986, Intellectual Property Rights also added to it within GATT. In 1993 a consensus reached. This agreement made possible by the Uruguay Round of Talks.
And then the Marrakesh Agreement signed by the Uruguay Round of Talks on 1 January 1995. It was also the founding member of India.
What is the work of the WTO?
- The WTO provides facilities for import and export.
- If anyone has difficulty in exchanging, then that also resolved by the WTO.
- WTO disguises Imports export taxes.
- The WTO applies whatever rules made for trading.
- If anyone wants to take the support of the IMF(International Monetary Fund) and World Bank while trading, then WTO helps in that too.