WTO
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The World Trade Organization is an international organization which was created for the liberalization of international trade. The World Trade Organization came into existence on January 1st, 1995 and it is the successor to General Agreement on Trade and Tariffs (GATT). The World trade organization deals with the rules of trade between nations at a global level. WTO is responsible for implementing new trade agreements. All the member countries of WTO have to follow the trade agreement as decided by the WTO.
Structure of the WTO:
Following is the structure of WTO.
Highest Level: Ministerial Conference
The Ministerial Conference is the top most body of the WTO, which meets in every two years. It brings together all the members of WTO.
Second Level: General Council
The General Counsel of the WTO is the highest level decision making body in Geneva, which meets regularly to carry out the functions of WTO.
Third Level: Councils for Trade
The Workings of GATT, which covers international trade in goods, are the responsibility of the Council of Trade.
Fourth Level: Subsidiary Bodies
There are subsidiary bodies under the various councils dealing with specific subjects such as agriculture, subsidies, market access etc.
Benefits Of WTO
Structure of the WTO:
Following is the structure of WTO.
Highest Level: Ministerial Conference
The Ministerial Conference is the top most body of the WTO, which meets in every two years. It brings together all the members of WTO.
Second Level: General Council
The General Counsel of the WTO is the highest level decision making body in Geneva, which meets regularly to carry out the functions of WTO.
Third Level: Councils for Trade
The Workings of GATT, which covers international trade in goods, are the responsibility of the Council of Trade.
Fourth Level: Subsidiary Bodies
There are subsidiary bodies under the various councils dealing with specific subjects such as agriculture, subsidies, market access etc.
Benefits Of WTO
- It helps promote peace and prosperity across the globe.
- Disputes are settled amicably.
- Rules bring about greater discipline in trade negotiations, thereby reducing inequalities to a large extent.
- Free trade reduces the cost of living and increases household income.
- Companies have greater access to markets and consumers have wider range of products to choose from.
- Good governance accelerates economic growth
India and WTO
India is one of the founding members of WTO along with 134 other countries. India's participation in an increasingly rule based system in governance of International trade, would ultimately lead to better prosperity for the nation. Various trade disputes of India with other nations have been settled through WTO. India has also played an important part in the effective formulation of major trade policies. By being a member of WTO several countries are now trading with India, thus giving a boost to production, employment, standard of living and an opportunity to maximize the use of the world resources.
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India is one of the founding members of WTO along with 134 other countries. India's participation in an increasingly rule based system in governance of International trade, would ultimately lead to better prosperity for the nation. Various trade disputes of India with other nations have been settled through WTO. India has also played an important part in the effective formulation of major trade policies. By being a member of WTO several countries are now trading with India, thus giving a boost to production, employment, standard of living and an opportunity to maximize the use of the world resources.
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