World Trade Organization (WTO)
World Trade Organization was established in 1995 by 150 member countries. 75% of member countries are developing countries. The organization covers trade in goods, services and property matters.
The proposal to have an international trade organization was suggested in 1945 after the end of World War II. During the war periods, free flow of international trade was badly disturbed by various European countries. Today, the WTO is the only international organization that deals with the rules of trade between nations. The goal is to help producers of goods and services as well as exporters and importers to conduct their business.
The main aim of WTO is to trade without making any difference. According to its resolution, none of the countries is given special privileges in trading. All the countries are allowed to share the benefits of any moves towards lower trade, leading to trade liberalization programme. However, WTO is not the ‘free trade’ organization. It is an organization, which follows certain rules and aims to encourage fair competition.
WTO pays more attention on the development of backward countries for their special needs and problems. It also helps in establishing increase in export and promoting services by training employees. It encourages countries to increase trade between them. It does this mainly through various talks. It is also responsible for assuring that countries act according to the various trade agreements they have been signed. Any country or group of countries can file a complaint with the WTO against the competitive practices of another country. The WTO attempts to resolve most complaints through talks between the two parties.
WTO has special and different treatment provisions for developing and less developed countries. Firstly, provision is aimed to increase trade opportunities by judging the market. Members of WTO safeguard the interest of developing countries. Provisions are made to allow the developing countries to control the rules and disciplines regarding different trade measures. Moreover, provisions are made to provide technical assistance.
The agreements of WTO are negotiated and signed by the trading nations of the world. The main aim of the organization is to allow regional trading arrangements where a group of countries agree to put an end to or reduce obstructions against imports from one another. Moreover, World Trade Organization has a special agreement for textiles clothing, agricultural products and dairy sector.
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