Wto Is The Acronym Of World Trade Organization

The World Trade Organization, or WTO, was established to grow the global economy and assure its success and safety. The WTO derived from the General Agreement of Tariffs and Trades, or the GATT. The GATT was established in 1948 in order to restore the destroyed global economy after the war. The world needed a united organization

NAFTA (North American Free Trade Agreement) was formed in 1994 and created one of the world’s largest free trade zones which includes Mexico, United States and Canada. NAFTA is an example of a multilateral approach to free trade. The multilateral approach states that a country will bargain with its trading partners to remove trade restrictions while the other countries do the same. Another multilateral approach is GATT (General Agreement on Tariffs and Trade) which regulates international trade. GATT is comprised of representatives of all WTO member countries. The WTO (World Trade Organization) was established January 1, 1995 and is headquartered in Geneva Switzerland. As of November 2015 there were one hundred sixty-two countries that were members.

The World Trade Organization was developed in 1995 out of what was known as the Uruguay Round. Although GATT set rules they mostly dealt with issues just involving simple trade of goods and the distribution of tariffs. The WTO has a broader job than the GATT; “…it oversees multilateral agreements relating not just to good, but also to services, investment and intellectual property.” (Douglas Irwin, 186) The World Trade Organization is an independent organization and decisions are made out of consensus of the member countries involved, not from the World Trade Organization itself. When a country complains about another country and the way they run things that could affect their home country, the WTO must make a decision on what must be done. Once a ruling has been made the losing country must implement one of three strategies:

World Trade Organization ( WTO Eng . World Trade Organization (WTO) - an international organization founded January 1, 1995 for the purpose of international trade liberalization and regulation of trade and political relations between the Member States. WTO established under the General Agreement on Tariffs and Trade (GATT) .WTO is responsible for the introduction of new parts as well as enforces the members of the organization of all agreements signed by most countries and ratified by their parliaments. WTO bases its activities on the basis of decisions taken in the years 1986-1994 in the framework of the Uruguay Round and earlier GATT agreements. As of July 2012 , there are different groups of negotiations in the WTO system to address current issues in terms of agriculture, which leads to stagnation in the negotiations themselves .WTO headquarters is in Geneva , Switzerland. WTO chief ( CEO ) - Roberto Carvalho de Azevedo , in the state of the organization about 640 people. On March 2, 2013 the WTO consisted of 159 countries .

Indeed, it has established the normative legal framework for multilateral trade in the four corners of the globe. As Matsushita notes ‘The WTO is the first international organization to bring about the rule of law in international trade in large scale backed up by the effective dispute settlement mechanism’. The over 300 hundred decision by the dispute settlement mechanism on various cases establishes an important corpus of legal precedent that serves as a frame of reference for the negotiation of Bilateral and Regional Trade Agreements. As a result, the fundamental principles underlying the WTO agreements, such as the MFN and National Treatment (NT) are here to stay and will continue to influence all future trade agreements. Hence, it can be agreed that the WTO has instituted the value system of free trade worldwide, such that the majority of the globe believes in trade liberalization and is willing to open up their economies to participate in free trade. Moreover, by creating a common trade language that almost every country understands, it has only made trading that much easier to negotiate. The existing agreements also provide a solid foundation for countries to build upon when drafting their own trade agreements, whether it is for free trade or preferential

The WTO, World Trade Organization, was founded in 1995 and its headquarters are in Geneva, Switzerland. The WTO boasts 155 member countries and its purpose is to deal with the rules of trade between nations (The IMF and the World Trade Organization).

The main reason for creating the WTO was to impose GATT, GATS and TRIPS agreements. Although the WTO decisions are made by a consensus of its members, the decision making structure differs from the GATT. It consists of and administrative body (Secretariat), a ministerial conference that meets once in two year, and a general council composed of ambassadors and delegate heads (Dillman 138). It also uses Dispute settlement Panels that rule on trade disputes. This is something GATT did not have; an impartial panel of experts rules on cases that are submitted to the WTO. It can also enforce trade sanctions to members who do not enforce the rulings by the panel.

World Trade Organization (WTO) is an international trade organization which was set up on January 1, 1995. It was developed with the participation of 161 states. The purpose of WTO is to design different agreements relating to trade with the mutual consent of the members companies, setting out trade rules and principles among different countries. WTO aims at reducing obstacles in trade and business between the countries and look into disputes that arise in nature of trade. The prime function of WTO is to provide a framework for manufacturers, importers, exporters and businesses through which they can regulate their working boundaries.

The postwar era brought about a more multinational approach to dealing with trade issues, most notably in the establishment of the General Agreement on Tariffs and Trade (GATT) in 1948. Although there were high hopes that international labor standards could be established, the GATT made only vague references to the issue, and no concrete and enforceable standards were established. Thus, there was no provision for member states to take action against other members who

The original and main goal of the WTO is to remove trade barriers between countries, which is a major idea

The voice of the smaller, developing countries is not being heard, and is being stifled by the developed. The WTO needs reorganization before it can begin benefiting developing countries the way it should as an international governing body.

The history of GATT discussions and the present WTO are the birth right of commitments that the countries have voluntarily agreed with each other. To appreciate the foundation of the present blueprint of import protection across WTO member countries in addition to products and industries within those countries, it is important to turn to the past.

Out of the ashes of a global economy torn by war and depression when protectionism was prevalent as a security measure, the General Agreement on Tarriffs and Trade (GATT) was formed in 1947. It was designed to lower tariffs and other trade barriers, on a reciprocal and mutually advantageous basis so as to help in economic recovery. Several rules were present in GATT, and were later on carried onto WTO, including:

From Albania to Zimbabwe, many countries have become involved in the World Trade Organization over the years. Any state or customs territory having full autonomy in the conduct of its trade policies may become a member of the WTO, but all WTO members must agree on the terms. This is done through the establishment of a working party of WTO members and through a process of negotiations. All members have joined the system as a result of negotiation and the membership means a balance of rights and obligations. They like the ideas that other members give to them and the security that the trading rules give in. In return, they had to make understandings to open the markets and to go by the all the rules. Those commitments were the outcome of the membership decisions. Countries going through membership are WTO observers. Article XII of the WTO Agreement says that joining to the WTO will be on terms to be agreed between the government and the WTO. Joining the WTO is a process of negotiation, slightly different from the process of joining other international trades.

The other expectation is that the restrictions both under the FTA or customs union need to be removed by members on substantially all trade and within a reasonable amount of time. So, the idea is that an FTA or customs union will not be only for the auto industry or only for the agricultural industry, it should be for trade, as a whole. Some agreements in practice do not meet this criteria and it is possible that a member could bring a dispute settlement case against two other WTO members, who are not living up