Q.Discuss the main objectives and functions of the World Trade Organisation (WTO).

The WTO is the global rulebook-keeper for trade between nations, succeeding GATT.

The World Trade Organisation (WTO), established on 1 January 1995 (replacing GATT, 1948) and headquartered in Geneva, Switzerland, governs the rules of international trade among its member countries, including India as a founding member.

Main objectives:

1. Ensure trade flows as smoothly, predictably and freely as possible by lowering tariff and non-tariff barriers.
2. Provide a forum for negotiating further trade liberalisation.
3. Administer a rules-based, non-discriminatory trading system (most-favoured-nation and national-treatment principles).
4. Offer a mechanism for settling disputes between member countries.
5. Ensure transparency by monitoring national trade policies.
6. Support developing and least-developed countries through special and differential treatment.

Key functions:

1. Administering WTO agreements covering goods, services (GATS), and intellectual property (TRIPS).
2. Serving as a forum for ongoing trade negotiations among members.
3. Resolving trade disputes through its Dispute Settlement Body.
4. Monitoring and reviewing members' trade policies.
5. Providing technical assistance and training to developing-country members. …