World Trade Organisation (WTO)

The World Trade Organisation (WTO) is the principal international organisation dealing with the rules of trade between nations. It was established on 1 January 1995, replacing the earlier General Agreement on Tariffs and Trade (GATT, 1948), following the Uruguay Round of negotiations. Its headquarters is in Geneva, Switzerland. India is a founding member of the WTO.

Main objectives of the WTO:

• Ensure trade flows as smoothly, predictably and freely as possible, by reducing tariff and non-tariff barriers.
• Provide a forum for negotiating further trade liberalisation.
• Administer a rules-based, non-discriminatory multilateral trading system (most-favoured-nation and national-treatment principles).
• Provide a mechanism for settling trade disputes between member countries.
• Monitor national trade policies for transparency.
• Support developing and least-developed countries through special and differential treatment provisions.

Key functions:

1. Administering WTO trade agreements (covering goods, services under GATS, and intellectual property under TRIPS).
2. Acting as a forum for trade negotiations.
3. Handling trade disputes through its Dispute Settlement Body.
4. Monitoring national trade policies.
5. Providing technical assistance and training for developing countries.
6. Cooperating with other international organisations (e.g., the IMF and the World Bank) on global economic policy coherence. …