WORLD TRADE ORGANIZATION COMPLETE DETAILS RELATED TO WTO

COMPLETE NOTES ON WORLD TRADE ORGANIZATION COVERING LOGO AND WTO IM NUTSHELL, SOME FACTS RELATED TO WTO, FUNCTIONS OF WTO, OBJECTIVES, NEED AND STRUCTURE

1. AMITY LAW SCHOOL TOPIC- WORLD TRADE ORGANIZATION SUBMITTED TO SUBMITTED BY RAHUL AGARWAL GAURAV PUROHIT ASST PROFESSOR SAHIQUE HASHMI BBA LLB 6 TH SEM

2. LOGO OF WTO

3. DIRECTOR GENERAL OF WTO

4. WTO IN A NUTSHELL

5. WORLD TRADE ORGANIZATION INTRODUCTION It is an Inter Governmental Organization which regulates the International Trade. It Commenced on 1 st January 1995 under the Marrakesh Agreement. It was signed by 123 Nations in 1994. World Trade Organization had replaced General Agreement on Tariffs and Trade(GATT). They deal with agriculture, textiles, clothing banking, telecommunication, intellectual property etc.

6. INTRODUCTION (CONTD) WTO extended GATT in 2 ways. First GATT became only one of the 3 major trade agreements that went into WTO. And Second ally WTO was put on a much sounder institutional footing than GATT. The World Trade Organization is member driven with decisions taken by General Agreement taken among all members of Government and it deals with rules of trade between nations at a global level.

7. FACTS OF WORLD TRADE ORGANIZATION Headquarters- Geneva, Switzerland Created By- Uruguay Round Negotiations (1986-94) Head- Ngozi Okonzo Iweala First Woman and First African to serve as Director General of WTO. She is from Nigeria. Appointed on 15 th Feb 2021 Term Length Of Director General – 4 years Total Members- 164 Observers- 25 Established on – 1 st Jan 1995

8. FUNCTIONS OF WTO It is a Forum for Trade Negotiations It handles various disputes related to trade. It helps in monitoring of National Trade Policies. It provides technical assistance and training for developing countries. It Cooperates with other International Organizations. It helps in Administering Trade Agreement. It helps in free flow of trade by reducing tariff etc.

9. WHY WTO IS REQUIRED ? To manage effectively and efficiently the trade policy review mechanism To arrange the implementation, administration and operations of trade agreements. To create good relations with all other countries in respect of global economy. It helps in settlement of trade related disputes

10. BASIC PRINCIPLES OF WTO Trade without Discrimination- Most favoured Nation treating other people equally. Treating foreigners and local people equally. Locally produced goods should be treated equally Promoting Fair Competition. Encouraging development and economic forum Freer Trade: gradually through negotiations, decreasing trade barriers like custom duties or tariffs. Predictability: through binding and transparency

11. IMPORTANCE OF WTO Freer trade cuts the cost of living. Trade raise income level. Trade stimulates economic growth which can increase level of employment Basic Principles make the system more economically more efficient and they cut costs It provides customer more choice and broad range of qualities to choose from System allows disputes to be handeled constructively System helps in promotion of peace

12. OBJECTIVES OF WTO To improve Standard of Living of people in member countries. To increase trade of services To enlarge production and trade of goods To ensure optimum utilization of resources To protect the Environment To accept the concept of Sustainable Development. To ensure full employment and increase in effective demand.

13. STRUCTURE OF WTO Ministerial Conference- It is the Highest Authority and its function is to conduct ministerial conference. It occurs generally 2 to 3 times a year The function of Second Level is to over look day to day functioning of organization. It consist of 3 Working bodies i.e Dispute Settlement body, General Assembly and Trade Policy Review body Function of 3 rd Level is to over look broad issues of individual matters. Fourth Level deals in different subjects like agriculture, textiles, clothing, government purchases, product safety, intellectual property market access, anti dumping measures.

14. AGREEMENTS UNDER WTO The WTO Agreements covers goods, services and intellectual property. These agreements are often called trade rules of WTO and it’s a system based on rules. They Include individual country commitments to lower customer tariffs and other trade barriers, and to open and keep open services markets. The agreements are lengthy and complex because they are legal texts covering wide range of activities.

15. TRIPS AND TRIMS OF WTO Agreement on Trade Related Investment Measures- It refers to conditions or restrictions imposed by government is respect of foreign investment in the country. Agreement on TRIM’s provides that no contracting party shall apply any TRIM which is inconsistent with WTO Articles. Agreement on Trade Related Aspects of Intellectual Property Rights- It is an international agreement administered by WTO that sets down minimum standards for many forms of intellectual property regulations as applied nationals of other WTO members.

16. CONTD TRIPS contain requirements that nation laws must meet for copyright rights, patents, monopolies for developers new plant varieties, trademarks. It Specifies enforcement procedures, remedies and dispute resolution procedures.

17. REFERENCES https://www.wto.org / https:// en.wikipedia.org/wiki/World_Trade_Organization https:// www.investopedia.com/terms/w/wto.asp

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