Critically evaluate the role of GATT/WTO in trade liberalization
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. This was formed as General Agreement on Tariff and Trade (GATT) in 1947 as a result of Britton Woods’s agreement created by the World Bank and the international monitory fund. Moreover GATT has been established after World War II in the wake of other new multilateral institutions dedicate to international economic cooperation. The eighth GATT round known as the ‘Uruguay Round’ in 1986 and over the past years the World Trade Organization established in 1995 and its predecessor organizational trading system, thereby contributed to unprecedented global economic growth. WTO currently has 155members which 117 are from developing countries while the WTO secretariat located in Geneva, Switzerland according to the company structure the staff is leading by WTP Director General. Heeding more through organizational structure the main body is Ministerial conference and then General council while the Ministerial conference is being the topmost decision making body. Since Ministerial conference meets once in two years General council has been the WTO’s highest level decision making body in Geneva which regularly meets to carry out the functions of WTO. The current Director General of the WTO is Pascal Lamy. The recently introduced round is the Doha rounds the 4th Ministerial conference in Doha, Quarter 2001. As WTO’s main purpose is to enclose a free trade to world economy the agenda comprised the both future trade liberalization and new rule making to strengthen the developing counties. The Trade Liberalization is the removal or reduction of restrictions or barriers on the free exchange of goods between nations. This includes the removal or reduction of both tariff and non tariff obstacles. With the globalization and its lofty development economic created the complexity and...
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