World Trade Organization (WTO) is an organization for liberalizing trade. It’s a forum for governments to negotiate trade agreements. It’s a place for them to settle trade disputes. It operates a system of trade rules. The WTO began life on 1 January 1995 and has 153 members, representing more than 97% of the world's population, and 30 observers, most seeking membership.
The role of WTO in facilitating International Trade is giving the consumers more choice and a broader range of qualities to choose from, raises income, makes it more economically efficient and cut costs, shields governments from narrow interests and encourages good government. This helps to make international trading more efficient and effective for all countries.
|Abstract | | | |1 | |Content Page | | | |2 | |Introduction | | | |3 | |Role of World Trade Organization (WTO) in facilitating International Trade | | | | | | |5 | | | | | | | | | | |Conclusion |8 | | |8 | |Referencing | |
World Trade Organization (WTO) is an organization for liberalizing trade. It’s a forum for governments to negotiate trade agreements. It’s a place for them to settle trade disputes. It operates a system of trade rules.
Essentially, the WTO is a place where member governments go, to try to sort out the trade problems they face with each other, as a negotiation forum. The first step is to talk. The WTO was born out of negotiations, and everything the WTO does is the result of negotiations. The bulk of the WTO's current work comes from the 1986 - 1994 negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade (GATT). The WTO is currently the host to new negotiations, under the “Doha Development Agenda” launched in 2001.
Where countries have faced trade barriers and wanted them lowered, the negotiations have helped to liberalize trade. But the WTO is not just about liberalizing trade, and in some...