On May 19,1948, the General Agreement on Tariffs and Trade or GATT was created. This was not an international organization but an inter-governmental treaty. This provided the framework for the conduct of international trade. But this expanded and grew yearly and in April 1994, in the Uruguay Round of Multilateral Trade Negotiations expanded on the GATT and created the World Trade Organization or WTO.
The World Trade Organization was created with a goal and ultimate objective set in mind. Its ultimate goal is to improve the welfare of peoples in the member countries. The objective is to help trade flow smoothly, fairly and predictably. In this paper you will learn what the WTO does, how it does this, how it is set up, criticisms against the WTO and arguments for the WTO.
The World Trade Organization is the only global international organization dealing with the rules of trade between nations. The WTO does this by administering trade agreements, acting as a forum for trade discussions, settling trade disputes, reviewing national trade policies, assisting developing countries in trade policy issues through technical and training programs and cooperating with other international organizations.
The World Trade Organization is located in Geneva, Switzerland. It has a yearly income of 127 million Swiss Francs. The WTO employs around 500 staff for technical support of the council. It has 140 member countries as of November 30, 2000 and this consists of 90% of the worlds trade. The WTO currently has 30 countries seeking membership with the largest of these being China. To enter China has slowly been opening up its economy to the world but needs to do more such as opening the insurance market, letting foreign banks into China and opening up telecommunication markets.
In the World Trade Organization there are two main bodies, the Ministerial Conference and the General Council. The Ministerial Conference is...