WTO or World Trade Organization is establish in 1st Jan 1995 before that it was called as GATT or General Agreement on Tariffs and Trade in 1948.WTO came out of negotiations, and what WTO does is the result of negotiation. WTO is an organization for liberalizing trade WTO also a place to settle trade disputes and also operates a system of trade rules. WTO today has 153 members from all around the world. It represents more than 95% of trade in the world. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The goal is to help manufacturers of goods and services, exporters, and importers do their business.
The General Agreement on Tariffs and Trade (GATT) was established after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation, similar international institution for trade, named the International Trade Organization was successfully negotiated. The ITO was to be a United Nations specific agency and would address not only trade barriers but other issues related to trade, including employment and investment. But the ITO treaty was not approved by the U.S.
Advantages of WTO:
World Trade Organization helps member states in various ways and this gives them benefits such as:
* Helps promote peace within nations
* Rules makes life easier to all
* Provides more choices of products and qualities
* Trade raises income
Helps promote peace within nations: Peace is a result of two most important principle of the trading system, helping trade flow smoothly and providing countries with a useful and fair outlet for dealing with disputes over trade issues.
Rules make life easier for all: WTO system is based on rules rather than power and this makes life easier for all trading nations. WTO reduces some differences giving smaller countries more confidence, and at the same time freeing the major... [continues]
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