World Trade Organization (Wto)
World Trade Organization (WTO)
Established 1 January 1995
Formed by Uruguay Round negotiations (1986-94)
Location Geneva, Switzerland
Budget 196 million Swiss francs for 2011
Director General Pascal Lamy
Main Focus To open trade for the benefit of all.
Membership 153 countries on 23 July 2008
Secretariat staff 640
The World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level. But there is more to it than that. The World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round.
1. THE DERIVATION OF WTO
The WTO is the successor to a previous trade agreement called the General Agreement on Tariffs and Trade (GATT), which was created in 1948. The WTO has a larger membership than GATT, and covers more subjects. Nevertheless, it was GATT that established, multilaterally, the principles underlying this trading system.
A brief history of the WTO
1946-47 Negotiations among 50 countries, sponsored by the United Nations, to establish an International Trade Organization (ITO) alongside the World Bank and International Monetary Fund. A draft ITO Charter is drawn up. In parallel, 23 countries decide to negotiate a set of tariff reductions among themselves and to adopt some of the draft ITO trade rules. The tariff concessions and rules together are called the General Agreement on Tariffs and Trade (GATT).
1948 January 1: GATT enters into effect on a provisional basis. Of the 23 original members, 11 are developing
Established 1 January 1995
Formed by Uruguay Round negotiations (1986-94)
Location Geneva, Switzerland
Budget 196 million Swiss francs for 2011
Director General Pascal Lamy
Main Focus To open trade for the benefit of all.
Membership 153 countries on 23 July 2008
Secretariat staff 640
The World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level. But there is more to it than that. The World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round.
1. THE DERIVATION OF WTO
The WTO is the successor to a previous trade agreement called the General Agreement on Tariffs and Trade (GATT), which was created in 1948. The WTO has a larger membership than GATT, and covers more subjects. Nevertheless, it was GATT that established, multilaterally, the principles underlying this trading system.
A brief history of the WTO
1946-47 Negotiations among 50 countries, sponsored by the United Nations, to establish an International Trade Organization (ITO) alongside the World Bank and International Monetary Fund. A draft ITO Charter is drawn up. In parallel, 23 countries decide to negotiate a set of tariff reductions among themselves and to adopt some of the draft ITO trade rules. The tariff concessions and rules together are called the General Agreement on Tariffs and Trade (GATT).
1948 January 1: GATT enters into effect on a provisional basis. Of the 23 original members, 11 are developing