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Important Points you should know about

World Trade Organization (WTO)

heWorld Trade Organization (WTO) is theonlyglobal internationalorganizationdealingwith therulesoftrade between nations. It was constituted on 1st January1995,undertheMarrakeshAgreementandtooktheplaceof

GATT (GeneralAgreementonTradeandTariff)asaneffective formalorganization.GATTwasaninformalorganization,whichwasregulatedworldtradesince1948.

Important Details :Formation:1stJanuary1995

DirectorGeneral:RobertoAzevdo

Members:159

Headquarters:Geneva

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Functions of WTO :To oversee, implementing andadministeringWTOagreements.

To provide a forum fornegotiations.

To provide a dispute settlementmechanism.

To provide facilities for implementation, administration andoperation of multilateral and bilateral agreements of the worldtrade.

The WTO is currently endeeavouring to persist with a tradenegotiation called Doha Development Agenda (DDA), which waslaunched in the year 2001, to enhance equitable participation ofpoor countries, which represent a majority of the world'spopulation.

SingaporeIssues:

Disagreements between largely developed and developingeconomies emerged during this conference over four issuesinitiated by this conference, which led to them beingcollectivelyreferredtoasthe"Singaporeissues".

Refer to transparency in government, procurement, tradefacilitation,tradeandinvestmentandtradeandcompetition.

SwissFormula:

Thisisamathematicalformuladesignedtocutandharmonizetariffratesininternationaltrade.

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WTO Conferences :1stConference:

Year:1996

Place:Singapore

2ndConference:

Year:1998

Place:Geneva

3rdConference:

Year:1999

Place:Seattle(USA)

4thConference:

Year:2001

Place:Doha(Quatar)

5thConference:

Year:2003

Place:Cancun(Mexico)

6thConference:

Year:2005

Place:HongKong

7thConference:

Year:2009

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Place:Geneva

8thConference:

Year:2011

Place:Geneva

9thConference:

Year:2013

Place:Bali(Indonesia)

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