WTO

The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

OBJECTIVES

To promote and ensure the international trade in the member countries with the mantra of liberalization, privatization and globalization.

Trade without discrimination. To set and enforce rules for international trade.

To provide forum for negotiating Monitoring the international trade To resolve trade disputes. To increase transparency of decision making process. To help developing countries benefit fully from the global trading system. To co-operate with other major international economic institutions involved

in global economic management.

WTO AGREEMENTS

Agreement on agriculture :- Having decided to establish a basis for initiating a process of reform of trade in agriculture in line with the objectives of the negotiations as set out in the Punta del Este Declaration. Recalling that their long-term objective as agreed at the Mid-Term Review of the Uruguay Round "is to establish a fair and market-oriented agricultural trading system and that a reform process should be initiated through the negotiation of commitments on support and protection and through the establishment of strengthened and more operationally effective GATT rules and disciplines".

General agreement on trade in service :- Recognizing the growing importance of trade in services for the growth and development of the world economy. Wishing to establish a multilateral framework of principles and rules for trade in services with a view to the expansion of such trade under conditions of transparency and progressive liberalization and as a means of promoting the economic growth of all trading partners and the development of developing countries.

AGREEMENT ON IMPORT LICENSING PROCEDURES :- Taking into account the particular trade, development and financial needs of developing country Members. Recognizing the usefulness of automatic import licensing for certain purposes and that such licensing should not be used to restrict trade.

AGREEMENT ON TECHNICAL BARRIERS TO TRADE :- Desiring however to ensure that technical regulations and standards, including packaging, marking and labelling requirements, and procedures for assessment of conformity with technical regulations and standards do not create unnecessary obstacles to international trade.

ACHIEVEMENTS

WTO have made a huge contribution over the last 50 years to peace, prosperity and the rule of law in international commercial relations

The world trade organisation has played a crucial part, both in terms of bringing people of different cultures together, and improving living standards in many part of the world.

ISSUES ENCOUNTERED AT THE END OF DOHA ROUND

Agriculture has become the lynchpin of the agenda for both developing and developed countries. Three other issues have been important.

The first, now resolved, pertained to compulsory licensing of medicines and patent protection.

A second deals with a review of provisions giving special and differential treatment to developing countries.

A third addresses problems that developing countries are having in implementing current trade obligations.