WTO World Trade Organisation | History, Power & Functions | GATT | Bretton woods Conference | Detail

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Introduction :-
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments.
The WTO has 164 members (including European Union) and 23 observer governments.
Background :-
The General Agreement on Tariffs and Trade (GATT) traces its origins to the 1944 Bretton Woods Conference, which laid the foundations for the post-World War II financial system and established two key institutions, the International Monetary Fund (IMF) and the World Bank.
Formation of GATT :-
Meanwhile, an agreement as the GATT signed by 23 countries in Geneva in 1947 came into force on Jan 1, 1948
The GATT became the only multilateral instrument (not an institution) governing international trade from 1948 until the WTO was established in 1995.
Despite its institutional deficiencies, the GATT managed to function as a de facto international organization, sponsoring eight rounds (A round is a series of multilateral negotiations) of multilateral trade negotiations.
Why WTO replaced the GATT
1- The GATT was only a set of rules and multilateral agreements and lacked institutional structure.
2- The trade in services and intellectual property rights were not covered by regular GATT rules.
3- The GATT provided for consultations and dispute resolution, allowing a GATT Party to invoke GATT dispute settlement articles if it believes
How the WTO is organized
Functions
The WTO’s overriding objective is to help trade flow smoothly, freely and predictably. It does this by:
administering trade agreements
acting as a forum for trade negotiations
settling trade disputes
reviewing national trade policies
building the trade capacity of developing economies
cooperating with other international organizations
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