CHAPTER-16 -- WORLD TRANSACT ORGANISATION
Q. 1: Discuss the goals and functions of WTO. (M. 2011)
Ans. A) EMERGENCE OF WTO: --
After the Second World War, many countries got straight down together to work on ways and means to promote foreign trade. The result was signing of Basic Agreement about Tariffs and Trade (GATT) by 3 countries in 1947. India was one of many founder members of GATT. GATT was created to reduce global depression and to liberalise and regulate the world trade simply by reducing contract price barriers. GATT has been changed by WTO in 95. WTO can be wider in scope since it regulates world trade in goods, whilst in the services mental property rights, and investment. In First month of the year 2010, the regular membership of WTO was 153 countries. Its rules and policies are definitely the outcome of negotiations between WTO associates. Thus WTO is a affiliate driven, opinion based business.
B. В В В В В В PRINCIPAL GOALS OF WTO
1)В В В В В В В Operate Without Discrimination: -
Control without elegance through the putting on Most Preferred Nation (MFN) Principle. According to MFN clause, a member nation of WTO must conform (give) the same preferential treatment to various other member countries which it offers to any additional member nation.
2)В В В В В В В Elevating The Standard Of Living: --
Raising the typical of living and earnings and guaranteeing full work of the citizens of it is member nations.
3)В В В В В В В The best possible Use Of Planet's Resources: --
Ensuring optimum use of planet's resources and, thereby, expanding world production and trade of goods and services.
4)В В В В В В В Settlement Of Disputes: --
Settlement of disputes among members through consultation, traite, and as a final option through challenge settlement types of procedures.
5)В В В В В В В Regarding Less Produced Countries (LDCs): - It recognises the advantages of positive initiatives designed to ensure that developing countries especially the LDCs, secure a better share of growth in international transact.
6)В В В В В В В Safety Of Environment
Preserving and protecting the environment of the world to be able to benefit all of the nations of the world.
7)В В В В В В В Augmentation Of Creation And Transact
WTO aims to enlarge development and control of goods as well as services.
8)В В В В В В В Employment
WTO aims at creating full career and embrace effective require. C) FEATURES OF WTO
WTO has following functions
1)В В В В В В В Implementation Of Reduction In Trade Boundaries WTO shall check the setup of tariff cuts and reduction of nontariff actions agreed upon the member nations around the world at the conclusion of Uruguay Round.
2)В В В В В В В Forum For Discussion
WTO shall provide the forum of discussions among the members concerning their multilateral trade associations.
3)В В В В В В В Settlement Of Differences
WTO shall administer the understanding upon rules and procedures regulating the negotiation of conflicts.
4)В В В В В В В Assistance To IMF And IBRD
WTO shall co-operate with IMF, IBRD and its affiliated agencies to achieve greater coherence in global monetary policy.
5)В В В В В В В Administration Of Agreements
WTO shall care for the administration of 29 agreements (signed at the conclusion of Uruguay Circular in 1994), plus a number of other agreements, entered into after Uruguay Rounded.
6)В В В В В В В Examination Of Trade Procedures
WTO shall regularly analyze the foreign control policies of member nations around the world, to see that such plans are consistent with WTO's guidelines.
7)В В В В В В В Agency Services
WTO shall retain a watch on the developments in the world economy also it gives consultancy companies to it is member nations.
8)В В В В В В В Collection Of Overseas Trade Details
WTO shall collect information concerning import -- export control and on several trade procedures and other operate statistics of member nations.
Q. a couple of: Explain the Salient Features of WTO Agreements reached within the basis
of Uruguay Rounds. OR Make clear the main WTO Agreements.