Main Objectives of WTO – World Trade Organization
The purpose of the objectives of the WTO is spelled out in the preamble to Marrakesh Agreement. In a nutshell, these are : To ensure cuts in tariffs and other trade barriers. Eliminating unequal discrimination of international economic affairs. To…
Structure of WTO – World Trade Organization
The Organizational structure of the WTO is outlined in the following chart. The Ministerial Conference (MC) is at the top of the structured organization of the WTO. It is the supreme governing body which takes ultimate decisions on all matters. It is…
Features of WTO – World Trade Organization
The distinctive features of WTO – World Trade Organization are : Unlike the GATT, it is a legal entity. Unlike International Monetary Fund (IMF) and World Bank it is not an agent of the United Nations. Unlike the IMF and the World Bank there is no…
Major Difference Between GATT and WTO
The General Tariff and Trade Agreement (GATT) was signed in 1947 to facilitate foreign trade, liberalize policies and abolish tariffs. GATT is a multilateral agreement that regulates international trade between several nations of the world. The key goal…
WTO – World Trade Organization
The WTO or World Trade Organization is a body comprises of governments controlling international trade among nations. WTO began its operation on 1st January 1995 under the Marrakech Agreement, which was signed on 15 April 1994 by 123 nations, to replace…