WTO

Question 1

It’s based at

Answer 1

Geneva

Question 2

Role of world trade organisation

Answer 2

Intergovernmental organisation for regulating and facilitating free trade among member nations and dispute resolution related to trade

Question 3

When was set up?

Answer 3

1995 , as an institutional avatar of GATT(General agreement on tariffs and trade) which is illegal trade agreement among many nations under UN conference on trade and employment in 1947 at Geneva.

Question 4

Difference between WTO and GATT

Answer 4

WTO deals in trade in services and intellectual property rights while GATT dealt only in trade in goods

Question 5

Current members

Answer 5

164

Question 6

Main role and functions 

Answer 6

Main role & functions of WTO:
• To ensure that global trade flows as smoothly, predictably and freely as possible by having rule based multilateral trade agreements
• To reduce barriers to trade by lowering tariffs and tackling non-tariff measures, such as import licensing restrictions, quota or the use of trade measures for protectionist purposes.
• To monitor and implement trade agreements.
• Provides a forum for negotiations and for settling trade related disputes.
• Review and report national trade policies, technical assistance, and capacity building (training, workshop, seminars).

Question 7

Headed by whom?

Answer 7

Director general who acts like its chief executive officer

Question 8

Top decision-making body

Answer 8

Inter ministerial conference held once every two years. Trade commerce ministers of member nations are the party today inter ministerial conference

Question 9

Mechanism of trade negotiation 

Answer 9

Mechanism of Trade Negotiation:
• The negotiations take place in the Trade Negotiations
Committee and
specific negotiating groups.
• Virtually every item of the negotiation is part of a whole and indivisible package and cannot be agreed separately. This is known as the “single undertaking”
“Nothing is agreed until everything is agreed”
• Councils, committee, working
groups, working party,
etc monitor
implementation of trade agreements
•Dispute Settlement Body (DSB) and Appellate Body
• The DSB settle and resolve trade disputes between member nations. Its decisions are binding.
• Against the decisions of DSB, aggrieved parties (member nations) may raise appeal to the 7-member Appellate Body.
• Both the DSB and Appellate Body are located in WTO headquarters at Geneva.
• Membership:
• Currently 164 members; non-states having autonomous trading territory (custom territory) may also become member; for example, Hong Kong and EU, thouch not nation states are WTO members