Q. 1

What are the functions of the World Trade Organisation?

Answer :

● World Trade Organisation is the largest international economic organisation in the world.

● It is an intergovernmental organisation concerned with the regulation of International Trade between Nations.

● It was officially commenced on 1st January 1995 under the Marrakesh agreement signed by 123 Nations on 15 April 1994 replacing the General Agreement on Trade and Tariff or GATT.

● It has its headquarters in Geneva Switzerland. Currently, there are 164 member states.

● The official languages are English, Spanish and French. The current Director-General is Roberto Azevedo.

Functions of the World Trade Organisation

a. It facilitates the implementation, administration, and operation of the WTO trade agreements such as multilateral trade agreements and bilateral trade agreements.

b. It should provide a forum for negotiating among its members concerning their multilateral trade relations.

c. It shall monitor the national trade policies.

d. It should provide technical assistance and training for the member of the developing countries.

e. It shall co-operate with the IMF and the World Bank to achieve greater coherence in global economic policymaking.

f. To provide a platform for the member countries to decide future strategies related to trade.

g. To be a platform for dispute settlement among the member countries.

h. To improve the standard of living of the member countries.

i. Enlarge the production and trade of goods.

j. To ensure full employment and increase the effective demand and trade of services.

k. To ensure the optimum of world resources

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