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June 21, 2014

Important Points you should know about World Trade Organization (WTO)

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The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. It was constituted on 1st January 1995, under the Marrakesh Agreement and took the place of GATT (General Agreement on Trade and Tariff) as an effective formal organization. GATT was an informal organization, which was regulated world trade since 1948.

Important Details :

  • Formation : 1st January 1995
  • Director General : Roberto Azev√™do 
  • Members : 159
  • Headquarters : Geneva

Functions of WTO :

  • To oversee, implementing and administering WTO agreements.
  • To provide a forum for negotiations.
  • To provide a dispute settlement mechanism. 
  • To provide facilities for implementation, administration and operation of multi-lateral and bilateral agreements of the world trade.
  • The WTO is currently endeeavouring to persist with a trade negotiation called Doha Development Agenda (DDA), which was launched in the year 2001, to enhance equitable participation of poor countries, which represent a majority of the world's population.
  • Singapore Issues :   
    • Disagreements between largely developed and developing economies emerged during this conference over four issues initiated by this conference, which led to them being collectively referred to as the "Singapore issues". 
    • Refer to transparency in government, procurement, trade facilitation, trade and investment and trade and competition. 
  • Swiss Formula :  
    • This is a mathematical formula designed to cut and harmonize tariff rates in international trade. 
    • Relates to NAMA (Non-Agricultural Market Access)

WTO Conferences :

  • 1st Conference : 
    • Year : 1996
    • Place : Singapore
  • 2nd Conference :
    • Year :1998
    • Place : Geneva
  • 3rd Conference :
    • Year : 1999
    • Place : Seattle (USA)
  • 4th Conference :
    • Year : 2001
    • Place : Doha (Quatar)
  • 5th Conference :
    • Year : 2003 
    • Place : Cancun (Mexico)
  • 6th Conference :
    • Year : 2005
    • Place : Hong Kong
  • 7th Conference :
    • Year : 2009
    • Place : Geneva
  • 8th Conference :
    • Year : 2011
    • Place : Geneva
  • 9th Conference :
    • Year : 2013
    • Place : Bali (Indonesia)
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8 comments:

  1. thank you mam..... you are just making it simple... kindly correct the above which mistyped as 1955...

    ReplyDelete
  2. its really interesting..plz post something about functions of banks

    ReplyDelete
  3. Thank you so much sir /mam that is really help us a lot ....plz do favor for us by providing RBI grade -II officer study materials /economic awareness .

    ReplyDelete
  4. Due to my personal problems am unable to going any coaching center. Is this site is enough for upcoming bank exam?

    ReplyDelete
  5. Thanks you .....Can u post some banking awareness

    ReplyDelete
    Replies
    1. Olredy posted just search for it.

      Delete
    2. http://www.gr8ambitionz.com/2012/08/banking-awareness.html

      Delete

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