Objectives Of WTO

866 Words2 Pages

WTO (WORLD TRADE ORGANISATION) SUBJECT: BUSINESS ECONOMICS. TITLE: IMPLICATIONS OF WTO MEMBERSHIP FOR INDIAN ECONOMY IN LAST 10 YEARS. INTRODUCTION: 1) WTO (World Trade Organization) is the international organization which deals with the various rules of trades between the nations. The main work of WTO is to help the producers, exporters and importers. WTO plays an important role in agreements between two trading nations. 2) It is a rule based and member driven organization. 3) The main function of WTO is to ensure that trade flows as smoothly and freely as possible. 4) WTO was created in 1995 by 120 countries. In 2010, there were 153 countries in WTO. There were more than 97% world trade is under WTO. The WTO consist of 32 observer countries. 5) The center of WTO studies was established in India in 1999. The center was later …show more content…

GATT for promoting international trade. In 1995, GATT was replaced by WTO. MAIN OBJECTIVES OF WTO: 1) Trade with no discrimination: The Most Favored Nation principle is used. It means every member of WTO must give same treatment to every other nation. 2) Raise the standard of living: Increase in standard of living as well as incomes by giving full employment to member nations of WTO. 3) Optimum use of resources : It includes careful use of world’s resources and also increasing production and trade of goods and services. 4) Solving the disputes: It is done by consultation and dispute solving procedures. 5) Growth of developing countries: The developing countries should get better share in trades. 6) Environment protection: The protection of environment for the benefit of mankind. 7) Increase in production of goods and services: WTO mainly focuses on increase in production and trade of goods and services. 8) Employment and income: WTO focuses on employment to generate more employment and more

Open Document