What is WTO?
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The World Trade Organization (WTO) is an international organisation that deals with international trade rules. Its main goal is to facilitate global trade and ensure that it occurs smoothly, predictably, and freely.
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Roles and Responsibilities of WTO
The WTO has various roles and responsibilities, which can be broadly categorized into the following areas:
1. Administering trade agreements
The WTO is responsible for applying and supervising the various trade agreements that have been negotiated among its member countries or nations.
Basically, this includes the General Agreement on Tariffs and Trade (GATT). It covers the international trade of the goods. And the General Agreement on Trade in Services (GATS) it covers trade of the services.
These agreements set the rules for international trade and help to reduce trade barriers among member countries.
2. Acting as a forum for trade negotiation
The WTO serves as a platform where member countries can do trade negotiations and resolve any type of disputes related to the trade.
Basically, this includes current negotiations on various trade-related issues. Such as tariffs, non-tariff barriers, and intellectual property rights. So that we can say that it act as the trade negotiator.
Through these negotiations, the WTO aims to promote further liberalization of global trade and address emerging trade issues.
3. Settling trade disputes
One of the primary responsibilities of the WTO is to resolve trade disputes of its member countries.
When a member country claim that another member country is violating the trade agreement. So they can bring the issue/problem to the WTO’s Dispute Settlement Body.
The WTO then follows a well-defined process to adjudicate the dispute and recommend appropriate actions to resolve the issue.
4. Monitoring national trade policies
The WTO is responsible for reviewing the trade policies of its member countries to confirm that they are in coordination with the organization’s rules and regulations.
This is done through the Trade Policy Review Mechanism (TPRM). Its aims is to increase transparency and promote better understanding of the trade policies and practices of member countries.
5. Providing technical assistance and training
The WTO offers technical assistance and training programs for developing countries. Just for the help them to better understand and implement the organization’s rules and commitments.
This includes workshops, seminars, and training courses on various trade-related topics. Such as customs valuation, sanitary and phytosanitary measures, and trade facilitation.
6. Cooperating with other international organizations
Basically, to promote global trade and economic growth, the WTO collaborates with the other international organisations. Such as the World Bank, IMF, and the United Nations Conference on Trade and growth (UNCTAD) and so on.
This cooperation helps to ensure that trade policies are consistent with other aspects of economic policy and contribute to sustainable development.
My Views on WTO
World Trade Organization plays a crucial role in running the international trade. And also ensures that it occurs in a fair and transparent manner.
There responsibilities include administering trade agreements, providing a forum for trade negotiations, settling trade disputes, monitoring national trade policies, offering technical assistance and training, and cooperating with other international organizations.
By fulfilling these responsibilities, the WTO aims to promote global economic growth and development