Short Essay on World Trade Organisation – The World Trade Organisation (WTO) is the successor organisation to the multilateral General Agreement on Tariffs and Trade (GATT).
Eight rounds of negotiations were conducted under the GATT to liberalise World Trade and evolve a common code of conduct in world trade relations between the nations. The Eighth Round, the last called Uruguay Round was cancelled in 1993.
The largest ever agreement in the history was signed in 1994. The headquarters of GATT in Geneva at present functions as the WTO.
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The object of the WTO is the liberalisation of world trade. The member countries apply fair trade rules covering commodities, services and intellectual property.
The Uruguay Round commits the member countries to lowering of tariffs on industrial goods, abolition of quotas on garments and textiles, reduction of trade-distorting subsidies and important barriers and agreements on intellectual property. A seven-member standing appellate body resolves the disputes of the member countries.
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