About World trade organization
The World Trade Organization (WTO) is an intergovernmental organization that deals with the global rules of trade between nations. It was established in 1995 and has its headquarters in Geneva, Switzerland. The WTO's main function is to ensure that global trade flows smoothly, predictably, and freely as possible.
The WTO has 164 member countries, which account for over 98% of world trade. The organization operates on the principle of non-discrimination, meaning that all member countries are treated equally regardless of their economic size or level of development. This ensures that smaller and less developed countries have a voice in global trade negotiations.
One of the key functions of the WTO is to negotiate and enforce international trade agreements. These agreements cover a wide range of issues such as tariffs, subsidies, intellectual property rights, and services trade. The WTO also provides a forum for resolving disputes between member countries related to these agreements.
In addition to negotiating international trade agreements, the WTO also provides technical assistance and training to developing countries to help them participate more effectively in global trade. This includes assistance with implementing WTO agreements and building capacity in areas such as customs procedures and standards.
The WTO's work is guided by its members through regular meetings at various levels. The highest decision-making body is the Ministerial Conference which meets every two years to set priorities for the organization's work program.
Overall, the World Trade Organization plays a crucial role in promoting free and fair global trade by setting rules for international commerce that benefit all member countries regardless of their size or level of development. Its efforts have helped reduce barriers to international commerce while ensuring that developing countries have access to markets around the world on equal terms with developed nations.
In conclusion,
The World Trade Organization (WTO) serves as an essential platform where nations can come together on equal footing regarding matters related to international commerce without any discrimination based on economic size or level development status.
With its headquarters located at Geneva Switzerland since its establishment back in 1995; it has grown into having over 164-member states accounting for over 98% world trades.
Through non-discriminatory principles guiding its operations; it negotiates & enforces International Trade Agreements covering diverse areas like tariffs & subsidies among others.
Furthermore; it offers technical support & training programs aimed at enhancing participation from developing economies while providing dispute resolution mechanisms among members.
Ultimately; through regular meetings like Ministerial Conferences held every two years where priorities are set towards achieving goals outlined under their work program - they continue playing an integral role towards promoting free & fair Global Trade benefiting all parties involved irrespective of their economic status quo!
wto.org
