World Trade Organization (WTO)
31.01.2024
World Trade Organization (WTO) , Daily Currrent Affairs, RACE IAS : Best IAS Coaching in Lucknow
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For the Prelims: About World Trade Organization (WTO),Key Points,Functions of WTO |
Why in the news?
Recently, the US blocked a fresh proposal to restart the dispute settlement mechanism at the World Trade Organization (WTO).
Key Points
- This is the 73rd occasion when a proposal moved by Guatemala, a Central American country, on behalf of 130 members was not able to launch the selection processes.
- The US has been blocking the appointment of new judges to the WTO’s seven-member appellate court since 2017 on grounds of judicial activism at the WTO and concerns over US sovereignty.
About World Trade Organization (WTO)
- It is a multilateral organization headquartered in Geneva, Switzerland.
- It came into existence on January 1, 1995, as a successor to the General Agreement on Tariffs and Trade (GATT).
- The organization functions as a central body that facilitates global trade.
- The WTO operates the global system of trade rules.
- It helps developing countries build their trade capacity.
- It also provides a forum for its members to negotiate trade agreements and resolve the trade problems they face with each other.
- The WTO provides a common platform to negotiate trade agreements among member countries and to resolve any trade disputes.
- It manages 60 global and about 300 regional trade agreements. The 60 trade agreements are accorded the status of international law.
- The WTO comprises 164 member states.
- India is a member of WTO.
Functions of WTO:-
- Establishing and Enforcing Rules for International Trade
- Negotiating trade rules
- Overseeing WTO agreements
- Maintaining open trade
- Settling disputes
- Collaboration Between International Economic Institutions
- Safeguarding The Trading Interest of Developing Countries
Source:PIB