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Full Form Of WTO, What Is Full Form Of WTO ?

The full form of WTO is World Trade Organization. It is the only global international organization dealing with the rules of trade between nations. It operates as an intergovernmental institution (international organization) which is responsible for taking care of the foreign trade between two or more nations and it has its headquarters in Geneva, Switzerland and it was founded on the 1st of January, 1995.  It superseded the 1947 GATT (General Agreement on Tariffs and Trade) created in the wake of World War II. The World Trade Organization is primarily based on agreements signed by the majority of trading nations of the world. The aim of WTO is to help producers of goods and services, exporters, and importers conduct their business.

The WTO has 164 member countries as of 2019, with Afghanistan and Liberia the most recent members, having joined in July 2016, and 23 “observer” countries. The WTO prohibits discrimination between trading nations, but provides exceptions for national security, environmental protection, and other important goals. The WTO's current Director-General is Roberto Azev√™do, who leads a staff of over 600 people in Geneva, Switzerland. A trade facilitation agreement, part of the Bali Package of decisions, was agreed by all members on 7 December 2013, the first comprehensive agreement in the organization's history.

Objectives of WTO

  • ·       To set and enforce rules for international trade,
  • ·       To provide a forum for negotiating and monitoring further trade liberalization,
  • ·       To resolve trade disputes,
  • ·       To increase the transparency of decision-making processes,
  • ·       To cooperate with other major international economic institutions involved in global economic management, and
  • ·       To help developing countries benefit fully from the global trading system. 

Functions of WTO

  • ·       The World Trade Organization shall administer the TPRM (Trade Policy Review Mechanism).
  • ·       The World Trade Organization shall administer the World Trade Organization agreements.
  • ·       The World Trade Organization shall provide an open forum for trade-related negotiations.
  • ·       The World Trade Organization shall cooperate with similar intergovernmental organizations.
  • ·       The World Trade Organization shall monitor domestic trade policies.
  • ·       The World Trade Organization shall handle trade-related disputes.