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World Trade
Organization(WTO)
Presented by :- Group No. 4Abhishek Choudhary Anand Kumawat
Sanjay Singh Rajpurohit Nikhil K Mehta
Mitesh Sharma Rahul Srivastava
Omprakash Suthar
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Introduction
The WTO is a rules-based, member-driven
organization all decisions are made by the
member governments, and the rules are the
outcome of negotiations among members
It came into existence on 1 January 1995
It is the successor of GATT (General
Agreements on Tariffs and Trade) which was
started in 1947
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Cont
The last and largest GATT round, was theUruguay Round which lasted from 1986 to1994 and led to the WTOs creation
Whereas GATT had mainly dealt with trade ingoods, the WTO and its agreements now covertrade in services, and in traded inventions,creations and designs (intellectual property)
The meeting of WTO held once in every twoyear and secretariat is based in Geneva
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World Trade Organization
Location: Geneva, Switzerland
Created by: Uruguay Round negotiations
(1986-94)
Membership: 153 countries on 23 July 2008
Budget: 189 million Swiss francs for 2009
Secretariat staff: 625 Head: Pascal Lamy (Director-General)
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Difference between GATTand WTO
The GATT has no basic constitution whereasWTO has permanent institution with its ownFull-fledged secretariat located in Geneva
GATT was applied on a provisional basisand the WTO commitment was full, enduringand permanent
GATT rules applied to trade in merchandisegoods, wherever the WTO rules were appliedon trade in services, goods and on TRIPs
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Cont
The WTO dispute settlement system is
more convenient, faster, more automatic
whereas GATT system was moresusceptible in blockages
WTO has a global status similar to IMF,
IBRD wherever GATT was establishedon provisional basis
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WTO Objectives
To raise the standard of living and toensure full employment
To develop an integrated, viable and
durable multi-lateral trading system To promote sustainable development in
member countries by the optimal use ofresources
To help the developing countries to get ashare in the growth of International Trade
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Cont
To reduce tariffs and other tradebarriers among member countries andto eliminate discriminatory treatment
in International Trade relation
To ensure linkages between tradepolicies, environmental policies and
sustainable development
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Structure of WTO
Ministerial Conference (MC)
Committee on BOPRestrictions
Committee on Tradeand Development
Committee on Budget,finance and
Administration
General Council (GC)
Dispute SettlementBody
Trade Policy ReviewMechanism (TPRM)
Council for trade ingoods
Council for trade inservices Council for TRIPS
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Features
WTO has a legal personality which isbased on Multi-Lateral Trade
Its ultimate aim of WTO is to establish a
rule basis of Global Free
Trade It is wider than GATT because it is not
only covers trade related to goods but alsoincludes services and property rights
All member-countries are committed tothe agreements which it passes
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Cont
It is a full Fledged InternationalOrganization
The decision making under WTO iscarried out by consensus
It is an open ended institution and itcan take on board any subject areawhich the member government thinkshould be brought under multilateraldiscipline
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Cont
To facilitate the management of theMultilateral Trade Agreement (MTAs) and thePlurilateral Trade Agreement (PTAs) for thefulfillment of their obligation
The above agreements are negotiated by themembers of the forum
To administer the understanding of rules and
procedures governing in settlement ofdisputes
To administer TPRM
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Major Trade Agreements (MTAs)(Under WTO)
Agreement on Agriculture
General Agreement on Trade inServices
Agreement on Trade RelatedIntellectual Properties (TRIPs)
Agreement on Textiles and Clothing(Multi-Fibre Agreement)
Agreement on Manufactured goods
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Achievements
Promptness of setting disputesamong the member nations
It plays a significant role inglobalization and market orientationof the economies
It has taken several steps on accessto a very strong financial system andaccess to investment
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Cont
By following the rules of WTO, BOP (Balance ofPayment) situations of many member nationshas improved
WTO has increased demand for technicalassistance
TPRM of WTO has been enforcing disciplineamongst the member countries
It has contributed towards information andtechnology agreements, transparency ingovernment procurement and trade facilitation
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WTO and India
In 1994, India has joined WTO as aFounder Member, and number of issueshave risen having their impact on its
interest. There are four major provisions relating to
agriculture and that are:
Reduction in domestic support
Market access
Trade Related Intellectual Property Rights(TRIPs)
Disbanding Public Distribution System
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Cont
The issues were as follows:
In the area of agriculture the Tariff rate quotashould be make more transparent, equitable andnon-discriminatory
In the area of senetary products, measuresshould be taken for International setting
To protect small scale industries and otherdomestic industries
A Multi-National Corporation should beencouraged in rural market
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Challenges and Limitations
WTO is facing problem in making the newmultilateral system truly global in scope andapplication
The trade reforms are still incomplete inmany countries
Some developing countries appear to begoing in reverse direction
It is also facing an important issue likebalancing of trade and environmentalconcerns
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Cont
The WTO has opened up the world economymore rapidly in areas that benefited thedeveloped world
Without consensus, there is no possibility thatit could be brought into the agenda of the WTO
The interest of International trade, which are
primarily the interest of multi-nationalcorporations, takes precedence over localconcerns
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