World Trade Organization - An End to Trade Discrimination!
The World Trade Organization, founded in the year 1995, is the only global organization which deals with the trade rules amid the nations.
It was constituted under the Marrakech Agreement, restoring the General Agreement on Tariffs and Trade (GATT), which started in 1947.
The agreements are signed by the respective member nation's government and rectifications are done in the parliaments of the nations.
To eliminate trade barriers as between nations, this body provides a forum where disputes are settled and agreements are negotiated.
Nonetheless, the origin of the foundation goes back to World War Two.
The goal of the organization is to assist maker of goods and services, exporters, and importers execute their business.
A crucial principle of the organization is non-discrimination.
Transparency of rules, regulations and policies, high certainty in the trading conditions, generalization, ejection of red tape and custom procedure standardization are few other principles of the organization.
Comprising of 153 members, the World Trade Organization embody 95% of the entire global trade.
The headquarters of the organization is located at the Centre William Rappard, Geneva, Switzerland.
A ministerial conference, which meets once in every two years, is responsible for governance, policy implementation and day-to-day administration.
Nearly all the issues that the World Trade Organization stresses on come forth from the Uruguay Round (1986-1994).
In the present day, the organization is making an attempt to carry on with Doha Round, a trade negotiation initiated in 2001 with the goal of increasing the involvement of weaker nations, representing most part of the population.
The organization facilitates labor division between countries, allows the optimum use of resources, assists in raising efficiency and most importantly, brings down cost.
Can you visualize a situation where each nation embarks on distinct set of trade laws and diverse rates of custom duty? Would trade exist?
It was constituted under the Marrakech Agreement, restoring the General Agreement on Tariffs and Trade (GATT), which started in 1947.
The agreements are signed by the respective member nation's government and rectifications are done in the parliaments of the nations.
To eliminate trade barriers as between nations, this body provides a forum where disputes are settled and agreements are negotiated.
Nonetheless, the origin of the foundation goes back to World War Two.
The goal of the organization is to assist maker of goods and services, exporters, and importers execute their business.
A crucial principle of the organization is non-discrimination.
Transparency of rules, regulations and policies, high certainty in the trading conditions, generalization, ejection of red tape and custom procedure standardization are few other principles of the organization.
Comprising of 153 members, the World Trade Organization embody 95% of the entire global trade.
The headquarters of the organization is located at the Centre William Rappard, Geneva, Switzerland.
A ministerial conference, which meets once in every two years, is responsible for governance, policy implementation and day-to-day administration.
Nearly all the issues that the World Trade Organization stresses on come forth from the Uruguay Round (1986-1994).
In the present day, the organization is making an attempt to carry on with Doha Round, a trade negotiation initiated in 2001 with the goal of increasing the involvement of weaker nations, representing most part of the population.
The organization facilitates labor division between countries, allows the optimum use of resources, assists in raising efficiency and most importantly, brings down cost.
Can you visualize a situation where each nation embarks on distinct set of trade laws and diverse rates of custom duty? Would trade exist?
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