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OBJECTIVE OF WTO
The primary aim of WTO is to implement the new world trade agreement. To promote multilateral trade . To promote free trade by abolishing tariff & non-tariff barriers. To enhance competitiveness among all trading partners so as to benefit consumers. To increase the level of production & productivity with a view to increase the level of employment in the world. To expand & utilise world resources in the most optimum manner.
CONT.
India is one of the founder members of WTO. WTO is an international trade organisation having set
FUNCTION OF WTO
Implementing WTO agreements & administering the international trade. Cooperating with IMF & World Bank & its associates for establishing coordination in Global Trade Policy-Making. Settling trade related disputes among member nations with the help of its Dispute Settlement
Reviewing trade related economic policies of member countries with help of its Trade Policy Review Body (TPRB). Providing technical assistance & guidance related to management of foreign trade & fiscal policy to its member nations.
STRUCTURE OF WTO
Ministerial Conference General Council
The attempts to expand the coverage of the WTO agreements became more apparent with the launching of the Doha Development Agenda (DDA) at the WTOs 4th Ministerial Conference in Doha, Qatar in 2001.
In a nutshell, the DDA seeks to start negotiations on nonagricultural tariffs, trade and environment, WTO rules like anti-dumping and subsidies, investment, competition policy, trade facilitation, transparency in government procurement, and intellectual property. The deadline for negotiations was on Jan. 1, 2005.
Agricultural subsidies Conflicts between trade liberalization and environmental protection Competition policy Foreign investment protection