World Trade Organization (WTO) is the only international organisation dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.
The bulk of the WTO's current work comes from the 1986-94 negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade (GATT). The WTO is currently the host to new negotiations, under the 'Doha Development Agenda' launched in 2001.
The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. It is the largest international economic organisation in the world.
Location: Geneva, Switzerland
Established: 1 January 1995
Created by: Uruguay Round Negotiations (1986-94)
Membership: 164 members representing 98 percent of world trade
Official languages: English, French, Spanish
Functions
- Administering WTO trade agreements,
- Forum for trade negotiations,
- Handling trade disputes,
- Monitoring national trade policies,
- Technical assistance and training for developing countries,
- Cooperation with other international organisations
The WTO's top level decision making body is the Ministerial Conference, which meets usually every 2 years.
Nepal has been a member of WTO since 23 April 2004.
Principles of WTO
- Non-discrimination
- More open
- Predictable and transparent
- More competitive
- More beneficial for less developed countries
- Protect the environment