4 Important Facts about World Trade Organization (WTO)
WTO was created in 1995 at the Uruguay round of GATT (General Agreement on Trade and Tariff) negotiations. It implements 28 treaties related with the international trade.It is the “watch dog” of world trade. It has 149 members. The purpose of WTO is to promote free trade by reducing barriers like duties and quotas. Its headquarters is at Geneva. There are two committees—Dispute Settlement Body and Trade Policy Review Body that play significant role in the organization. Image Source: cdn.shareyouressays.com 1. Various Dimensions of WTOs Programmes: ADVERTISEMENTS: 1. Trade Related Intellectual Property Right (TRIPS): To enforce Patent laws commensurate with WTO.2. Trade Related Investment Measures (TRIMS): To remove quantitative restrictions and ensure equal treatment of foreign investors. ADVERTISEMENTS: 3. General Agreement on Trade in Services (GATS) 4. Multi Fibre Agreement…