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Full Form
Full Form of WTO – World Trade Organization
What is the Full Form of WTO
Full Form of WTO
The full form of WTO is the “World Trade Organization”. The World Trade Organization is an intergovernmental organization that regulates and facilitates international trade between two or more countries. Governments use the organization to establish, revise, and enforce the rules that govern international trade.
About WTO
We have discussed the full form of WTO. Here we are going to discuss some facts related to WTO.
- Founded: 1 January 1995
- Headquarters: Geneva, Switzerland
- Purpose: Reduction of tariffs and other barriers to trade
- Membership: 164 members (160 UN member states, the European Union, Hong Kong, Macao, and Taiwan)
- Staff: 640
- Director-General: Ngozi Okonjo-Iweala
- Type of business: Intergovernmental organization
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between two nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments.
Who is WTO?
WTO operates a global system of trade rules, acts as a forum for negotiating trade agreements, settles trade disputes that arise between its members and it supports the needs of developing countries across the world.
What WTO does do?
All major decisions are made by the WTO’s member governments: either by ministers (who usually meet every two years) or by their ambassadors or delegates (who meet regularly in Geneva).
Members of WTO?
The WTO has 164 member countries as of 2019, with Afghanistan and Liberia the most recent members, having joined in July 2016, and 23 “observer” countries in the world. The WTO prohibits discrimination between trading nations but provides exceptions for national security, environmental conservation, and other important goals. Any kind of trade-related dispute is resolved at the World Trade Organization by independent judges through a process of dispute resolution. Know more here.
Meaning of WTO
WTO – World Trade Organization, was established in 1995 as the heir organization to the GATT (General Agreement on Trade and Tariff). GATT was founded in 1948 with 23 nations as the global (international) trade organization to serve all multilateral trade agreements by giving fair chances to all nations in the international exchange for trading prospects. The full form of WTO is described here. WTO is required to build a rule-based trading government in which countries cannot place unreasonable constraints on trade. The full form of WTO is described above.
Objectives of WTO
Here we have described the full form of WTO. Now we will discuss some primary objectives of WTO.
- To set and execute rules for international trade
- To present a panel for negotiating and controlling additional trade liberalization
- To solve trade conflicts
- To improve the clarity of decision-making methods
Features of WTO
- It is a much wider concept than GATT.
- Each member has a single voting right.
- Its member enjoys international privilege.
- It administers a unified package of an agreement to which all members are committed.
- It is a forum of discussion between its member countries.
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