Question

discuss about the origin objectives functions and achievements of wto ?

Answer 1

World Trade Organization (WTO), an international organization created to oversee and liberalize world commerce. The WTO is the successor to the General Agreement on Tariffs and Trade (GATT), established in 1947 with the hope that it will eventually be replaced by a United Nations (UN) specialized agency called the International Trade Organization (ITO). Although the ITO never materialized, the GATT over the next five decades proved remarkably successful in liberalizing world trade. By the late 1980s a stronger multilateral organization was called upon to monitor trade and resolve trade disputes..

The initial GATT and all reforms made before the Uruguay Round were renamed GATT 1947 after talks ending in 1994. This package of agreements was distinguished from GATT 1994, which contains the modifications and clarifications signed during the Uruguay Round plus a dozen other multilateral goods trade agreements. In 1994 GATT became an integral part of the WTO negotiation

The WTO has six key objectives: (1) developing and enforcing rules for international trade; (2) providing a platform for negotiating and tracking further trade liberalization; (3) resolving trade disputes; (4) improving the transparency of decision-making processes; (5) cooperating with other major international economic institutions participating in global economic management; and (6) helping to develop global economic governance; Although shared by the GATT, the WTO has pursued those goals more comprehensively in practice.

The accomplishments of the WTO include strengthening the institutional foundation of the trade system; extending its membership and growing participation; deepening trade integration through lower barriers and stronger rules; improving transparency and political dialogue; strengthening dispute resolution; expanding collaboration with other international organizations; and enhancing public outreach.