WTO IN BRIEF
1.
History
2. Organization
3. Agreements
4. Developing countries
See
also:
> 10 benefits
> 10 misunderstandings
> Understanding
the WTO |
The
result
is assurance. Consumers and producers know that they can enjoy secure
supplies and greater choice of the finished products, components, raw
materials and services that they use. Producers and exporters know that
foreign markets will remain open to them.
The
result is also a more prosperous, peaceful and accountable economic world.
Virtually all decisions in the WTO are taken by consensus among all member
countries and they are ratified by members' parliaments. Trade friction is
channelled into the WTO's dispute settlement process where the focus is on
interpreting agreements and commitments, and how to ensure that countries'
trade policies conform with them. That way, the risk of disputes spilling
over into political or military conflict is reduced.
By
lowering trade barriers, the WTO’s system also breaks down other
barriers between peoples and nations.
At
the heart of
the system — known as the multilateral trading system — are the
WTO’s agreements, negotiated and signed by a large majority of the
world’s trading nations, and ratified in their parliaments. These
agreements are the legal ground-rules for international commerce.
Essentially, they are contracts, guaranteeing member countries important
trade rights. They also bind governments to keep their trade policies
within agreed limits to everybody’s benefit.
The
agreements were negotiated and signed by governments. But their purpose is
to help producers of goods and services, exporters, and importers conduct
their business.
The
goal is
to improve the welfare of the peoples of the member countries
More details in
Understanding the
WTO
The WTO in brief ... read on:
1. The multilateral trading system — past, present and future
2. The Organization
3. WTO Agreements
4. Developing countries
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the
World Trade Organization (WTO) is the only international organization
dealing with the global rules of trade between nations. Its main function
is to ensure that trade flows as smoothly, predictably and freely as
possible.