Business and Management Essay
Name SIDRA IFTIKHAR
REGISTERATION NO :078
Submitted to sir saqib fareed sheikh
Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture. In particular, advances in transportation and telecommunications infrastructure, including the rise of the Internet, are major factors in globalization and precipitate further …show more content…
World Trade Organization (WTO) is a successor / replacement of GATT (General
Agreement on Tariffs and Trade) which was established in 1994. Pakistan has been a
W.T.O member since January, 1995. Pakistan is one of the founder members of both the
GATT and the WTO. At present the WTO has nearly 150 members of world trade,
(representing over 95% of world trade), of which there are 100 developing countries including Pakistan. The WTO headquarters’ based in Geneva, Switzerland and is headed by a Director General. The WTO's top level decision-making body is the Ministerial
Conference, which meets at least once every two years and appoints the Director General
WTO. Moreover, there is a General Council which is the body that oversees the day-today operation of the WTO. It also reviews national trade policies and oversees the dispute settlement process. The basic theme of WTO is to promote free trade and it is based upon the principle of comparative advantages i.e. to utilize the available global resources in the best possible manner.
· The WTO's overriding objective is to help trade flow smoothly, freely, fairly and predictably. · It deals with the rules of trade between nations at a global level.