Function Of WTO
In addition, it refers to various WTO agreements, as well as to GATT, Uruguay Round, and the Doha Development Agenda of trade negotiations. These terms are explained throughout the course.
What is the WTO
WTO is the acronym of the World Trade Organization.
The WTO is the only global international organization dealing with the rules of international trade between nations. At its heart are the many agreements, which were negotiated and signed by governments and ratified in their parliaments.
I. The WTO came into being in 1995, and though legally distinct from the "GATT", they are interrelated. The WTO was created after the culmination of long, intense negotiations, which took place under the auspices of the
"GATT" and are known as the "Uruguay Round" of negotiations.
"GATT" means General Agreement on Tariffs and Trade. Formally, the GATT (1947-1994) was not an international organization but simply an international agreement, concluded in 1947. It contained rules and obligations that governed the trade in goods for almost fifty years between the Member nations party to