Function Of WTO

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An Economy play vital role in the development of a country. Every country has main factors of production like land, labour, capital goods and entrepreneurship. There are four basic fundamental choices in front of a country 1. What to produce 2. How to produce. 3 For whom to produce. 4 What economic system to use: traditional economy , centrally planned economy, free market economy or mixed economy. Product Price plays significant role for consumer and producer. Consumer wants maximum well-being and producer seeks maximum benefit. Now a day every country has limited resources to satisfy their unlimited wants, it give rise to economic problem. Subsequently when these desires constantly exceed the resources then the problem of scarcity comes up. The low opportunity cost was easily …show more content…
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.
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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

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