The Five Functions Of World Trade Organization (WTO)

1084 Words 5 Pages
Question 15
Critically discuss five (5) functions of World Trade Organization (WTO).
1.0 Introduction
World Trade Oranization or WTO started from 1948. Before the named of WTO publish, all the trade used GATT in 1986 until 1993. GATT stand for General Agreement Tariffs and Trades. After that, all the members of GATT also sign on agreement of Uruguay in April 1994 at Morocco to publish the new named in the organization is WTO. WTO is The WTO is an organization that was established by an international agreement that has been approved by all the countries that have participated in the GATT. According to Smriti Chand, 2014 WTO is an organization that can achieve international status as the IMF and the IBRD bonus this organization is not the same
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WTO will help strengthen and reinforce adherence within all members to rules, disciplines and commitments in the Multilateral Trade Agreements. This has helped the Multilateral Trading System trading can run smoothly when the understanding of the basics in and out of the trade. Various regulations have been implemented each member who signed the agreement with WTO must follow the procedures provided. For example, each member must follow the Trade Policy Review Body (TPRB) for trade in goods. Each member will be divided based on each member's share in world trade in the period specified. For example, the first four groups will be assessed and given a review in two years. When TPRB detect any trading member who has a problem, TPRB will negotiate to solve the problem so as not to affect the other during the trading member. The success of each member of the trade is very important to stabilize the level of international …show more content…
In the long term, the WTO will help developing countries to improve their progress and ability in international trade. In other hand, WTO will resolve disputes by implementing technical standards. Various methods have been carried out to develop the country as having missions to help and educate as well as provide courses each year in Geneva for government officers. The purpose of the WTO is to help them to improve their skills, knowledge, and developing countries can increase trade infrastructure to develop their country. Building trade capacity very important to human capacity, institutional capacity and infrastructure

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