International-Business-Dr-R-Chandran-E-book

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International Business- Dr. R. Chandran
9.WORLD TRADE ORGANISATION (WTO)
Transparent, free and rule-based trading system
Provide common institutional framework for conduct of trade relations
among members
Facilitate the implementation, administration and operation of
Multilateral Trade Agreements
Rules and Procedures Governing Dispute Settlement
Trade Policy Review Mechanism
Concern for LDCs and NFIDCs
Concern on Non-trade issues such as Food Security, environment,
health, etc.
Learning value:
Chapter deals with:
1. GATT & WTO
2. WTO overview
3. Developments in WTO
4. Environmental issues
5. Dilemma of developing countries
6. Impact of WTO on Indian Businesses
The roots of the World Trade Organisation (WTO) lie in the General
Agreement on Tariffs and Trade (GATT) which was established in 1948 by
23 original founders, India being one of them. The 8 th round of talks under
GATT (1986-1994), KNOWN AS THE Uruguay Round, led to the birth of
the WTO on 1st January 1995. In the Uruguay Round, new agreements such
as the General Agreement on Trade in Services (GATS) and the Agreement
on Trade Related Aspects of Intellectual Property Rights (TRIPS) and Trade
Related Investment Management System (TRIMS) were negotiated. All the
three major agreements along with their associate agreements now rest under
the umbrella organization, namely the WTO.
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