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The World Trade Organization (WTO ), (is an international organization designed to supervise and liberalize international trade ).

The WTO came into being on January 1 , 1995 , and is the successor to the

General Agreement on Tariffs and Trade (GATT), which was created in1948, and continued to operate for almost five decades as a de facto international organization.

The World Trade Organization deals with the rules of trade between nationsat a near-global level; it is responsible for negotiating and implementingnew trade agreements, and is in charge of policing member countries'adherence to all the WTO agreements, signed by the bulk of the world'strading nations and ratified in their parliaments .[3][4] Most of the WTO'scurrent work comes from the 1986-94 negotiations called the UruguayRound , and earlier negotiations under the GATT. The organization iscurrently the host to new negotiations, under the Doha Development

Agenda (DDA) launched in 2001 .[3][2]

The WTO is governed by a Ministerial Conference, which meets every twoyears; a General Council, which implements the conference's policydecisions and is responsible for day-to-day administration; and a director-general, who is appointed by the Ministerial Conference. The WTO'sheadquarters are in Geneva , Switzerland .

John Maynard Keynes and Harry Dexter White at the Bretton Woods Conference Both economists had been strong advocates of a liberal international tradeenvironment, and recommended the establishment of three institutions: the IMF(fiscal and monetary issues), the World Bank (financial and structural issues), andthe ITO (international economic cooperation) .[5]

The WTO's predecessor, the General Agreement on Tariffs and Trade (GATT),was established after World War II in the wake of other new multilateral institutionsdedicated to international economic cooperation - notably the Bretton Woodsinstitutions now known as the World Bank and the International Monetary Fund .

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Mission, functions and principles

The WTO's stated goal is to improve the welfare of the peoples of itsmember countries, specifically by lowering trade barriers and providing aplatform for negotiation of trade .[25] Its main mission is "to ensure that tradeflows as smoothly, predictably and freely as possible". This main mission isfurther specified in certain core functions serving and safeguarding fivefundamental principles, which are the foundation of the multilateral tradingsystem .[26]

Functions

Among the various functions of the WTO, these are regarded by analystsas the most important:

It oversees the implementation, administration and operation of the coveredagreements .[27][28]

It provides a forum for negotiations and for settling disputes . [29][30]

Additionally, it is the WTO's duty to review the national trade policies, and toensure the coherence and transparency of trade policies throughsurveillance in global economic policy-making.

Another priority of the WTO is the assistance of developing , least-developed and low-income countries in transition to adjust to WTO rulesand disciplines through technical cooperation and training.

The WTO is also a center of economic research and analysis: regular assessments of the global trade picture in its annual publications andresearch reports on specific topics are produced by the organization.Final ly, the WTO coo perates c los ely wi th the two o ther com pon ents of

the Bret ton Woo ds sy stem, the IMF and the World Bank .

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Principles of the trading systemThe WTO establishes a framework for trade policies; it does not define or

specify outcomes. That is, it is concerned with setting the rules of the tradepolicy games .[33] Five principles are of particular importance inunderstanding both the pre-1994 GATT and the WTO:

1. Non-Discrimination . It has two major components: the most favourednation (MFN) rule, and the national treatment policy. Both are embedded inthe main WTO rules on goods, services, and intellectual property, but their precise scope and nature differ across these areas.

The MFN rule requires that a WTO member must apply the sameconditions on all trade with other WTO members, i.e. a WTO member hasto grant the most favorable conditions under which it allows trade in acertain product type to all other WTO members.

"Grant someone a special favour and you have to do the same for all other WTO members."

National treatment means that imported and locally-produced goods

should be treated equally (at least after the foreign goods have entered themarket) and was introduced to tackle non-tariff barriers to trade (e.g.technical standards, security standards et al. discriminating againstimported goods) .[33]

2. Reciprocity . It reflects both a desire to limit the scope of free-riding thatmay arise because of the MFN rule, and a desire to obtain better access toforeign markets. A related point is that for a nation to negotiate, it isnecessary that the gain from doing so be greater than the gain available

from unilateral liberalization; reciprocal concessions intend to ensure thatsuch gains will materialize.

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3. Binding and enforceable commitments . The tariff commitments made byWTO members in a multilateral trade negotiation and on accession areenumerated in a schedules (list) of concessions. These schedules establish"ceiling bindings": a country can change its bindings, but only after negotiating with its trading partners, which could mean compensating themfor loss of trade. If satisfaction is not obtained, the complaining country mayinvoke the WTO dispute settlement procedures.

4. Transparency . The WTO members are required to publish their traderegulations, to maintain institutions allowing for the review of administrativedecisions affecting trade, to respond to requests for information by other members, and to notify changes in trade policies to the WTO. Theseinternal transparency requirements are supplemented and facilitated byperiodic country-specific reports (trade policy reviews) through the TradePolicy Review Mechanism (TPRM). The WTO system tries also to improvepredictability and stability, discouraging the use of quotas and other measures used to set limits on quantities of imports.

5. Safety valves . In specific circumstances, governments are able to restricttrade . There are three types of provisions in this direction: articles allowingfor the use of trade measures to attain noneconomical objectives; articlesaimed at ensuring "fair competition"; and provisions permitting interventionin trade for economic reasons.

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Formal Structure

According to WTO rules, all WTO members may participate in all councils,committees, etc., except the Appellate Body , Dispute Settlement panels,and plurilateral committees

Highest level: Ministerial Conference

The topmost decision-making body of the WTO is the MinisterialConference, which has to meet at least every two years. It brings together all members of the WTO, all of which are countries or separate customsterritories. The Ministerial Conference can make decisions on all matters

under any of the multilateral trade agreements.Second level: General Council

The daily work of the ministerial conference is handled by three groups: theGeneral Council, the Dispute Settlement Body, and the Trade PolicyReview Body.

All three consist of the same membership representatives of all WTOmembers but each meets under different rules.

1. The General Council, the WTOs highest -level decision-making body inGeneva , meets regularly to carry out the functions of the WTO. It hasrepresentatives (usually ambassadors or equivalent) from all member governments and has the authority to act on behalf of the ministerialconference which only meets about every two years. The council acts onbehalf on the Ministerial Council on all of the WTO affairs.

2. The Dispute Settlement Body is made up of all member governments,usually represented by ambassadors or equivalent. The current chairpersonis H.E. Mr. Bruce Gosper ( Australia ).

3. The WTO General Council meets as the Trade Policy Review Body(TPRB) to undertake trade policy reviews of Members under the TRPM.The TPRB is thus open to all WTO Members. The current chairperson isH.E. Ms. Claudia Uribe (Colombia ).[

citation needed ]

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Third level: Councils for Trade

The Councils for Trade work under the General Council. There are three

councils Council for Trade in Goods, Council for Trade-Related Aspectsof Intellectual Property Rights, and Council for Trade in Services eachcouncil works in different fields.

Apart from these three councils, six other bodies report to the GeneralCouncil reporting on issues such as trade and development, theenvironment, regional trading arrangements and administrative issues.

1. Council for Trade in Goods The workings of the General Agreementon Tariffs and Trade (GATT) which covers international trade in goods, are

the responsibility of the Council for Trade in Goods. It is made up of representatives from all WTO member countries. The current chairperson,as of 2007 -02-13 , is Amb. Yonov Frederick Agah (Nigeria ).[36]

2. Council for Trade-Related Aspects of Intellectual Property Rights Information on intellectual property in the WTO, news and official records of the activities of the TRIPS Council, and details of the WTOs work withother international organizations in the field . [37]

3. Council for Trade in Services The Council for Trade in Services

operates under the guidance of the General Council and is responsible for overseeing the functioning of the General Agreement on Trade in Services (GATS). It is open to all WTO members, and can create subsidiary bodiesas required. [

citation needed ]

Fourth level: Subsidiary Bodies

There are subsidiary bodies under each of the three councils. [citation needed ]

1. The Goods Council subsidiary under the Council for Trade in Goods.

It has 11 committees consisting of all member countries, dealing withspecific subjects such as agriculture, market access, subsidies, anti-dumping measures and so on.

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Committees include the following:

Information Technology Agreement (ITA) Committee

State Trading Enterprises

Textiles Monitoring Body Consists of a chairman and 10 members actingunder it.

Groups dealing with notifications process by which governments informthe WTO about new policies and measures in their countries.

2. The Services Council subsidiary under the Council for Trade inServices which deals with financial services, domestic regulations and other specific commitments. [

citation needed ]

3. Dispute Settlement panels and Appellate Body- subsidiary under theDispute Settlement Body to resolve disputes and the Appellate Body to dealwith appeals. [

citation needed ]

Other committees

Committees on

Trade and Environment

Trade and Development (Subcommittee on Least-Developed Countries)

Regional Trade Agreements

Balance of Payments Restrictions

Budget, Finance and Administration

Working parties on Accession

Working groups on Trade, debt and finance

Trade and technology transfer

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