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World Trade Organization. Prsented By Varsha Lamb Trupti Joshi Prajakta Vaikos. Establishment of WTO. Due to the recessions before World War 2 in West led to the formation of GATT. GATT has its origin in 1947 at a conference in Geneva.
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World Trade Organization Prsented By Varsha Lamb Trupti Joshi Prajakta Vaikos
Establishment of WTO • Due to the recessions before World War 2 in West led to the formation of GATT. • GATT has its origin in 1947 at a conference in Geneva. • At Uruguay round in 1986 the birth of WTO started.
Uruguay Round & Dunkel Proposel • It started in Sep 1986 & concluded on 15th Sep 1993. • Mr. Arthur Dunkel , Director General of GATT submitted a proposal on 20th Dec 1991 known as Dunkel Proposal. • The final ACT of Uruguay round agreement of GATT the WTO was established on Jan 1,1995
Location: Geneva, SwitzerlandEstablished: 1 January 1995Created by: Uruguay Round negotiations (1986-94) Membership: 151 countries on 27 July 2007 Budget: 182 million Swiss francs for 2007Secretariat staff: 625Head: Pascal Lamy (Director-General)
Functions of WTO • Basically WTO is designed to work as watchdog in trade of goods, services, foreign investment, intellectual property rights etc.,
• Administering WTO trade agreements• Forum for trade negotiations• Handling trade disputes• Monitoring national trade policies• Technical assistance and training for developing countries• Cooperation with other international organizations Functions
It is set of rules & multilateral agreement. It is an attempt to establish International Trade Organization. Its dispute settlement system was not faster & automatic. It was applied on provisional basis. It is a permanent institution. It is established to serve its own purpose. Its dispute settlement system was faster & automatic. Its activities are full & permanent. Differences Between GATT & WTO
Organization Structure of WTO • It is based on 4 hierarchical levels: • Ministerial Conference • General Council • Councils • Committees & Management Bodies
The IMF ,International Bank for Reconstruction & Development (IBRD) & WTO these are the three pillars of Global Business. IMF mostly provides short –term finances & IBRD provides long –term international finances while the WTO enlarges the global business. Third Pillar in Global Business
INDIA & WTO • India was one of the 76 Governments that became members of WTO on first day of formation of WTO. • India is founder member of the WTO. • According to Mr. Michael Moore, Director General, WTO ,India will have to play a crucial role in WTO activities & policy decisions.
Benefits To India • India’s textile & clothing exports will increase due to phasing out of Multi-fiber Arrangement (MFA) by 2005. • The reduction in agricultural subsidies & barriers to export of agricultural products & exports from India will increase. • India along with other developing countries has the market access to a number of advanced countries due to imposition of clasuses concerning to trade without discrimination.