WTO is a powerful body which aims at making the whole world a big village where there would be a free flow of goods & services and where there would be no barriers to trade.
The WTO was founded in 1995 as a global trade organisation. It is supposed to administer all multilateral trade agreements and provide equal opportunities to all countries in the international market for trading purposes.
WTO is expected to establish a trading regime in which nations cannot place arbitrary restrictions on trade.
In addition. its purpose is also to increase production and trade of services, to ensure optimum utilisation of world resources and to protect the environment. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through the removal of the tariff as well as non-tariff barriers and providing greater market access to all member countries.
The main objectives of WTO are as follows-
(i) To promote trade among various member nations.
(ii) To increase competitiveness among all trading partners so as to benefit the consumers.
(iii) To promote world trade so that every member country is benefitted.
(iv) To improve the standards of living in the world through a consistent increase in real income and effective demand.
(v) To utilise world resources in the most optimum manner.
(vi) To ensure that developing countries get a better share in the global trade.
(vii) Elimination of tariffs and other barriers to trade in goods as well as services.
(viii) Progressive Liberalisation.
The WTO was founded in 1995 as a global trade organisation. It is supposed to administer all multilateral trade agreements and provide equal opportunities to all countries in the international market for trading purposes.
WTO is expected to establish a trading regime in which nations cannot place arbitrary restrictions on trade.
In addition. its purpose is also to increase production and trade of services, to ensure optimum utilisation of world resources and to protect the environment. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through the removal of the tariff as well as non-tariff barriers and providing greater market access to all member countries.
The main objectives of WTO are as follows-
(i) To promote trade among various member nations.
(ii) To increase competitiveness among all trading partners so as to benefit the consumers.
(iii) To promote world trade so that every member country is benefitted.
(iv) To improve the standards of living in the world through a consistent increase in real income and effective demand.
(v) To utilise world resources in the most optimum manner.
(vi) To ensure that developing countries get a better share in the global trade.
(vii) Elimination of tariffs and other barriers to trade in goods as well as services.
(viii) Progressive Liberalisation.
No comments:
Post a Comment