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World Trade Organization (WTO)
The World Trade Organization (WTO) was formed to encourage international trade by setting up regulations to make such commerce easier and more predictable. The member countries create the rules and they all agree to follow them. The WTO provides many services such as helping countries make trade agreements and settling disputes.
317 Questions
How maby countries are involved in the world trade organization?
Look up World trade organization on wikipedia it will tell you all you need to know
To liberalize trade among nations and avoid wars created by trade and economic problems
What Most trade agreements made among members of the the WTO must be agreed upon by what?
A consensus.
What is a world trade organization?
An international body founded in 1995 to promote international trade and economic development by reducing tariffs and other restrictions.
What agreement established the world trade organization?
The World Trade organization was formed by the United States under the Marrakesh Agreement. It was founded to improve trades among the different countries in the world. The introduction and implementation of the Marrakesh Agreement triggered the establishment of this organization. The World Trade Organization was established on the first day of January year 1995.
What are the steps of the WTO dispute process?
Settling disputes is the responsibility of the Dispute Settlement Body (the General Council in another guise), which consists of all WTO members. The Dispute Settlement Body has the sole authority to establish "panels" of experts to consider the case, and to accept or reject the panels' findings or the results of an appeal. It monitors the implementation of the rulings and recommendations, and has the power to authorize retaliation when a country does not comply with a ruling. First stage:consultation (up to 60 days). Before taking any other actions the countries in dispute have to talk to each other to see if they can settle their differences by themselves. If that fails, they can also ask the WTO director-general to mediate or try to help in any other way.
Second stage: the panel (up to 45 days for a panel to be appointed, plus 6 months for the panel to conclude). If consultations fail, the complaining country can ask for a panel to be appointed. The country "in the dock" can block the creation of a panel once, but when the Dispute Settlement Body meets for a second time, the appointment can no longer be blocked (unless there is a consensus against appointing the panel).
Officially, the panel is helping the Dispute Settlement Body make rulings or recommendations. But because the panel's report can only be rejected by consensus in the Dispute Settlement Body, its conclusions are difficult to overturn. The panel's findings have to be based on the agreements cited.
The panel's final report should normally be given to the parties to the dispute within six months. In cases of urgency, including those concerning perishable goods, the deadline is shortened to three months.
The agreement describes in some detail how the panels are to work. The main stages are:
Before the first hearing: each side in the dispute presents its case in writing to the panel.
First hearing: the case for the complaining country and defence: the complaining country (or countries), the responding country, and those that have announced they have an interest in the dispute, make their case at the panel's first hearing.
Rebuttals: the countries involved submit written rebuttals and present oral arguments at the panel's second meeting.
Experts: if one side raises scientific or other technical matters, the panel may consult experts or appoint an expert review group to prepare an advisory report.
First draft: the panel submits the descriptive (factual and argument) sections of its report to the two sides, giving them two weeks to comment. This report does not include findings and conclusions.
Interim report: The panel then submits an interim report, including its findings and conclusions, to the two sides, giving them one week to ask for a review.
Review: The period of review must not exceed two weeks. During that time, the panel may hold additional meetings with the two sides.
Final report: A final report is submitted to the two sides and three weeks later, it is circulated to all WTO members. If the panel decides that the disputed trade measure does break a WTO agreement or an obligation, it recommends that the measure be made to conform with WTO rules. The panel may suggest how this could be done.
The report becomes a ruling: The report becomes the Dispute Settlement Body's ruling or recommendation within 60 days unless a consensus rejects it. Both sides can appeal the report (and in some cases both sides do).
Why was joining WTO such a major step for china?
China joined the WTO in order to be eligible for lower tariff (import tax) rates from the other WTO member countries (most other countries, including all of the industrialized nations). As a non-member, their exports were subject to much higher tariff rates, some of them prohibitive. By joining, it made their exports less costly.
Not all member countries were happy about China's joining, but they felt China's
predatory nature could be more easily controlled by granting WTO membership than by keeping them out.
What are the role and functions of wto in international relations?
to monitor the trades of the world to see if any one is doing something stupid and also according to www.wto.org: (it would be best to know what their functions are straight from their own site) The WTO has as its main function the administration of a number of multilateral trade agreements, the objectives of which are to reduce existing trade barriers and to expand international trade and economic development, growing emphasis being placed on trade as an essential factor in the development of less-developed countries. Trade in goods, trade in services and trade related intellectual property and investment, trade and environment questions, trade in agricultural goods are some of the issues the Secretariat is dealing with. The WTO conducts examinations of members' trade policies, and economic research in support of its activities. It administers a dispute settlement mechanism for trade conflicts.
What is a major similarity between the world trade organization and the world bank?
both promote free trade policies among their member states
What does the world trade organization formed in order to accomplish?
The World Trade Organization was formed in order to promote free trade.
What are the disadvantages and advantages of wto in international trade?
Well, without trade, you would have to find/produce/beg for everything you need or want all by yourself. It is very difficult to live without at least some trading.As for disadvantages, well this is...
Why did president Clinton support the GATT and the WTO?
One reason President Clinton supported free trade blocs was to theoretically increase the prosperity of certain countries.
The WTO started out as the General Agreement on Tariffs and Trade (GATT) in about 1948, headquartered at Geneva, Switzerland. Member countries realizing that the Great Depression was exacerbated by trade wars, competitive devaluations of currencies and establishing protectiive tariffs, following a "beggar-thy-neighbor" policy under the misguided belief that by keeping imports out of the country, domestic jobs would be saved. The result was retaliation and trade wars.
The GATT was established for the purpose of reduction of such barriers to trade on a mutual basis and negotiating trade disputes in order to avoid confrontations and trade wars, retaliations, etc.
Under the GATT and WTO, there have been several "Rounds" of trade negotiations, and several battles as well-but foliowing established rules-when disputes could not be settled peacefully. Perhaps the most notable of these "Rounds" was the Kennedy Round of Trade Negotiations, wherein American tariffs were slashed approximately 35% across the board, without demanding reciprocity from other nations--unilateral.
The WTO has been fairly successful in resolving such multinational disputes and has started moving into areas of protection of intellectual rights, services, etc. following patterns of international business change.
A bit more...
The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. The organization deals with regulation of trade between participating countries; it provides a framework for negotiating and formalizing trade agreements, and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements which are signed by representatives of member governments and ratified by their parliaments. Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round (1986-1994).
The organization is currently endeavoring to persist with a trade negotiation called the Doha Development Agenda (or Doha Round), which was launched in 2001 to enhance equitable participation of poorer countries which represent a majority of the world's population. However, the negotiation has been dogged by "disagreement between exporters of agricultural bulk commodities and countries with large numbers of subsistence farmers on the precise terms of a 'special safeguard measure' to protect farmers from surges in imports. At this time, the future of the Doha Round is uncertain."
The WTO has 153 members, representing more than 97% of the world's population, and 30 observers, most seeking membership. The WTO is governed by a ministerial conference, meeting every two years; a general council, which implements the conference's policy decisions and is responsible for day-to-day administration; and a director-general, who is appointed by the ministerial conference. The WTO's headquarters is at the Centre William Rappard, Geneva, Switzerland.
What are the negative aspects of WTO?
world trade organisation was established in 1995,world trade organisation sets rules for the global trade.It has 153 members.All decision are taken by consensus of majority but developed countries have learnt to use it for fulfilling their own needs.They frame laws which are beneficial for them and through which they could exploit the developing countries economically.The multinational companies of these developed countries establish themselves in developing countries and gain access to their markets.The developing countries blame WTO for intransparency and for following the decisions of advanced countries.
Which would be a responsibility of the World Trade Organization?
Monitoring international trade agreements would be a responsibility of the World Trade Organization.
What is the relationship between WTO and globalization?
World Trade Organization, based in Geneva, Switzerland. It primarily deals with the rules of trade and commerce between two countries.
Structure - Made of 2 entities:
1. WTO agreements, framed, negotiated and agreed to by most of the countries of the
world.
2. WTO is also a forum where countries can negotiate these agreements, settle disputes arising from agreements and help other countries join the negotiations.
It was formed in 1995.
What countries belong to the WTO?
Albania 8 September 2000Angola 23 November 1996Antigua and Barbuda 1 January 1995Argentina 1 January 1995Armenia 5 February 2003Australia 1 January 1995Austria 1 January 1995Bahrain, Kingdom of 1 January 1995Bangladesh 1 January 1995Barbados 1 January 1995Belgium 1 January 1995Belize 1 January 1995Benin 22 February 1996Bolivia 12 September 1995Botswana 31 May 1995 Brazil 1 January 1995Brunei Darussalam 1 January 1995Bulgaria 1 December 1996Burkina Faso 3 June 1995Burundi 23 July 1995Cambodia 13 October 2004Cameroon 13 December 1995Canada 1 January 1995Cape Verde 23 July 2008Central African Republic 31 May 1995Chad 19 October 1996Chile 1 January 1995China 11 December 2001Colombia 30 April 1995Congo 27 March 1997Costa Rica 1 January 1995Côte d'Ivoire 1 January 1995Croatia 30 November 2000Cuba 20 April 1995Cyprus 30 July 1995Czech Republic 1 January 1995Democratic Republic of the Congo 1 January 1997Denmark 1 January 1995Djibouti 31 May 1995Dominica 1 January 1995Dominican Republic 9 March 1995Ecuador 21 January 1996Egypt 30 June 1995El Salvador 7 May 1995Estonia 13 November 1999European Communities 1 January 1995 Fiji 14 January 1996Finland 1 January 1995Former Yugoslav Republic of Macedonia (FYROM) 4 April 2003France 1 January 1995Gabon 1 January 1995The Gambia 23 October 1996Georgia 14 June 2000Germany 1 January 1995Ghana 1 January 1995Greece 1 January 1995Grenada 22 February 1996Guatemala 21 July 1995Guinea 25 October 1995Guinea Bissau 31 May 1995Guyana 1 January 1995Haiti 30 January 1996Honduras 1 January 1995Hong Kong, China 1 January 1995Hungary 1 January 1995Iceland 1 January 1995India 1 January 1995Indonesia 1 January 1995Ireland 1 January 1995Israel 21 April 1995Italy 1 January 1995Jamaica 9 March 1995Japan 1 January 1995Jordan 11 April 2000Kenya 1 January 1995Korea, Republic of 1 January 1995Kuwait 1 January 1995Kyrgyz Republic 20 December 1998Latvia 10 February 1999Lesotho 31 May 1995Liechtenstein 1 September 1995Lithuania 31 May 2001Luxembourg 1 January 1995Macao, China 1 January 1995Madagascar 17 November 1995Malawi 31 May 1995Malaysia 1 January 1995Maldives 31 May 1995Mali 31 May 1995Malta 1 January 1995Mauritania 31 May 1995Mauritius 1 January 1995Mexico 1 January 1995Moldova 26 July 2001Mongolia 29 January 1997Morocco 1 January 1995Mozambique 26 August 1995Myanmar 1 January 1995Namibia 1 January 1995Nepal 23 April 2004Netherlands — For the Kingdom in Europe and for the Netherlands Antilles 1 January 1995New Zealand 1 January 1995Nicaragua 3 September 1995Niger 13 December 1996Nigeria 1 January 1995Norway 1 January 1995Oman 9 November 2000Pakistan 1 January 1995Panama 6 September 1997Papua New Guinea 9 June 1996Paraguay 1 January 1995Peru 1 January 1995Philippines 1 January 1995Poland 1 July 1995Portugal 1 January 1995Qatar 13 January 1996Romania 1 January 1995Rwanda 22 May 1996Saint Kitts and Nevis 21 February 1996Saint Lucia 1 January 1995Saint Vincent & the Grenadines 1 January 1995Saudi Arabia 11 December 2005Senegal 1 January 1995Sierra Leone 23 July 1995Singapore 1 January 1995Slovak Republic 1 January 1995Slovenia 30 July 1995Solomon Islands 26 July 1996South Africa 1 January 1995Spain 1 January 1995Sri Lanka 1 January 1995Suriname 1 January 1995Swaziland 1 January 1995Sweden 1 January 1995Switzerland 1 July 1995Chinese Taipei 1 January 2002Tanzania 1 January 1995Thailand 1 January 1995Togo 31 May 1995Tonga 27 July 2007Trinidad and Tobago 1 March 1995Tunisia 29 March 1995Turkey 26 March 1995Uganda 1 January 1995Ukraine 16 May 2008United Arab Emirates 10 April 1996United Kingdom 1 January 1995United States of America 1 January 1995Uruguay 1 January 1995Venezuela (Bolivarian Republic of) 1 January 1995Viet Nam 11 January 2007Zambia 1 January 1995Zimbabwe 5 March 1995
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AfghanistanAlgeriaAndorraAzerbaijanBahamasBelarusBhutanBosnia and HerzegovinaComorosEquatorial GuineaEthiopiaHoly See (Vatican) IranIraqKazakhstanLao People's Democratic RepublicLebanese RepublicLiberia, Republic ofLibyaMontenegroRussian FederationSamoaSao Tomé and PrincipeSerbiaSeychellesSudanTajikistanUzbekistanVanuatuYemen
Source: http://www.wto.org/english/thewto_e/whatis_e/tif_e/org6_e.htm
How did the world trade organization contribute to Globalization?
Answer this question… It encourages international exchange by removing barriers to trade.
