World Trade Organization

World Trade Organization (WTO) was established on January 1, 1995. It is successor to the General Agreement on Tariffs and Trade (GATT). It is the legal and institutional foundation of the multilateral trading system. It is the platform on which trade relations among countries evolve through collective debate, negotiation and adjudication. It covers trade in goods, services and intellectual property. It is based on rules of trade which need to be followed by all members. They cover 98% of global trade.

The main objective of World Trade Organization is to raise standards of living, increase income level, promote full employment, expand production and multilateral trade and protect environment through optimum utilization of world's resources for sustainable development.

The structure of WTO is;

Ministerial Conference:

It is the highest body governing WTO which consists of ministerial representatives of all WTO members. It meets every two years. It is empowered to take decisions on matters related to multinational trade agreements.

General Council : It is compared of all WTO members. It reports to Ministerial Conference.

Dispute Settlement Body (DSB) : It looks after dispute settlement procedures.

Council for Trade in Goods : Oversees the functioning and implementation of all agreement covering trade in goods.

Council for trade in Service : Oversees the functioning and implementation of all agreement covering trade in services.

Council for Intellectual Property Right : Oversees the functioning and implementation of all agreements covering intellectual property rights.

Trade Policy Review Body (TPRB) : Conducts regular reviews of trade policies of individual WTO members.

Committee on Trade and Development : Concerned with trade and development issues relating to developing countries and especially least developed countries.

Committee on Balance of Payments : Concerned with consultations among WTO members to cope with balance of payment difficulties.

Committee on Budget, Finance, Administration : Concerned with issues related to WTO financing budget and administration.