In today’s time, many kinds of incidents take place all over the world which are not good for ordinary citizens and many times due to such incidents, they have to face trouble in any of their business. If there are some immoral incidents anywhere in the world in view of which the rules are properly detailed, then the special role of the WTO is seen in such a situation.
Before today, you must have heard the name of the WTO many times which has carried out its functions while playing certain kinds of roles. Today, we are going to give you all the information related to the WTO, which is also beneficial for you somewhere.
Actually, the WTO is known as a world-renowned international organization, whose value is at the top of every country in the world. In view of which, an account is maintained on the rules related to trade so that no country has to face business related problems.
It is the only international body that issues the rules of trade between different countries. That is why the WTO works as a monitor, trainer all over the world.
Full form of WTO
As the full form of the WTO, “World Trade Organization” is considered. Which Hindi known as the “World Trade Organization” which serves to encourage trade.
The main objective of the WTO
The WTO is an institution that deals with resolving the problems faced by framing the rules of trade between the member states. So that trade and business can be carried forward all over the world in a proper manner, employment opportunities are created for the people so that their lifestyle can be improved and they can build a better future.
The beginning of the WTO
Primarily, the WTO was started in 1995, where many countries came together to form a community where information about trade policies was obtained. The SECRETARIAT of the WTO is in Geneva, where at least 600 people are working so far and are rendering their services to this main institution.
Benefits through the WTO
As the times changed, many kinds of changes were felt through the WTO. Over time, many kinds of benefits were received which started proving to be beneficial for the citizens.
- As soon as the WTO grew in its efficiency, so in various ways, countries also began to feel an increase through development.
- Through the WTO, the task of controlling the continuous environmental pollution was done, which directly benefited the human species and animal birds.
- Whenever a business is started at the international level, many types of taxes are considered important. In such a situation, after the arrival of the WTO, the cost of trade or business was cut due to tax.
- Due to this, the issue of economic development was felt to increase among the people where now most of the people had the ability to work.
- Over time, it was also felt that the living conditions and living standards of the people have started improving to a great extent.
Some fundamental principles of the WTO
Whenever an institution or conference is organized in the world, some of its fundamental principles are also definitely kept in mind.
Under this, we also have some fundamental principles of the WTO in front of us, where it is believed that the WTO will never be able to discriminate against any country or use the wrong spirit. Because it belongs to his principle that he should carry out the same tasks for all countries.
Further, the WTO principle also says that if any product from any country is brought to the market for the purpose of business, it is also under the fundamental principle to present that product to the people in the right way and to encourage products.
Under this, any country is given the freedom to trade freely in which it is not considered mandatory to charge any unnecessary duty except customs duty and various import duties. In this way, transparency is certainly shown among all the countries, which benefits the whole world.
In addition, another WTO doctrine also states that a decision will be taken by understanding the trade policy of each country and wrong treatment of any country will be prevented. Under which developing countries will also get the benefit and they will be able to work to move forward.
Main Functions of the WTO
Ever since the WTO was established, their actions have been determined so that the works are not kept incomplete due to the confrontation of the ego in the future also.
- If in any way there has been a problem while starting a business or business and due to this, the country has suffered a disaster, in such a situation, the wto started the process of consultation so that the matter can be resolved.
- The rules and provisions of the trade were implemented to run many traders in the main way.
- In a change in economic policy, cooperation was provided through the World Bank and the Monetary Fund to handle global economic policy and to keep the economic problem at bay.
- Introducing special types of activities and facilities for the operation of the administration and the agreement of trade through the WTO came under the main task.
The main conventions under the WTO
Under the WTO, a conference is organized through all countries which is held once in 2 years. In such a situation, so far there have been 11 WTO conventions which are somewhere in favour of ordinary citizens.
- The first conference was held from 9 to 13 December 1996 and was hosted by Singapore.
- The subsequent conference was held from 18 to 20 May 1998, which was held in Geneva, Switzerland.
- The next conference was held from November 30 to December 3, 1999, which was held in Seattle, USA.
- Further WTO conferences were held from 9 to 14 November 2001 which was held in Doha, Qatar.
- This was followed by a conference in Cancun, Mexico, from 10 to 14 September 2003, in which trade was mainly discussed.
- The next conference was held from 13 to 18 December 2005, hosted by Hong Kong.
- The next conference took place from November 30 to December 2, 2009, hosted by Geneva and Switzerland.
- The conference, which followed, was held from 15 to 17 December 2011 and was hosted through Geneva, Switzerland.
- The subsequent conference was held from 3rd to 6th December 2013 in which Bali, Indonesia hosted with their full contribution.
- This was followed by the conference from 15 to 18 December 2015 which was held in Nairobi, Kenya.
- The next conference was held from 10 to 13 December 2017 which was held in Buenos Aires, Argentina.
A total of 11 conferences have been organized so far. Under which, no specific issue could be discussed in the 11th conference, in which the US also did not give its opinion on food subsidies and India also took a strong stand on many issues. In such a situation, no concrete steps were taken.
The main agenda of the WTO
Whenever the name of the WTO is heard, the first thing is to talk about its agenda, where in the beginning many agreements were signed, which are known as the main agendas. In general, under which there was talk of developing agricultural schemes, in which India was also talked about selling fruits, flowers, vegetables and cash crops in large quantities.
India’s farmers would have benefited but they were facing problems due to the increase in subsidies and that was the reason why they had to face opposition because of the statement made to the WTO about the main agenda.
The main influence of the WTO
The WTO is considered to be primarily important all over the world and in such a situation, its impact is seen in every area. Its impact is more visible in areas where economic activity is visible, under which products are exchanged in different countries.
In the conference that is held, mainly the WTO member countries get the most benefit. In addition, the influence of the WTO is also considered to be greater because the WTO is the main contributor to the decision-making of trade, through which it is considered an important decision to be taken by understanding the importance of the various nations.
According to a main survey, it is also seen that despite all the technical features, many times the WTO is not able to carry out its functions properly and in such a situation they also have to face difficulties, but still it is the specialty of the WTO to take a decision by properly assessing any situation in a proper way so that it is the specialty of the WTO to make a proper profit while keeping an eye on the activities taking place in the world. can be obtained.