World Trade Organization Today - Essay Example

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World Trade Organization Today

The study "World Trade Organization Today" describes the work of the institution responsible for the multilateral trading system. The World Trade Organization (WTO) is the one and only international organization dealing with multilaterally agreed rules on trade among its member countries. Through WTO agreement, which spell out rights and obligations, member countries operate a nondiscriminatory multilateral trading system that has allowed world trade to grow. The goal is to help producers of goods and services, and exporters and importers, conduct their business in a manner that ensures predictability and stability. The supreme body of the WTO is the Ministerial Conference which is held at least once in every two years. It comprises representatives of all members and functions to oversee the implementation of members' obligations as well as to negotiate new agreements. The day-to-day business of the WTO is conducted under the supervision of the General Council (GC) which comprises representatives of all members to the WTO who are usually of Ambassadorial level or equivalent. The GC has the authority to act on behalf of the Ministerial Conference and oversees the operations of agreements and ministerial decisions. As the principal institution with responsibility for the multilateral trading system, the WTO has the same status as institutions such as the World Bank and IMF. The WTO has legal personality and has been accorded privileges similar to those accorded to the specialized UN agencies. ...Show more

Summary

This essay discusses the relationship between trade and investment, and its inferences on economic development and progress. It is intended to provide the explanation of the origin, the role and functions of the World Trade Organization and fundamental principles of trading…
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