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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.
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business
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Trade raises incomes. Trade stimulates economic growth, and that can be good news for employment.
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Lowering trade barriers allows trade to increase, which adds to national income and personal income.
Trade clearly has the potential to create jobs. In practice there is often factual evidence that lower trade barriers have been good for employment.
Under WTO rules, once a commitment has been made to liberalize a sector of trade, it is difficult to reverse. The rules also discourage a range of unwise policies. For businesses, that means greater certainty and clarity about trading conditions. For governments it can often mean good discipline
This sounds like an exaggerated claim, and it would be wrong to make too much of it. Nevertheless, the system does contribute to international peace, and if we understand why, we have a clearer picture of what the system actually does
The WTO cannot claim to make all countries equal. but it does reduce some inequalities, giving smaller countries more voice, and at the same time freeing the major powers from the complexity of having to negotiate trade agreements with each of their numerous trading partners
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Administering WTO trade agreements. Handling trade disputes. Monitoring national trade policies. Technical assistance and training for developing countries. Cooperation with other international organizations .
153 members by 23 July ,2008 India joined WTO on 1st January, 1995