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ASSIGNMENT # 1

NAME: BILAL AHMAD.


CLASS: BBA (Hons).
SECTION: “C”
CLASS NO: 161.
SUBJECT: GLOBAL INTERNATIONAL BUSINESS.

INSTITUTE OF BUSINESS AND MANAGEMNET


SCIENCES
(IBMS)
AGRICIUTURAL UNIVERSITY PESHAWAR.
What is the WTO?
The World Trade Organization (WTO) is the only global international
organization dealing with the rules of trade between nations. At its heart are
the WTO agreements, negotiated and signed by the bulk of the world’s trading
nations and ratified in their parliaments. The goal is to help producers of goods
and services, exporters, and importers conduct their business.

The World Trade Organization (WTO) is an international organization designed


by its founders to supervise and liberalize international trade. The organization
officially commenced on January 1, 1995 under the Marrakesh Agreement,
replacing the General Agreements on Tariffs and Trade (GATT), which
commenced in 1947. The World Trade Organization deals with regulation of
trade between participating countries; it provides a framework for negotiating
and formalising trade agreements, and a dispute resolution process aimed at
enforcing participants adherence to WTO agreements.

The WTO has 153 members, representing more than 95% of total world trade
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.

MISSION STATEMENT:
The World Trade Organization — the WTO — is the international organization
whose primary purpose is to open trade for the benefit of all.
IMPACTS OF WTO ON UNDERDEVELOPED
COUNTRIES:
For developing countries, one of the most important recent achievements of
the WTO has been the strengthening of multilateral framework of rules and
agreements and their extension into new areas.

The application of the WTO rules in merchandise sectors such as textiles and
apparel and in agriculture - which are very important in developing country
trade - has been strengthened and improved.

WTO disciplines now also cover sectors such as trade in services and trade
incorporating intellectual property. As developing countries expand their
imports and exports in these sectors, the new rules will help to ensure that
these countries extract the greatest benefit from international trade.

CRITICISM ON WTO:
The WTO Will Not Make Us Safer

The WTO would like you to believe that creating a world of "free trade" will
promote global understanding and peace. On the contrary, the domination of
international trade by rich countries for the benefit of their individual interests
fuels anger and resentment that make us less safe.

The WTO is Increasing Inequality

Free trade is not working for the majority of the world. During the most recent
period of rapid growth in global trade and investment (1960 to 1998) inequality
worsened both internationally and within countries.

The WTO Hurts Poor, Small Countries in Favor of Rich Powerful Nations

The WTO supposedly operates on a consensus basis, with equal decision-making


power for all. In reality, many important decisions get made in a process
whereby poor countries' negotiators are not even invited to closed door
meetings and then 'agreements' are announced that poor countries didn't even
know were being discussed.