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Question
Write the detailed answer.
Explain the nature of WTO.
Short Note
Solution
- On 1st January 1995, 123 nations together founded an organisation with the objective of opening the world for free trade. It was called World Trade Organisation (WTO).
- Arthur Dunkel, the Director General of WTO prepared a draft which has been fundamental to the establishment of the organisation. This draft is known as ‘Dunkel Draft’.
- The crux of this draft emphasises on trade, free from governmental customs duty and other restrictions. This approach is known as ‘liberalisation’.
- All participating countries agreed upon a set of rules and a premise common to all that would promote international trade.
- Initially, provisions were made in the spheres of grants, exports imports, foreign investments, reserved sectors, agriculture, technology, and service sectors.
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