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Question
Write down the functions of WTO.
Answer in Brief
Solution
- It is a forum for negotiation and formalization of trade agreement among the member countries.
- It settles disputes and grievances relating to trade among the member countries.
- It frames commonly acceptable code of conduct in order to reduce trade barriers.
- It holds consultations with IMF and World Bank (IBRD) and its affiliates to bring about a greater understanding and co – operation in global economic policy making.
- It supervises the operations of agreement relating to General Agreement on Tariffs and Trade(GATT) and Trade-
- Related Intellectual Properties Rights (TRIPS)
- It regulates trade between participating countries.
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World Trade Organisation (WTO)
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