What is the Full Form of WTO?

The World Trade Organization (WTO) is an international organization that regulates and facilitates global trade between nations. It aims to ensure smooth, predictable, and free trade flows.

 

Establishment:

 The WTO was established on January 1, 1995, succeeding the General Agreement on Tariffs and Trade (GATT).

Functions of WTO:

• Trade Negotiations: The WTO provides a platform for member countries to negotiate trade agreements and settle trade disputes.

• Trade Monitoring: It monitors national trade policies and ensures compliance with agreed-upon rules and commitments.

• Technical Assistance: The WTO offers technical assistance and training to developing countries to help them build their trade capacity.

Importance of WTO:

• Promotes Free Trade: The WTO promotes the reduction of trade barriers, such as tariffs and quotas, to facilitate free and fair trade.

• Dispute Resolution: It provides a legal and institutional framework for resolving trade disputes between member countries.

• Economic Growth: By promoting trade liberalization, the WTO contributes to global economic growth and development.

Structure of WTO:

• Ministerial Conference: The highest decision-making body, which meets at least once every two years.

• General Council: Manages the day-to-day operations of the WTO and oversees the implementation of agreements.

• Secretariat: The administrative arm of the WTO, headed by the Director-General.

 

PYQs On WTO

 

Q. What is the full form of the WTO?

Ans. The full form of the WTO is the World Trade Organization.