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World Trade Organization (WTO) – UGC NET Commerce Notes

The World Trade Organization (WTO), established on January 1, 1995, is an international body that regulates global trade and replaced the General Agreement on Tariffs and Trade (GATT). Headquartered in Geneva, Switzerland, it aims to ensure smooth, predictable, and free trade through principles like non-discrimination, transparency, and free trade promotion. With 166 member nations, the WTO formulates trade agreements, resolves disputes, and supports developing countries through special provisions. Key agreements like GATT, GATS, and TRIPS impact global trade significantly, making WTO an essential topic for understanding international trade policies in UGC NET Commerce.

Key Principles of World Trade Organization

1. Most-Favored-Nation (MFN) Treatment

2. National Treatment

3. Free Trade Promotion

4. Predictability and Transparency

5. Encouragement of Fair Competition

6. Special Provisions for Developing Countries

Structure of World Trade Organization (WTO)

1. Ministerial Conference

2. General Council

3. Councils for Trade

4. Secretariat

UGC NET Commerce Exam Preparation

Agreements under World Trade Organization (WTO)

The World Trade Organization (WTO) has various agreements:

1. General Agreement on Tariffs and Trade (GATT)

2. General Agreement on Trade in Services (GATS)

3. Trade-Related Aspects of Intellectual Property Rights (TRIPS)

4. Trade Facilitation Agreement (TFA)

5. Other Agreements

WTO and Developing Countries

The WTO offers significant benefits to developing countries, including enhanced market access and technical support. Let’s explore more:

1. Benefits to Developing Countries

2. Special and Differential Treatment (S&D) Provisions

S&D provisions offer developing countries flexibility in implementing WTO agreements by providing longer time frames, reduced obligations, and additional support.

Key Features

World Trade Organization (WTO) and India

1. India’s Role in WTO Negotiations

2. Impact of WTO Agreements on Indian Economy

3. Key Issues for India in WTO

World Trade Organization (WTO) Conclusion

In conclusion, the World Trade Organization (WTO) plays a vital role in regulating global trade, promoting free trade, and ensuring fair competition. It helps developing countries through Special and Differential Treatment (S&D) provisions while addressing challenges like agricultural subsidies and intellectual property rights. Understanding WTO agreements is crucial for UGC NET Commerce aspirants to grasp the complexities of international trade and its impact on global economies.

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World Trade Organization (WTO) FAQs

1. What is the World Trade Organization (WTO)?

Ans: The World Trade Organization (WTO) is an international organization established in 1995 to regulate global trade, ensuring smooth and predictable trade flows.

2. What are the key objectives of the World Trade Organization (WTO)?

Ans: The objective of World Trade Organization (WTO) is promoting free trade, reducing trade barriers, ensuring fair competition, and resolving trade disputes.

3. How many members does the World Trade Organization (WTO) have?

Ans: The World Trade Organization (WTO) has 166 members as of 2024.

4. What are World Trade Organization (WTO) agreements?

Ans: Key agreements of World Trade Organization (WTO) include GATT, GATS, TRIPS, and the Trade Facilitation Agreement (TFA).