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WTO
This is a diagram about the World Trade Organization (WTO), covering its definition, history, and functions, including trade negotiations, dispute resolution mechanisms, and trade policy reviews. It also explores WTO's structure, membership criteria, vision, and mission to facilitate global trade. Additionally, the diagram addresses future challenges, such as adaptation strategies and governance roles, and highlights criticisms and areas of improvement.
Edited at 2024-12-27 07:04:44- Recommended to you
- Outline
WTO
Definition of WTO
Explanation of the World Trade Organization
Established to regulate international trade
Facilitates trade agreements
Provides a platform for negotiation and dispute resolution
Role in global economy
Promotes free trade
Aims to reduce trade barriers
History of WTO
Successor of GATT (General Agreement on Tariffs and Trade)
Established in 1947
Transitioned to WTO in 1995
Key milestones
Uruguay Round negotiations
Expansion of membership
Functions of WTO
Trade negotiations
Provides a forum for member negotiations
Covers various sectors of trade
Goods
Services
Intellectual property
Dispute resolution
Mechanism for resolving trade disputes
Steps in the dispute process
Consultation phase
Panel establishment
Appellate review
Trade policy review
Regular reviews of member countries' trade policies
Ensures transparency and compliance
Reports published on findings
Engages with member countries
Membership and Governance
Structure of WTO
Ministerial Conference
Highest decision-making body
Meets every two years
General Council
Oversees day-to-day operations
Acts on behalf of Ministerial Conference
Membership criteria
Open to all states and customs territories
Application process
Submission of application
Negotiations on terms of membership
Historical events shaping it's birth
Historical events which led to formation of wto in brief
Sub Topic
Post World War II trade concerns
Need for global economic stability
Desire for reduced trade barriers
Avoidance of protectionism
Establishment of GATT
General Agreement on Tariffs and Trade
Signed in 1947
Aim to promote international trade
Focused on tariff reductions
Rounds of negotiations
Dillon Round
Tokyo Round
Uruguay Round
Significant agreements on services
Intellectual property protections
Agricultural subsidies
The role of the International Monetary Fund
Promotion of monetary cooperation
Support for exchange rate stability
Facilitation of balanced growth
Development of the World Bank
Reconstruction post World War II
Loans for development projects
Decreased poverty through economic stability
Shift towards trade liberalization
Increase in regional trade agreements
Growth of multinational corporations
Focus on sustainable economic practices
Uruguay Round
Major player in discussions
Comprehensive trade agreement goals
Significant achievements in member negotiations
Formation of the WTO
Established on January 1, 1995
Replaced GATT
Expanded scope beyond goods
Institutional framework for trade agreements
Dispute resolution mechanism
Trade policy review
Membership growth
Global participation increase
Developing countries' inclusion
Trade liberalization benefits
Economic growth through reduced tariffs
Increased global trade volume
Advancement in technology and communication
Ongoing challenges and responses
Trade disputes and resolution
Need for reforms in trade practices
Addressing inequality among nations
Challenges and Criticisms
Criticism of decision-making processes
Accusations of being slow and cumbersome
Lack of transparency in certain areas
Global trade inequalities
Concerns about developed vs. developing countries
Disparities in negotiating power
Limited access to markets
Response to global issues
Adapting to changing global trade landscape
Addressing e-commerce
Environmental sustainability measures
Future of WTO
Adaptation strategies
Reforming decision-making processes
Enhancing cooperation with other international organizations
Role in global governance
Building a multilateral trading system
Promoting inclusivity in trade agreements
Emerging challenges
Navigating geopolitical tensions
Responding to technological advances in trade
Major reports, their timing, key highlights (basic idea about what they suggests), other similar appearing in name reports of other organizations by which can be confused
Vision & mission ?
To facilitate easy trade And Ensure economic prosperity and shared growth.