Functions of World Trade Organisation

world-trade-organization-reform

Introduction

The shorthand WTO is an abbreviation for World Trade Organization. It is an international organisation with 164 member countries. The headquarters of the World Trade Organization is in Geneva, Switzerland. This organisation, as the name implies, is concerned with global trade and its operation. It is a non-profit organisation. Its primary function is to keep trade flowing as smoothly, predictably, and freely as possible.

Functions of World Trade Organisation

  • Trade negotiations

WTO accords cover products, services, and intellectual property. They lay forth the liberalisation principles as well as the authorised exceptions. They provide mechanisms for resolving conflicts.

  • Monitoring

Once the agreements are finalised, the WTO’s role is to guarantee that signatory countries follow through on their obligations in practice. It also conducts research on the economic impact of the agreements on the countries involved.

  • Monitoring sustainability

The World Trade Organization (WTO) seeks to ensure that all businesses recognise and adhere to the notion of sustainable development. WTO also strives to protect the environment from depletion as a result of human intervention.

  • Supporting contemporary international organisations

The WTO plays a significant role in assisting international bodies such as the IMF and the IOBRD in promoting coherence in the determination of Universal Economic Policy.

Conclusion

The World Trade Organization also assists emerging countries in fully utilising the global commercial system. WTO believes that market liberalisation must be accompanied by sound domestic and international policies that promote economic growth and development.

https://www.iisd.org/articles/wto-reform-2019

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