What is the Full Form of WTO?

Each country trades with each others. Both the countries benefit from this trade. There are certain rules to be followed in business. There was a need for an institution that could prescribe it to follow it properly. WTO is an organization that does this work. Today we will talk about what is WTO, what is the full form of WTO, what is the Full Form of WTO in Hindi, we will give you complete information about it.

Full Form of WTO?

The full form of WTO is the "World Trade Organization", in Hindi it is known as WTO. The basis of the WTO is a sound legal system. The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade. Its laws are recognized by the heads of its member states. This organization resolves disputes between countries.

What is WTO?

The World Trade Organization is an organization concerned with the rules of trade. It conducts many trading activities between its member countries. It helps the member countries and solves their problems. It carries out its business activities through agreements. These agreements are signed by the member countries. 

Its rules are published only after signature. Laws in force in the WTO are laws passed by the parliaments of those member countries. Its main objective is to carry out business activities successfully. Through this, a variety of facilities are provided to the importers and exporters for the import of goods and services.

World Trade Organization Work

1) The functions of WTO are as follows-

2) They are administered, operated, and implemented by WTO on the basis of multilateral and plural agreements by one country or several countries.

3) Disputes relating to trade and tariffs are resolved by the WTO through consultations between member countries.

4) It provides a forum to the member countries on which they can settle trade disputes as agreed.

5) In the event of a dispute, it applies the relevant rules and procedures to resolve it.

6) It is supported by the International Monetary Fund and the World Bank.

7) It coordinates the implementation of global economic policymaking.

WTO Membership

It is a world-class organization through which guidelines for world trade are issued. Through this loans are provided to the member countries as per the requirement. It works to replace and enforce trade agreements made by countries, this organization bears its full responsibility on this subject. India is a major country among its founding member countries. At present, there are 164 members of this organization, membership this organization was accepted by China in the year 2001.

The Headquarters

The largest branch of the WTO is the Ministerial Conference, by which every two years the Secretary-General and the Chief Manager of the Organization are elected and their other functions are determined. It also oversees the work of the General Council. Its headquarter is located in Geneva, Switzerland. So far 10 of its ministerial conferences have been organized. The tenth conference of the Ministerial Conference was held in Kenya in December 2015. In this conference, Afghanistan was elected as the 164th member.

Purpose of World Trade Organization

1) The WTO carries out its objectives of regulating the multilateral trading system by:

2) According to the World Trade Organisation, no country should discriminate against its trading partners, prevent potential promotion against products, services, and citizens of other countries.

3) If the business is to be promoted, then the main objective of this organization is to reduce the barriers before that. These barriers include customs duties (tariffs) and import restrictions or quotas, anti-dumping duties.

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