What is WTO Full Form | Full Form of WTO

WTO full form is World Trade Organization. The WTO is an international organization. It is an organization that promotes foreign trade and also it is an intergovernmental organization.

It was established in 1995 under the Marrakesh Agreement.164 Country is a members of WTO and 98% of world trade is done through WTO.

Its headquarters are in Geneva Switzerland. Afghanistan became its last member of WTO in 2016. The meeting of the WTO is held every 2 years.

It makes rules for trade between two countries, which means, what rules will have to be followed are declared by WTO.

The main motto of the World Trade Organization is that trading should be as smooth as it is possible, and trading should have predictability. Trading should be on the freeway, as free as possible.

The WTO’s budget is 197 million Swiss francs for the year 2019 and it has Secretariat Staff 625 now as its head Roberto Azevedo.

It is an international organization of the world whose agreements or regulations made for keeping in mind business activities.

Any law made by the collective signature of all the countries, that in order to make anyone trade international law.

It is necessary for all countries to vote and this law is passed only when all countries welcome it with a collective signature.

It monitors business activities are that it can easily exchange products and services internationally.

History

In 1944, it proposed to make the first ITO(International Trade Organization) at the Bretton Woods Conference. If the USA was not agreed with this proposal, then it could not be made ITO.

That’s why a working organization called GATT (General Agreement on Tariffs and Trade) was created. The main objective of GATT was to reduce the barriers to import and export.

Then in 1986, Intellectual Property Rights were also added to it within GATT. In 1993 a consensus was reached. This agreement was made possible by the Uruguay Round of Talks.

And then the Marrakesh Agreement was signed by the Uruguay Round of Talks on 1 January 1995. It was also the founding member of India.

What is the work of the WTO?

• The WTO provides facilities for import and export.
• If anyone has difficulty in exchanging, then that is also resolved by the WTO.
• WTO disguises Imports export taxes.
• The WTO applies whatever rules are made for trading.
• If anyone wants to take the support of the IMF(International Monetary Fund) and World Bank while trading, then WTO helps in that too.