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WORLD TRADE ORGANIZATION - DOC

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 INTRODUCTION
The World Trade Organization (WTO) is an international organization designed to supervise and liberalize international trade

 FORMATION
Based in Geneva, the WTO was set up in 1995, replacing another international organization known as the General Agreement on Tariffs and Trade (GATT). GATT was formed in 1948 when 23 countries signed an agreement to reduce customs tariffs.

 HIGHEST BODY
The highest body of the WTO is the Ministerial Conference. This meets every two years and, among other things, elects the organization’s chief executive - the director-general - and oversees the work of the General Council. The Ministerial Conference is also the setting for negotiating global trade deals, known as "trade rounds" which are aimed at reducing barriers to free trade.

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 Objective
* To ensure the conduct the international trade on non-discrimination

basis. * To raise standard of living and income, ensuring full employment * To expend production and trade * Protecting environment * Ensuring better share for developing countries.

 Function
* Administering World Trade Organization trade agreement

* Forum the trade negotiation * Handling trade disputes * Monitoring national trade policy * Technical assistance and training for developing countries * Co-operation with other international organization.

 Legal framework
* Protection through import traffic

* Reduction in traffic and binding against further increase * Conduct of trade according to M.F.N. clauses * Commitment to national treatment rule.


				
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