WORLD TRADE ORGANIZATION (WTO) (Syllabus: GS Paper 2 – IR)

News-CRUX-10     9th September 2023        
Samadhaan

Context: The United States and India have agreed to resolve their last outstanding (out of six disputes) dispute- related to poultry-at the World Trade Organization, the US Trade Representative recently said.

World trade organisation (WTO)

  • Background: The WTO is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947.

o It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement.

o Created by: Uruguay Round negotiations (1986-94).

  • Work: It is the only global international organization dealing with the rules of trade between nations.
  • Headquarter: Geneva, Switzerland.
  • Membership: Total 164 countries. China becomes its member only in 2001.
  • Decision Making:

o Ministerial Conference: Top decision-making body which must meet at least every two years. All decisions are taken by consensus.

o General council: It is the top day-to-day decision-making body. It meets a number of times a year in Geneva.

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