Answer:
WTO was formed in 1995 to replace the General Agreement on Tariffs and Trade (GATT), which was started in 1948. GATT was replaced by WTO because GATT was biased in favor of developed countries. WTO was formed as a global international organization dealing with the rules of international trade among countries.
The main objective of WTO is to help the global organizations to conduct their businesses. WTO, headquartered at Geneva, Switzerland, consists of 153 members and represents more than 97% of world’s trade.
he main objectives of WTO are as follows:
a. Raising the standard of living of people, promoting full employment, expanding production and trade, and utilizing the world’s resources optimally
b. Ensuring that developing and less developed countries have better share of growth in the world trade
c. Introducing sustainable development in which balanced growth of trade and environment goes together
The main functions of WTO are as follows:
a. Setting the framework for trade policies
b. Reviewing the trade policies of different countries
c. Providing technical cooperation to less developed and developing countries
d. Setting a forum for addressing trade-related disputes among different countries
e. Reducing the barriers to international trade
f. Facilitating the implementation, administration, and operation of agreements
g. Setting a negotiation forum for multilateral trade agreements
h. Cooperating with the international institutions, such as IMF and World Bank for making global economic policies
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