World Trade Organisation

What other functions does the WTO have?

It is a negotiating forum for discussions of new and existing trade rules and it is also a trade dispute settlement body, the WTO has powers of enforcement of "retaliatory measures".

What is the WTO?

It is the international organisation dealing with the global rules of trade between nations in a global or near a global level.

Successes of WTO

It is the only international organisation overseeing trade - without this the world would be much worse The WTO's rule based system is a means of protecting smaller nations from larger trading powers (although many developed nations has complained of being pressured into adopting rules)

What is the main function of the WTO?

Its main function is to liberalise trade so it ensures that trade flows as smoothly, predictably and as freely as possible.

Criticisms of the WTO

The WTO dictates trade policy and promotes trade liberalisation at any cost; this represents force trade not free trade. Developed countries dominate this organisations. Peace Clause 2004 stops other nations taking the US and EU to the Disputes Settlement Panel over certain matters. The EU and US subsidise their agricultural sector which is strictly forbidden. Under WTO rules, commercial interests and the interests of global corporations takes precedence over developed, environmental and social concerns. Some argue the the WTO is undemocratic and negotiations take place behind closed doors. Some argue the WTO works too slowly

History of WTO?

The World Trade Organisation was originally called the General Agreement on Tariffs and Trade (GATT) which was founded in 1945 in Bretton Woods.