WTO AND ITS AGREEMENTS

ABSTRACT

World Trade Organization was formed to promote free trade among its member nations. Its main objective is to promote multilateral trade in goods and services by eliminating tariff and non-tariff barriers. Eliminating tariff barriers means removing import duties and eliminating non-tariff barriers means removing import quotas, import licensing, etc. In eighth round of General Agreement on Tariffs and Trade(GATT), popularly known as Uruguay Round, member nations of GATT decided to set up a new organization, ‘World Trade Organization’ in place of GATT.

              The World Trade Organization (WTO) was established 1st January, 1995 in Genera, Switzerland. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on and Trade (GATT) established in the wake of the Second World War. It was created by Uruguay Round Negotiations (1986-94). Its latest members are 159 countries

On 2nd Mar 2013. The secretariat staff members are 640 in numbers. The director general of WTO is Roberto Azvedo. In This Paper, it is explained that what are the agreements, functions and objectives of WTO, and the Role of WTO is developing the Indian Economy.

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