Initially launched in the wake of the financial crisis of 2008, this global trade monitoring exercise has become a regular function of the WTO, with the aim of highlighting WTO members' implementation of both trade- facilitating and trade-restricting measures.Over three-quarters of WTO members are developing or least-developed economies.
2. Contrary to the temporary nature of GATT, WTO is a permanent organization which has been established on the basis of an international treaty approved by participating countries. The rules state how copyrights, patents, trademarks, geographical names used to identify products, industrial designs, integrated circuit layout designs and undisclosed information such as trade secrets “intellectual property” should be protected when trade is involved. The complete set runs to some 30,000 pages consisting of about 30 agreements and separate commitments (called schedules) made by individual members in specific areas, such as lower tariffs and services market-opening.Through these agreements, WTO members operate a non- discriminatory trading system that spells out their rights and their obligations. It achieved the international status like IMF and IBRD, but it is not an agency of the United Nations Organization (UNO). Since decisions are taken by the members themselves, the secretariat does not have the decision making the role that other international bureaucracies are given. 4. 5.
All WTO agreements contain special provisions for them, including longer time periods to implement commitments, measures to increase their trading opportunities and support to help them build the infrastructure needed to participate in world trade.A WTO Committee on Trade and Development looks at developing economies special needs. Its main function is to ensure that trade flows …
From 1947 to 1994, the GATT was the forum for negotiating lower tariffs and other trade barriers; the text of the GATT spelt out important rules, particularly non- discrimination. The WTO’s procedure for resolving trade quarrels under the Dispute Settlement Understanding is vital for enforcing the rules and therefore, for ensuring that trade flows smoothly. Banks, insurance firms, telecommunication companies, tour operators, hotel chains and transport companies looking to do business abroad can now enjoy the same principles of free and fair that originally only applied to trade in goods. The WTO has nearly 153 members accounting for over 97% of world trade. 6. Many members also see the reviews as constructive feedback on their policies. This is typically by consensus. The Uruguay Round also created new rules for dealing with trade in services, relevant aspects of intellectual property, dispute settlement and trade policy reviews. Confidence in the system is borne out by the number of cases brought to the WTO more than 500 cases since the WTO was established compared with the 300 disputes dealt with during the entire life of the GATT (1947-94).The WTO's Trade Policy Review Mechanism is designed to improve transparency, to create a greater understanding of the trade policies adopted by WTO members and to assess their impact. The complete set runs to some 30,000 pages consisting of about 30 agreements and separate commitments (called schedules) made by individual members in specific areas such as, lower customs duty rates and services market-opening. WTO members have also made individual commitments under GATS stating which of their services sectors, they are willing to open for foreign competition and how open those markets are.
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Note on WTO