What are WTO trade policies?
The WTO agreements cover goods, services and intellectual property. They include individual countries’ commitments to lower customs tariffs and other trade barriers, and to open and keep open services markets. They set procedures for settling disputes. They prescribe special treatment for developing countries.
What are the 6 functions of the WTO?
The WTO has six key objectives: (1) to set and enforce rules for international trade, (2) to provide a forum for negotiating and monitoring further trade liberalization, (3) to resolve trade disputes, (4) to increase the transparency of decision-making processes, (5) to cooperate with other major international economic …
What is WTO and its purpose?
In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.
How many agreements are there in WTO?
60 agreements
There are about 60 agreements and decisions totalling 550 pages. Negotiations since then have produced additional legal texts such as the Information Technology Agreement, services and accession protocols.
What is meant by trade policy?
Trade policy defines standards, goals, rules and regulations that pertain to trade relations between countries. Their aim is to boost the nation’s international trade. A country’s trade policy includes taxes imposed on import and export, inspection regulations, and tariffs and quotas.
What are the key principles of WTO?
Five principles are of particular importance in understanding both the pre-1994 GATT and the WTO:
- Non-discrimination. It has two major components: the most favored nation (MFN) rule and the national treatment policy.
- Reciprocity.
- Binding and enforceable commitments.
- Transparency.
- Safety values.
What are the features of WTO?
Some of the most important salient features of world trade organisation are as follows: (a) Non-Discrimination (b) Free Trade (c) Stability in the Trading System (d) Promotion of Fair Competition (e) Special Concern for Developing Countries (f) Market Access Commitment (g) Decision at the Ministerial Level Meeting (h) …
What type of agreement is the WTO?
The World Trade Organization (WTO) Agreements create an international trade legal framework for 164 economies around the world. These Agreements cover goods, services, intellectual property, standards, investment and other issues that impact the flow of trade.