The Full Form of ‘wto’ in Organisation is ‘world trade organization’.
Full Form of wto
The full form of WTO in organisation is ‘World Trade Organization’. It is an international organization dealing with the rules of trade between nations. The WTO was established on 1 January 1995, and it is headquartered in Geneva, Switzerland. It replaced the General Agreement on Tariffs and Trade (GATT) which was created in 1948.
The main purpose of the WTO is to create a framework for countries to conduct global trade negotiations and ensure that all nations are treated fairly and equally when it comes to trading goods and services. The WTO also provides a platform for resolving disputes between trading partners, including those relating to subsidies, dumping, restrictive practices, intellectual property rights and other issues.
The WTO has over 160 members representing 98% of world trade. Each member state has one vote in the decision-making process, regardless of its size or economic strength. The current Director-General of the World Trade Organization is Ngozi Okonjo-Iweala from Nigeria who took office in 2021.
The main activities of the WTO include negotiating agreements on trade in goods and services, monitoring existing agreements and providing dispute settlement options for trade disputes between members. It also strives to promote development through technical assistance programmes such as capacity building workshops for developing countries and providing access to markets for least developed countries (LDCs).
To date, more than 20 multilateral trade agreements have been negotiated under the auspices of the WTO. These include agreements on agriculture, textiles and clothing, telecommunications services, financial services, government procurement and intellectual property rights among others. Additionally, there are dozens of plurilateral agreements focusing on specific sectors such as chemicals or medical products as well as regional free trade agreements such as NAFTA or Mercosur.
In addition to its mandate to negotiate new agreements or modify existing ones, the WTO is responsible for ensuring that members comply with their obligations under these agreements. This includes monitoring national policies affecting international trade such as import duties or quotas; assessing conformity with dispute settlement rulings; providing technical assistance when requested; conducting studies on specific topics; issuing notifications concerning import restrictions; publishing documents related to international trade law; providing information about international standards affecting product quality or safety; facilitating meetings between officials from different governments; conducting training courses on topics related to international trade law etc..
Overall, the World Trade Organization plays a vital role in promoting global economic cooperation by acting as an impartial forum where governments can negotiate fair terms for international exchange of goods and services while ensuring that all members abide by their commitments made under various multilateral treaties negotiated within its framework.
Queries Covered Related to “wto”
- What is the full form of wto in Organisation?
- Explain full name of wto.
- What does wto stand for?
- Meaning of wto