wto world trade organization n.
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  2. WTO is an international organization which was founded on 1995. The WTO was born out of the GATT(General Agreement on Tariffs and Trade) which was established in 1947. GATT rounds began at the end of World War II. The aim was to reduce the tariffs for the facilitation of global trade on goods. The WTO replaced GATT as the world's global trading body in 1995. FOUNDATION

  3. The WTO is recognized as the only international organization that deal with the global rules of trade between nations. It acts as a judge in trade disputes between countries. The WTO creates and embodies the legal ground rules for global trade among member nations. The aim of the WTO is to create economic peace and stability in the world by means of a multilateral system ABOUT WTO

  4. This multilateral system is based on consenting member states. These states ratifies the rules of the WTO in their own countries. The WTO consists of 153 members, and each of the countries has an equal vote. The WTO is driven by its member states, but its Secretariat coordinates the activities. The Secretariat employs over 600 staff, and its experts — lawyers, economists, statisticians and communications experts. ABOUT WTO

  5. - Negotiating the reduction or elimination of obstacles to trade (e.g. import tariffs) and agreeing on rules governing the conduct of international trade (e.g.product standards, etc.) - Administering and monitoring the application of the WTO's agreed rules for trade in goods, trade in services, and trade-related intellectual property rights - Monitoring and reviewing the trade policies of its members, as well as ensuring transparency of regional and bilateral trade agreements THE MAIN ACTIVITIES OF THE WTOSource:

  6. - Settling disputes among our members regarding the interpretation and application of the agreements — Building capacity of developing country government officials in international trade matters — Assisting the process of accession of some 30 countries who are not yet members of the organization THE MAIN ACTIVITIES OF THE WTO

  7. - Conducting economic research and collecting and disseminating trade data in support of the WTO's other main activities — Explaining to and educating the public about the WTO, its mission and its activities THE MAIN ACTIVITIES OF THE WTO

  8. 1. The system helps promote peace 2. Disputes are handled constructively 3. Rules make life easier for all 4. Freer trade cuts the costs of living 5. It provides more choice of products and qualities THE BENEFITS OF THE WTO

  9. 6. Trade raises incomes 7. Trade stimulates economic growth 8. The basic principles make life more efficient 9. Governments are shielded from lobbying 10. The system encourages good government THE BENEFITS OF THE WTO

  10. All decisions in the WTO are taken by consensus among all member countries. Decisions are ratified by the parliaments of member countries. WTO agreements are negotiated and signed by a large majority of the world’s trading nations, and ratified in their parliaments. These agreements are the legal ground-rules for international commerce. DECISION MAKING

  11. Essentially, these agreements are contracts. These contracts guarantee important trade rights for member countries. They also bind governments to keep their trade policies within agreed limits to everybody’s benefit. The goal is to improve the welfare of the peoples in the member countries. DECISION MAKING

  12. There is a “Dispute Settlement Understanding” that encourages countries to settle their differences through consultation. Countries bring disputes to the WTO when they think their rights under the WTO agreements are being infringed. There are independent experts who are specially-appointed to judge about disputes. This system is accepted as a vital components of the WTO. DISPUTE SETTLEMENT

  13. The WTO establishes a framework for trade policies. Its fundamental principles are: - Nondiscrimination, - Reciprocity, - Enforceable commitments, - Transparency, - Safety valves. FUNDAMENTAL PRINCIPLES

  14. Non-discrimination means that: - A country should not discriminate between its trading partners and, - A country should not discriminate between its own and foreign products, services or nationals. Reciprocity is a fundamental element of the negotiating process. The aim is; - To limit the scope for free-riding that may arise because of the MFN rule and, - To obtain “payment” for trade liberalization in the form of better access to foreign markets. FUNDAMENTAL PRINCIPLES

  15. Transparency is a basic pillar of the WTO, and it is a legal obligation. According to the Article X of the GATT, WTO members are mandatory: - To publish trade regulations, - To establish and maintain institutions allowing for the review of administrative decisions affecting trade, - To respond to requests for information by other members, and -To declare changes in trade policies to the WTO. FUNDAMENTAL PRINCIPLES

  16. The tariff commitments made by WTO members in a multilateral trade negotiation and on accession are enumerated in a schedule (list) of concessions. These schedules establish "ceiling bindings": - A country can change its bindings, but only after negotiating with its trading partners. Safety valves is the final principle and states that governments should be able to restrict trade under specific circumstances. FUNDAMENTAL PRINCIPLES

  17. There are four steps to become a WTO member. First, the country should submit an application which is reviewed by a committee of any country who wishes to be on it. As a second step, the country negotiates bilateral trade agreements with any country it wishes. Thirdly, the terms of these bilateral agreements will automatically apply to all WTO members. At last step, two-thirds of the WTO members must vote that the country can become a member. WTO MEMBERSHIP

  18. Turkey became an original Member of WTO on 26 March 1995 and bound by the obligations of all Uruguay Round Agreements. In this regard, Turkey has assumed new rights and fulfilled its obligations both in areas covered by GATT disciplines and in new areas such as Agreement on Trade in Services, TRIPS and TRIMs. WTO MEMBERSHIP&TURKEY

  19. -Developing or least-developed countries consist of over three quarters of WTO members. -All WTO agreements contain special provision for these countries. -Thanks to WTO, bargaining power of smaller countries increase. - Without the WTO system, the more powerful countries would be easily impose their conditions on their small trading partners. -Smaller countries would have to deal with powerful trading partners individually. DEVELOPING COUNTRIES