What Does WTO Stand for

What is WTO?

The WTO stands for the World Trade Organization, is an international entity with the goal of providing the commercial opening of all countries. The Organization set up in 1995, with headquarters in Geneva, Switzerland, has 162 countries as States – members.

The WTO was born on January 1, 1995, but its trade system existing under the General Agreement on tariffs and trade (GATT), since the year 1948. GATT evolved through the celebrations of several rounds of negotiations, the most important being the Uruguay Round which took place between 1986 and 1994 which resulted in the creation of the WTO and a set of agreements.

Is principle of WTO trade agreements conflict resolution and poverty suffered by developing countries. Decisions are made by a general Council, made up of Councillors, committees and subcommittees. The structure of the WTO consists of the Ministerial Conference as the highest level body, and a General Council, which directs the activities of the organization supports it.

Es indicate that all WTO members can participate in all councils and committees, except appellate body, special groups of solution of difference and committees established in the plurilateral agreements.

Finally, the three official WTO languages are English, French and Spanish.

Functions of the WTO

Manage goods and services generated by commercial activity, such as intellectual property. Review trade policies and multilateral agreements between the States – members. Manage rules, differences and trade negotiations. Negotiate the reduction or elimination of trade barriers between Member countries, as the commercial rates. Cooperate in the development of States – members.

Objectives of WTO

The WTO aims to reduce tax barriers to international trade. Its functions are unified to ensure the concurrence of all countries to ensure the economic development of Nations.

The WTO is responsible for regulating the international trade in order to reduce barriers to access to markets, and thus to achieve equal conditions to all its States – members. However, given the economic, social constraints faced by poor countries, WTO members pledged to ensure, collaborate and give part of the increase in international trade to meet their economic needs.

http://www.abbreviationfinder.org/acronyms/WTO.html

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