Transcript of WTO(World Trade Organization
World Trade Organization What is WTO The World Trade Organization (WTO) is the only international organization that deals with international trading. The foundation of the WTO is the WTO agreements. The WTO agreements are negotiated and signed by most of the world's trading nations. The goal is to help good producers conduct their businesses.WTO is an organization that helps world trading.It has an operation of trading rules, and it is a place to settle trading debates. What Does WTO Do WTO takes care of trading around the world. For example they solved problems in diffrent states.Many people thought WTO is officially in favour of slavery, but they're not.In fact the trading of west nations with Africa is a free trade. History The WTO's predecessor is the General Agreement Tariffs and Trade [GATT(get)]. The GATT was established in 1945 after World War II. It was one of the few institutions meant to encourage international economic co-9operation. The GATT governed international trading until WTO was established on January 1st, 1995. The first WTO conference was held in Singapore in December 1996. The GATT continued to govern as a semi-institutionalized multilateral treaty for almost half a century.Now there are 153 countries that trade with WTO. Canada and the WTO The WTO is the frame of Canada’s trading policy. The WTO assisted Canada in creating trading partners around the world, such as developing countries. Canada is able to pursue commercial interests through the WTO. Canada is expanding its access to global markets with the assistance of the WTO. 20% of Canadian jobs are linked to the WTO and international trading. 67.6% of Canada’s Gross Domestic Product (GDP) is earned through international trading and the WTO. Also, 30% of the Canadian economy is equivalent to the exports of goods and services. The Canadian economy is dependent on access to global markets. There are definitions of developing in the WTO. A member decides their status. However, other members also have a say. They can challenge the decision. Developing countries have certain advantages in the WTO. They receive technical assistance when required. The GATT gives developing countries the right to restrict import. A developing country doesn’t mean it automatically benefits from preference such as the Generalized System of Preferences (GSP). The country providing the benefit decides which developing countries will benefit. The WTO and Developing Countries WTO Agreement A framework for the trade policies was established by the WTO. There are five main principles that help understand the GATT and the WTO agreement.Full transcript
• Non-Discrimination; if a country grants one country special privileges that country has to grant other countries in the WTO the same privileges.
• Reciprocity; it reflects both a need to limit free riding and gain access to global markets.
• Binding and enforceable commitments; a WTO member have their own tariff commitments in trade negotiations that can be changed after the negotiations.
• Transparency; members of the WTO are required to publish a record of their trade regulations. This is required because it allows others to review the decisions that affect trading.
• Safety valves; governments have the right to restrict trade under certain conditions. WTO Thank you
listening to our presentation. Before our presention we are going to do the introduction. Also we are asking you to keep your questions and concerns to the end of the show.