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TOPIC -14

World Trade Organization

Quick Points to be Remember

• International Organization that only deals with global rules in between
nations.
• Helps in Cutting the cost of living cost and raise living Standards
• Helps in Settlement of disputes Reduction of Trade Tension
• Create Good Governance among Countries
• Supporting Environment and Health

Introduction:
The organization that flapped its arms to more than 140 nations round the world and
regulated the global trade related rules in an efficacious manner is profoundly known
as World Trade Organization. It's a basic conceptual structure for conduct of
international trade in goods, services and intellectual properties. It defines the legal
rights and bounds for different governments in multilevel modeling books. In short, it
is an institute which inspects the rules of trade between nations and for nations.

Created on January 1, 1995, it is headquartered in Geneva, Switzerland. It is an
enriched substitute of General Agreement on Tariffs and Trade (GATT), which was
created in 1948 and includes intellectual properties as an additional attribute. The
basic origin of idea for the formation of an institute to define rules to global trade
market came up after the Second World War period when economies dwindled at
base level.

Accordingly a United Nations Conference on Trade and Employment was convoked
at Havana in November 1947. It led to Havana Charter Agreement to create an
International Trade Organization (ITO). This incident was followed by the formation
of council to set and define rules. But to maintain equality, agreement should be
passed by all participating members or by majority. It was then agreed by 23
countries out of 50 participating countries as General Agreement on Tariffs and

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