Page 50 - LECTURETTE TOPICS eBOOK

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WTO always assures equal treatment to all and helps developing countries to
keep pace with developed countries. Recent amendments to TRIPS
agreement prove the same.
• Maintains Relationship with other organizations
In order to maintain a proper balance, organization needs to maintain a set of
codes that respects the principles of other organizations as well. WTO
understands this fact in true sense and
cooperates appropriately with the International Monetary Fund and with the
International Bank for Reconstruction and Development.
• Defines rules for Trade
It works as a controlling body composed of representatives of all the member
countries, which meet at least once in every two years. The council members
carry out the functions of the WTO and take necessary actions.

Fact Pellets:
• US Great depression of 1930’s and Second World War set the base for
the formation of WHO.

• Plentitude of Councils, Committees and Bodies to regulate different
sections of trade and tariff related parameters at the micro-level. Each unit
submits its report to the higher in hierarchy.
• The WTO serves as a platform for discussion among its Members about
their multilateral trade relations with others.
• Recently, WTO has announced revision of the Trade Related Aspects of
Intellectual Property Rights (TRIPS) Agreement providing new ways to
access medicines for members of developing countries.

Conclusion: Whether it is the case of collapsing of world trade in 2008 or Trump
discussion with India on its import rebates, all meet at the grand archway of WTO to
file their concerns. WTO and trust are considered as synonyms in world market and
have successfully proved the same for the last progressive seventy years. In this
way we can say that, WTO is helping the country to encourage healthy competition,
to treat everyone equally without any favoritism, keep everyone in trade, to keep
neutrality and to resolve all trade related issues.

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