Page 553 - SSB Interview: The Complete Guide, Second Edition
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3. Predictability:
Creation of new employment opportunities, encouraging investments,
healthy competition and a stable trading environment are three prime
aspects of this system.
4. Promoting Fair Competition:
The WTO is known for encouraging fair competition. In some cases,
WTO allows collections of tariffs even though trade is supposed to be
free.
5. Encouraging Development and Economic Reforms:
The WTO has mainly benefitted the developing nations. The WTO
provides economic assistance, which can be returned in flexible
instalments.
Safety values
The WTO policies are designed in such a way that countries are bound to
protect the environment, public health, plant health and animal health.
Functions of the WTO
Administration of trade agreements and monitoring development of
member countries.
Common forum for all trade transactions.
Ultimate authority in case of any dispute.
Control national trade policies.
Arrange training and camps for developing nations.
The Organisational Structure of WTO
