World Trade Organization


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World Trade Organization

(WTO), international organization established in 1995 as a result of the final round of the General Agreement on Tariffs and Trade (GATT) negotiations, called the Uruguay Round. The WTO is responsible for monitoring national trading policies, handling trade disputes, and enforcing the GATT agreements, which are designed to reduce tariffs and other barriers to international trade and to eliminate discriminatory treatment in international commerce. In an effort to promote international agreements, WTO negotiations are conducted in closed sessions; many outsiders have strongly criticized such meetings as antidemocratic. Unlike GATT, the WTO is a permanent body but not a specialized agency of the United NationsUnited Nations
(UN), international organization established immediately after World War II. It replaced the League of Nations. In 1945, when the UN was founded, there were 51 members; 193 nations are now members of the organization (see table entitled United Nations Members).
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; it has far greater power to mediate trade disputes between member countries and assess penalties. In the Uruguay Round, agreement was reached to reduce tariffs on manufactured goods by one third. Under the WTO, subsidies and quotas are to be reduced on imported farm products, automobiles, and textiles, which were not covered by GATT; there is also freer trade in banking and other services and greater worldwide protection of intellectual property. Negotiations to eliminate subsidies and protections for agricultural products, however, have proved to be a stumbling block. The Doha Round of talks, launched in 2001, have been deadlocked over such subsidies; the round was originally scheduled to be finished in Jan., 2005. The WTO is headquartered in Geneva and also holds international ministerial conferences; it has 164 members.
References in periodicals archive ?
On the other hand, the guarantee of strong juridical administration of agreement of intellectual ownership rights business aspects by world trade organization problem solving mechanism in the present time lead researching motivations notice "profitable" disease.
The report notes the overwhelming consensus among the experts interviewed is that WTO trade can be mutually beneficial with the right framework in place to do, in essence, what the World Trade Organization WTO claims as its mission: ensure a level playing field.
Obaid Saif Al Kindi, Director of the Office of the UAE at the World Trade Organization in Geneva.
We can start by exiting the United Nations, the World Trade Organization, and the so-called free-trade agreements that we have entered.
The FSCs were found by the World Trade Organization in 2000 to be a direct subsidy to exports.
Helping developing countries to participate fully in the world trade organization and the global economy promotes development, and widens the circle of growth and prosperity.
26), fails to mention another sticky point in the World Trade Organization's bag of tricks.
But his comparison serves as a graphic illustration of the appalling gap between the world's rich and poor-a gap which Roderick Abbott, Deputy Director General of the World Trade Organization (WTO), fears will lead to increasing tensions between societies and cultures.
On August 30, 2003, a World Trade Organization (WTO) meeting in Geneva, Switzerland adopted new rules on exporting generic copies of patented drugs to poor countries.
Q: The World Trade Organization's next meeting is in Cancun, September 10-14.
In the coming year President Bush needs to take more aggressive steps to offer concrete benefits to the Russian government, steps such as more active support for Russia's bid for membership in the World Trade Organization, immediate and unconditional repeal of the Jackson-Vanik amendment, and more encouragement of Western investment in Russia.

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