ROLE OF WTO IN ADVANCEMENT OF INTERNATIONAL TRADE

AUTHOR – IQRA SHAMIM* & DR. HARSHITA THALWAL**, LL.M. STUDENT* & ASSOCIATE PROFESSOR**, CHANDIGARH UNIVERSITY, MOHALI

BEST CITATION – IQRA SHAMIM & DR. HARSHITA THALWAL, ROLE OF WTO IN ADVANCEMENT OF INTERNATIONAL TRADE, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (4) OF 2024, PG. 294-305, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT

The World Trade Organization (WTO) contributes largely to international trade by providing a structure for trade negotiations and enabling efficient processes for the import and export of goods and services. In this abstract, the goals of the paper will be achieved through describing the major elements of the structure and functions of the WTO and over a document its importance in international trade. Founded in 1995, WTO seeks to assist the member countries in developing an open and equitable system of trade through setting rules and resolving disputes. There is a Ministerial Conference, a General Council and a number of committees for the various sectors of international trade which are above the organizational structure of the WTO. Features of the WTO’s trading system include non-discrimination, transparency and predictability principles which enhance the conduct of business. The WTO members also contributed to this development by stimulating liberalization of trade, tariff cuts and provisions of aid for trade to the developing states. On the other hand, its efficiency has been questioned, as its critics have brought to attention the issues of developed world hegemony, stagnation in agricultural policy reforms and new difficulties brought about by the lengthening global supply chains. However, in spite of those, WTO still make a significant impact over the world economy and economic advancement of countries.

Keywords: WTO, International Trade, National Treatment,  Fair Trade, Economics, Ministerial Conference, Free trade.