WTO.pptx - NITESH KUMAR SHAH Emergence of the multilateral...

NITESH KUMAR SHAH

Emergence of the multilateral trading system
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Concept began with a proposal to establish an
International Trade Organization(ITO)
immediately after the Great Depression and
World War II.
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Suggestion to form ITO was pushed forward
with the proposal to form WB and IMF
•
WB and IMF came into effect, ITO never came
into being.

Emergence of the multilateral trading system
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However, as a substitute to this concept, 23
countries originally signed General Agreement
on Tariffs and Trade (GATT)
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GATT entered into force in January 1948
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Served as a framework for multilateral tariff
negotiations and liberalization
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It was succeeded by WTO in 1995

WTO
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The WTO Agreements cover not only trade in goods, but also trade
in services and trade-related aspects of intellectual property rights.
The original GATT still exists as the WTO’s general agreement on
trade in goods.
•
The common goal of multilateral trade liberalization in the context
of a rules-based system resulted in the continuous accession of
new countries to the organization, adding to the heterogeneity of
the Membership.
•
The ability of the GATT/WTO system to accommodate the different
needs of its Members has been an important factor in its success.

The WTO
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The World Trade Organization (WTO) is the only global
international organization dealing with the rules of trade between
nations.