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22 views3 pages

Untitled Document 1

This document compiled by me of css and pms aspirants who wants to appear im css pms

Uploaded by

Basit Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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WTO: function of WTO, various bodies of WTO,

agreements under WTO, impact of WTO on


world’s economy, WTO and Pakistan, impact of
WTO on the economy of Pakistan,

World Trade Organization (WTO):


The World Trade Organization (WTO) is an international organization that deals with the global rules

of trade between nations. Its primary purpose is to ensure that trade flows as smoothly, predictably,

and freely as possible. The WTO provides a platform for member countries to negotiate trade

agreements, settle trade disputes, and discuss trade-related policies.

Functions of WTO:

​ Trade Negotiations: The WTO facilitates negotiations among member countries to establish
agreements on reducing trade barriers, tariffs, and other obstacles to international trade.
​ Dispute Settlement: The WTO provides a mechanism for resolving trade disputes between
member countries through a structured dispute settlement process, promoting fairness and
stability in international trade relations.
​ Monitoring and Enforcement: The organization monitors trade policies and practices of
member countries to ensure they are in compliance with agreed-upon rules. It also enforces
trade agreements and promotes transparency in trade-related measures.
​ Technical Assistance and Capacity Building: The WTO assists developing countries in
building their trade capacity, providing technical assistance, training, and support to enable
them to participate effectively in global trade.
​ Research and Analysis: The WTO conducts research and analysis on various trade-related
topics, contributing to informed policy decisions and promoting understanding of trade
dynamics.

Bodies of WTO:

​ Ministerial Conference: The highest decision-making body of the WTO, where member
countries meet to make important decisions on trade policies and negotiations.
​ General Council: Responsible for overseeing the functions of the WTO between Ministerial
Conferences and implementing decisions.
​ Dispute Settlement Body: Manages trade disputes brought by member countries, ensuring
they are resolved in a fair and timely manner.
​ Trade Policy Review Body: Conducts regular reviews of member countries' trade policies and
practices to ensure transparency and adherence to WTO rules.

Key Agreements under WTO:

​ General Agreement on Tariffs and Trade (GATT): The foundational agreement that
addresses trade in goods, aiming to reduce tariffs and promote trade liberalization.
​ Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS): Sets global
standards for the protection of intellectual property rights, including patents, copyrights, and
trademarks.
​ Agreement on Trade-Related Investment Measures (TRIMS): Regulates trade-related
investment measures to prevent trade-distorting effects of certain investment practices.
​ Agreement on Trade in Services (GATS): Deals with trade in services, promoting
liberalization and fair treatment of services across borders.
​ Agreement on Agriculture: Addresses agricultural trade issues, including subsidies, market
access, and domestic support measures.

Impact of WTO on the World's Economy:

The WTO has contributed to increased global trade, economic growth, and stability by fostering a

rules-based international trading system. It has helped reduce trade barriers, eliminate

discriminatory practices, and encourage fair competition. However, criticisms include concerns

about unequal benefits for developing countries, potential impacts on labor and environment

standards, and challenges in resolving complex trade disputes.

WTO and Pakistan:

Pakistan is a member of the WTO since January 1, 1995. As a member, Pakistan has been involved

in various negotiations, trade disputes, and policy discussions within the organization.

Impact of WTO on the Economy of Pakistan:

The impact of the WTO on Pakistan's economy has been mixed. While the organization has provided

a framework for Pakistan to engage in global trade and establish trade relationships, there have been

challenges. The removal of trade barriers has exposed some sectors of Pakistan's economy to

competition, affecting industries that were previously protected. Additionally, Pakistan has faced
difficulties in fully exploiting its export potential due to infrastructure limitations and internal

economic challenges.

In conclusion, the WTO plays a crucial role in shaping the global trade landscape. Its various

agreements and bodies have both positive and negative impacts on member countries' economies,

including Pakistan. While it has contributed to increased trade and economic integration, it has also

presented challenges that countries must navigate to fully benefit from the global trading system

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