Explain the structure and functions of WTO. Is WTO helpful to international business or is it a hindrance? Substantiate your answer with examples.


Course Code : IBO – 01 (M.com) IGNOU  2020-21


Course Title : International Business Environment Assignment Code :


Q-3) Explain the structure and functions of WTO. Is WTO helpful to international business or is it a hindrance? Substantiate your answer with examples. 

Answer - Structure of WTO
 
The structure of WTO is dominated by the highest authority, the ministerial conference, composed of representative of WTO members, which is required to meet at least every two years and which can take decision on all matters under any of multilateral trade agreement.

The day to day work of WTO, However falls to number of subsidiary bodies, principally the General Council, also composed of all WTO members, which is required to report to the ministerial conference. As well as conducting its regular work on behalf of the ministerial conference, the general council convenes in two particular forms as the dispute settlement body to oversee the dispute settlement procedures and the Trade Policies of Individual WTO Members. 
 
  1. Final Act of Uruguay Round Negotiations.
  2. Marrakesh Agreement establishing the WTO. 
  3. Multilateral Agreement on Trade in Goods .
  4. General Agreements on Trade in Services  (GATS).
  5. Agreement on Trade Related Aspects of intellectual Property rights (TRIPS)
  6. Trade policy review mechanism.
  7. Plurilateral  Agreements (Optional)
  8. Dispute Settlement Mechanism. 


 Functions of WTO -

The WTO 's overriding function is to help trade flow smoothly, freely and predictably. It does this by:




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