Question

Write down the functions of WTO.

Answer 1

1. It is a forum for negotiation and formalization of trade agreement among the member countries.
2. It settles disputes and grievances relating to trade among the member countries.
3. It frames commonly acceptable code of conduct in order to reduce trade barriers.
4. It holds consultations with IMF and World Bank (IBRD) and its affiliates to bring about a greater understanding and co – operation in global economic policy making.
5. It supervises the operations of agreement relating to General Agreement on Tariffs and Trade(GATT) and Trade-
6. Related Intellectual Properties Rights (TRIPS)
7. It regulates trade between participating countries.