The World Trade Organization (WTO) stands as the sole global international body overseeing trade regulations among nations. Its core consists of agreements negotiated and endorsed by a majority of the world's trading nations, ratified in their respective parliaments. Currently, the WTO boasts 164 members, including the European Union, and 23 observer governments, such as Iran, Iraq, Bhutan, Libya, etc.
WTO is one of the three key international organizations alongside the International Monetary Fund (IMF) and the World Bank Group, significantly shapes and coordinates global economic policy. It plays a pivotal role in international trade, global economics, and addressing political and legal issues arising from globalization in international business.
Positioned as the world's preeminent institution for reducing trade barriers and expanding markets, the WTO collaborates with the IMF and World Bank to ensure cohesion in global economic policies. By resolving trade disputes through negotiations, consultations, and mediations, the WTO holds the potential to foster world peace and enhance bilateral relations among member countries.
The organization's decisions are typically made by consensus and ratified by members' parliaments, contributing to a more prosperous, peaceful, and accountable economic world. The GATT and WTO have played instrumental roles in shaping a robust and prosperous trading system, fostering unprecedented growth through trade negotiations.
Ministerial conferences of the WTO are the highest decision-making authority within the WTO and are convened approximately every two years. There have been thirteen ministerial conferences from 1996 till 2024. This assembly unites all WTO members, consisting exclusively of countries or customs unions, and possesses the capacity to make decisions on all aspects covered by the various multilateral trade agreements.
This story is from the March 2024 edition of Extraordinary and Plenipotentiary Diplomatist.
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This story is from the March 2024 edition of Extraordinary and Plenipotentiary Diplomatist.
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