Functions of the wto, Microeconomics

Functions of the WTO:

The WTO performs the following functions:  

•  It administers through various councils and committees the 29 agreements contained in the final act of the Uruguay Round of world trade talks, plus a number of plurilateral agreements, including those on Government procurement.  

•  It oversees implementation of the significant tariff cuts and reduction of non-tariff barriers agreed to in the trade negotiations. 

•  It is a watchdox of international trade, regularly examining the trade regimes or individual members. 

•  Members are required to notify in detail various trade measures and statistics, which are maintained by the WTO in a large database.

•  It provides conciliation mechanisms for arriving at an amicable solution to trade conflicts among members. 

•  Trade disputes that cannot be solved through bilateral talks are adjudicated under the WTO dispute settlement "court". 

•  Panels of independent experts are established to examine disputes in the light of WTO rules and provide rulings. The tougher, streamlined procedure ensures equal treatment for all trading partners and encourages members to abide by their obligations. 

•  The WTO is a management consultant for world trade. Its economists keep a close watch on the pulse of the global economy and provide studies on the main issues of the day. 

•  The WTO secretariat assists developing countries in implementing Uruguay Round results through a newly established development division and a strengthened technical cooperation and training division. 

•  The WTO is a forum where countries continuously negotiate the exchange of trade concessions to trade restrictions all over the world. The WTO already has a substantial agenda of further negotiations in many areas, notably certain services sectors.

Posted Date: 11/15/2012 1:26:16 AM | Location : United States

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