Write a detailed note on features, structure, objectives, and functioning of WTO.

World Trade Organisation or the WTO was formed as a successor of General agreement on tariffs and trade or GATT in 1995. Its headquarters are located in Geneva, Switzerland. It deals with the trade in goods and services as well as the Intellectual Property Rights among the member countries. All the decisions are made by the government of the member countries.

Objectives:

a. To provide an integrated and durable trading system.

b. To facilitate the optimum utilization of resources for sustainable development.

c. To improve the standard of living, create employment, etc among the member countries.

d. To ensure the reduction of tariff and any other trade barrier imposed by other countries.

Functions:

a. WTO provides a conducive environment and encourages the member countries to come forward and discuss their grievances.

b. It acts as a dispute settlement body.

c. It ensures that all the rules and regulations prescribed by it are duly followed by member countries.

d. It Lays down a commonly accepted code to reduce the trade barriers, tariffs etc.

e. It holds regular consultations with IMF and IBRD to bring a better level of cooperation globally