Write a brief note on the World Trade Organization (WTO).
The World Trade Organization (WTO) was launched on January 1, 1995, as a result of a draft agreement drafted by Director-General Arthur Dunkel. The World Trade Organisation (WTO) was formed as a substitute for the abolition of the GATT. The World Trade Organization is headquartered in Geneva, Switzerland. As of 2016, the organization has 164 member countries. The agency has the same status as the International Monetary Fund and the World Bank. The expansion of free and multinational trade is one of the goals of the WTO. The organizational session of this organization is called with the trade ministers of the member countries. This organization has a secretariat to carry out its administrative functions of the organization. The main purpose of this organization is to make international trade free and dynamic by removing the restrictions on international trade, to make world trade more competitive, and to pave the way for globalization of trade. In other words, the purpose of the WTO is to implement the objectives for which the GATT was formed. In addition, the organization announced that it will make special efforts for the development of the world economy, especially for the overall economic development of developing or underdeveloped countries. This is also the main purpose of this organization. However, one of the objectives of the WTO is to allow multinational corporations to trade freely.
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