WORLD TRADE ORGANIZATION

The International trade is based on multilateral trading system. It is a system involving trade amongst various countries. it is therefore, necessary that the rules and regulation of such system are properly define. In the year 1947, an attempt was made by 23 countries in the world to define the basic norms for conduct of international trade. The trade negotiation amongst these 23 countries in multilateral treaty called general agreement On Traffic and Trade (GATT) in the year 1948. The GATT had been organizing international trade negotiation to define the regulation for and strengthening multilateral trading system over the years. The GATT 1994 is being implemented with effect from 1 of January 1995 when the very first agreement regarding the establishment of world trade organization (WTO) was established. Thus the World Trade Organization (WTO) held its last round of international trade negotiation at Doha in July 2006. At present 151 countries are member of World Trade Organization (WTO).

Objective of World Trade Organization (WTO)

* To ensure the conduct the international trade on non-discrimination basis. * To raise standard of living and income, ensuring full employment * To expend production and trade * Protecting environment * Ensuring better share for developing countries.