World Trade Organisation (WTO):

The WTO was established through the WTO Agreement which came into force on January 1, 1995. The WTO Agreement is in fact the Uruguay Round agreements whereby the original GATT is now a part of the WTO Agreement. It follows that the WTO is a successor to the GATT, it completely replaces it and has a legal status.

The main objectives of the WTO are:

i. To conduct its affairs in the field of trade and economic endeavor with a view to ensuring full employment of resources, large and steadily growing volume of real income and effective demand, expanding the production and trade in goods and services, and raising standards of living.

ii. To promote optimal use of the world resources in accordance with the objective of sustainable development.

iii. To make positive efforts designed to ensure that developing countries secure a share in the growth of international trade commensurate with the need of their economic development.

iv. To work towards substantial reduction of tariffs and other barriers to trade and the elimination of discriminatory treatments in international trade relations.

v. To ensure linkages between trade policies, environmental policies and sustainable development.