What Is Full Form of Wto

The WTO is the short form of the World Trade Organization. It was founded in 1995. Its head office is located in Geneva, Switzerland. Currently, the WTO has about 164 member states and 117 developing countries. The WTO regulates foreign trade that takes place between two or more countries. It was introduced as a better version of GATT. The WTO accession process is unique for each candidate country, and the conditions for accession depend on the country`s level of economic development and current trade arrangements. [88] The process takes about five years on average, but may take longer if the country is not fully engaged in the process or if political issues arise. The shortest accession negotiations were those of the Kyrgyz Republic, while the longest was that of Russia, which first applied to join GATT in 1993, was approved for accession in December 2011 and was approved for accession on 22 December 2011. It became a member of the WTO in August 2012. [89] Kazakhstan has also had a lengthy accession negotiation process. The Working Group on the Accession of Kazakhstan was established in 1996 and approved for accession in 2015.

[90] The second longest was that of Vanuatu, whose working group for Vanuatu`s accession was established on July 11, 1995. After a final meeting of the working group in October 2001, Vanuatu requested more time to consider its conditions of membership. In 2008, it expressed interest in resuming and completing its accession to the WTO. The Working Party on Vanuatu`s Accession met informally on 4 April 2011 to discuss Vanuatu`s future accession to the WTO. The reconvened group fulfilled its mandate on 2 May 2011. The General Council formally approved the accession package for Vanuatu on 26 October 2011. On 24 August 2012, the WTO welcomed Vanuatu as its 157th Member. [91] An offer of membership will not be made until a consensus is reached among interested parties. [92] Seven rounds of GATT negotiations (1949 to 1979).

The first genuine GATT trade cycles (1947-1960) focused on further tariff reductions. Then, in the mid-sixties, the Kennedy Round produced a GATT anti-dumping agreement and a section on development. The Tokyo Round of the seventies was the first major attempt to remove trade barriers that do not exist in the form of tariffs and to improve the system by adopting a series of agreements on non-tariff barriers that, in some cases, interpreted existing GATT rules and, in other cases, are completely new. Since not all GATT members accepted these plurilateral agreements, they were often informally referred to as «codes». (With the Uruguay Round, several of these codes were amended and converted into multilateral commitments accepted by all WTO Members. Only four of them remained plurilateral (those relating to government procurement, beef, civil aircraft and dairy products), but in 1997 WTO members agreed to terminate the agreements on beef and dairy products, leaving only two. [27]) Despite attempts in the mid-1950s and 1960s to establish some form of institutional mechanism for international trade, the GATT functioned provisionally for nearly half a century as a semi-institutionalized multilateral treaty regime. [28] A. 164 Members since 29 July 2016 with the date of accession to the WTO.

Click on any Member to view important information on trade statistics, WTO commitments, disputes, trade policy reviews and notifications. Once all the necessary background information has been obtained, the working group will focus on issues of divergence between WTO rules and international and domestic trade policy and the laws of the applicant. .