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world trade organisation - Coggle Diagram
world trade organisation
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what is WTO?
global international organization dealing with the rules of trade between nations
history
before WTO, it was the General Agreement on Tariffs and Trade (GATT) that was established in 1947.
Since the GATT failed to achieve its goals, GATT is then replaced by WTO in 1994.
the replacement of GATT to WTO was because of GATT has suffered from serious problems like no longer capable intermediate of consequences on global economic conditions or to achieve the interests of industrial countries.
members
Only 16 countries are not WTO members
They are Aruba, Curacao, Eritrea, Kiribati, Kosovo, Marshall Islands, Micronesia, Monaco, Nauru, North Korea, Palau, the Palestinian Territories, San Marino, Sint Maarten, Turkmenistan, and Tuvalu.
WTO has 164 members and 24 observer governments.
aims
(1) to set and enforce rules for international trade
(2) to provide a forum for negotiating and monitoring further trade liberalization
(3) to resolve trade disputes
(4) to increase the transparency of decision-making processes
(5) to cooperate with other major international economic institutions involved in global economic management
(6) to help developing countries benefit fully from the global trading system
function
main function is to ensure that trade flows as smoothly, predictably and freely as possible.