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The World Trade Organization (WTO) - Coggle Diagram
The World Trade Organization (WTO)
History
The WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War
The system was developed through a series of trade negotiations, or rounds, held under GATT
tariff reductions
anti-dumping
non-tariff measures
The 1986-94 Uruguay Round led to the WTO's creation
Achievements of 1997
Agreement was reached on telecommunications services, with 69 governments agreeing to wide-ranging liberalization measures
40 governments successfully
concluded negotiations for tariff-free trade in information technology products
70 members concluded a financial services deal covering more than 95 % of trade in banking, insurance, securities and financial information
The organization
The WTO's
overriding objective
is to help trade flow smoothly, freely, fairly and predictably
It does this by:
Administering trade agreements
Acting as a forum for trade negotiations
Settling trade disputes
Assisting developing countries in trade policy issues, through technical assistance and training programs
Cooperating with other international organizations
The structure
The WTO has more than 130 members, accounting for 90% of world trade. Over 30 others are negotiating membership
The WTO's top level decision-making body is the Ministerial Conference which meets at least once every two years
the General council (normally ambassadors and heads of delegation in Geneva, but sometimes officials sent from members' capitals) which meets several times a year in Geneva head-quarters
the Goods Council
Services Council
Intellectual Property (TRIPS) Council report to the General Council
Numerous specialized committees
individual agreements
the environment
development
membership applications
regional trade agreements
relationship between trade and investment
the interaction between trade and competition policy and transparency in government procurement
Russia in WTO
in order to develop economically more smoothly
the only way to abolish restrictive practices administered to Russia
to ensure low tariffs, loans, and export of products of Russia