Скачать или смотреть World Trade Organization or WTO | Objective, Features, Role, Impact and Dispute Settlement (Eco 30)

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World Trade Organization is an international economic organization dealing with trade rules between nations to promote economic development and international trade.

World Trade Organization also referred to as WTO deals with trade rules and reduces tariffs and restrictions between member nations.

Objective of WTO

Avoid discrimination in trade
Increase and improve growth and development
Maximum utilization of resources
Full employment
Preserve and protect the environment
Improve the standard of living
Settle disputes

Features of WTO

Legal entity
Automatic mechanism to settle disputes
Provides binding agreements
Gives equal rights to every member nation
Worldwide coverage
Onus on trade-related issues
Focus on intellectual issues

Role of WTO

Framework for multilateral trade
Solve trade-related problems
Serve as a permanent organization
Encourage and protect the global trading system
Set up settlement procedures
Create trade negotiation policies
Eliminate trade barriers
Helps domestic industries
Promotes foreign investments
Provides equal rights to member nations

WTO Agreements

1. General Agreement on Trade in Services
2. Agreement on Manufactured Goods
3. Agreement on Agriculture
4. Agreement on Textiles and Clothing
5. Agreement on TRIPs
6. Disputes Settlement
7. Agreement on TRIMs
8. Agreement on Subsidies and Countervailing Measures

Impact of WTO on Indian Economy

Favourable

Improves export earnings in agriculture and textiles and clothing
Multilateral rules and discipline

Unfavourable

TRIPs in agriculture, pharmaceutical and microorganisms
TRIMs
GATS
NTBs
LDC Exports

Contentious Issues

Contentious Issues are the subjects on which some of the member countries do not agree.

Important Contentious Issues

1. Environment
2. Transparency
3. Labour Standards
4. Electronic Commerce
5. Trade Facilitation

Dispute Settlement Mechanism

Dispute Settlement Mechanism refers to the set policies that help to settle disputes and boost stability between member nations

Stage of Dispute Settlement

1. Present the case in writing
2. First case hearing
3. Submit written rebuttals
4. Appointing an expert
5. Submit first drafts
6. Panel submits the interim report
7. Review period
8. Final Report

This video is on the World Trade Organization or WTO and it has the following sub-topics.

Time Stamps

0:00 World Trade Organization Introduction
00:33 Objective of WTO
00:50 Features of WTO
01:11 Role of WTO
01:38 WTO Agreements
05:05. Impact of WTO on the Indian Economy
05:40 Contentious Issues
06:03 Importance Contentious Issues
07:43 Dispute Settlement Mechanism
08:19 Stage of Dispute Settlement