Objectives of the World Trade Organization
The World Trade Organization was formed after GATT members signed an agreement in 1994. Unlike GATT, the World Trade Organization was formed after signing an international treaty that was approved by all participating countries. Thus, organization has an international status just like the World Bank and the IMF. However, the WTO is not a United Nations’ agency.
GATT was not an organization but a legal arrangement but the WTO is an international organization established as a permanent institution. It acts as the watchdog in the world of goods, services, foreign investment and intellectual property trade among others.
The main objectives of the World Trade Organization are as follows:
- To implement a new system of the world trade as envisioned by the treaty
- To promote global trade in a way that is beneficial to all member countries
- To enable developing countries to secure a balance in sharing the advantages of the expanded international trade that corresponds to their growth and developmental needs.
- To eliminate hurdles that hinder the establishment of an open global trading system while ushering in an international renaissance economically since global trade is a crucial instrument that can boost economic growth of the member countries
- To boost competitiveness among the trading partners in order to benefit consumers while fostering global integration.
- To increase productivity and production levels with an aim of boosting employment levels globally.
- To utilize and expand global resources to maximum levels
- To improve the living standards of the global population while boosting economic development in the member countries.
- To eliminate discriminative treatments in terms of the international trade
- To boost real income as well as trade in services and goods in the member nations.
- To enhance environmental protection while accepting concepts aimed at enhancing sustainable development in member nations.
Since its establishment, the World Trade Organization has provided a forum via which member countries negotiate their relations in multilateral trades on the basis of the treaty that was signed in 1994.
The organization has also administered the procedures and rules that govern the settlement of different trade disputes. It also administers the review mechanism of trade policy. The World Trade Organization cooperates with the International Monetary Fund when appropriate to enhance coherence in the process of making global economic policies. It also cooperates with the World Bank and other affiliated agencies in enhancing coherence in the global economic policies.
Additionally, the World Trade Organization has facilitated the implementation, operation and administration as well as furthering the objectives of the agreement signed in 1994 and multilateral trade treaties while providing a framework for the administration, operation and implementation of plurilateral trade treaties.
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