Features of World Trade Organization
Posted Date: 21-Sep-2010
Mohammed Julfekar Haider
This resources gives information about the characteristics and features of World Trade Organization.
World Trade Organization
came into function on 1/1/1995 with an objective to increase world trade and employment. India is also a member of World Trade Organization. The features of World Trade Organization are as follows:
(1) World Trade Organization is a separate legal entity.
(2) It has a legal and institutional foundation of the multi trading system.
(3 All its agreements are permanent and binding to all member countries.
(4) World Trade Organization has global status like IMF, but it is not an agent of UN.
(5) All its members enjoys equal voting rights, irrespective of type and volume of trade.
(6) It has an automatic dispute settlement system.
(7) WTO has a rule based and time bound approach.
(8) It has a wide coverage of not only trade but also service.
(9) WTO focuses an trade related aspects of intellectual property rights.
(10) World Trade organization is a huge organizational body having a large secretariat.
After IMF and World Bank, World Trade Organization is the third largest organization which has its own functioning system. It is managed on democratic principles and it is managed by Director General. He is overall in charge of World Trade Organization. He is assisted by four deputy director generals. Each director is appointed for a period of four years. This director is elected by member countries.
Mr. Renato Gugurio was the first D.G. of World Trade Organization. It is a legal body. All member countries enjoy world privileges and each member enjoys one vote only. World Trade Organization has two councils i.e. the ministerial council and the general council.
Ministry council is the highest authority. It is supported by general council. The Ministerial council meets at least once in every two years. General council is the lower body which is consisting representatives from member countries. World Trade Organization also has other council committees, working parties and negotiating groups for respective issues. The decisions are taken by majority of votes. Any decision relating to admission of a new member or any amendment in multilateral agreement requires at least 2/3rd majority.
World Trade Organization has its own dispute settlement machinery. It has a dispute settlement panel to settle disputes. The complaints or objections raised by any country are referred to dispute settlement body , and then they dispute settlement body refer that complaint to dispute settlement panel for quick redressal.
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