Rapid Fire
30th Anniversary of World Trade Organisation
- 09 Jan 2025
- 2 min read
Recently, 1st January 2025 marked the 30th anniversary of the World Trade Organization (WTO).
World Trade Organization (WTO):
- About: WTO is an international institution formed to regulate the rules for global trade among nations.
- It was formed under the Marrakesh Agreement signed on 15th April 1994 by 123 countries after the Uruguay Round negotiations (1986-94) of the General Agreement on Tariffs and Trade (GATT), leading to the birth of WTO in 1995.
- WTO succeeded the GATT which had regulated world trade since 1948.
- GATT focused on trade in goods, while WTO covers trade in goods, services, and intellectual property, including creations, designs, and inventions.
- Headquarters: Geneva, Switzerland.
- Members: 166 countries, representing 98% of global trade.
- Key Bodies:
- Ministerial Conference (MC): Highest decision-making authority.
- Dispute Settlement Body (DSB): DSB resolves trade disputes.
- Key WTO Agreements:
- TRIMS (Trade-Related Investment Measures): Prohibits measures that discriminate against foreign products, e.g., local content requirements.
- TRIPS (Trade-Related Aspects of Intellectual Property Rights): TRIPS resolves disputes over intellectual property rights.
- AoA (Agreement on Agriculture): AoA promotes agricultural trade liberalization, focusing on market access and domestic support.
- Other Agreements:
Read More: Tepid Trade-Offs: On the WTO 13th Ministerial Conference
