WTO:

World Trade Organization

The organization officially commenced on January 1, 1995

deals with regulation of trade between participating countries

The WTO has 153 members

headquarters is at the Centre William Rappard, Geneva, Switzerland.

GATT:

GATT is the predecessor of WTO

Born in 1948 as a result of the international desire to liberalize trade

Lasted until 1994, when it was replaced by the World Trade Organization.

Geneva Round

Geneva Round

April 19477 months

April 19477 months

23 countries23 countries Tariffs as main subject

Tariffs as main subject

Achieved 45000 tariff concessions affecting 410 billion of trade

Achieved 45000 tariff concessions affecting 410 billion of trade

Annecy Round

Annecy Round

April 19495 months

April 19495 months

13 countries13 countries Tariffs as main subject

Tariffs as main subject

Countries exchanged some 5000 tariff concessions

Countries exchanged some 5000 tariff concessions

Torquay Round

Torquay Round

Sep 19508 months

Sep 19508 months

38 countries38 countries Tariffs as main subject

Tariffs as main subject

Cutting of 1948 tariff levels by 25%

Cutting of 1948 tariff levels by 25%

GenevaII Round

GenevaII Round

Jan 19565 months

Jan 19565 months

26 countries26 countries Tariffs as main subject

Tariffs as main subject

Cutting of $2.5 billion tariffsCutting of $2.5 billion tariffs

Dillon Round

Dillon Round

Sep 196011 months

Sep 196011 months

26 countries26 countries Tariffs as main subject

Tariffs as main subject

Tariff concession worth $4.9 billion of world trade

Tariff concession worth $4.9 billion of world trade

Kennedy Round

Kennedy Round

May 196437 months

May 196437 months

62 countries62 countries Tariffs, anti-dumping as main subject

Tariffs, anti-dumping as main subject

Tariff concessions worth $40 billion of world trade

Tariff concessions worth $40 billion of world trade

Tokyo Round

Tokyo Round

Sep 197374 months

Sep 197374 months

102 countries

102 countries

Tariffs, Non- tariff measures

Tariffs, Non- tariff measures

Tariff reduction worth more than $300 billion of world trade

Tariff reduction worth more than $300 billion of world trade

Uruguay Round

Uruguay Round

Sep 198687 months

Sep 198687 months

123 countries

123 countries

Tariffs, Non- tariff measures, dispute settlement, textiles, agriculture

Tariffs, Non- tariff measures, dispute settlement, textiles, agriculture

The round led to the creation of WTO, extended the range of trade negotiations, about 40% of tariff reductions, full access to import and export textiles and clothing

The round led to the creation of WTO, extended the range of trade negotiations, about 40% of tariff reductions, full access to import and export textiles and clothing

Doha Round

Doha Round

Nov 2001Nov 2001 141 countries

141 countries

Tariffs, Non- tariff measures, agriculture, labour standards, environment

Tariffs, Non- tariff measures, agriculture, labour standards, environment

The round is not yet concluded

The round is not yet concluded

Functions:

Overseas the implementation, administration and operations of covered agreements.

provides forum for negotiations and settlement of disputes.

review and ensure the transparency of trade policies

Centre of economic research and analysis

co-operates with other two components of Bretton woods system, the IMF and the World bank

Principles

Safety-Valves

TransparencyNon-

Discrimination

Binding & Enforceable Commitments

A wishing country submits an application to General Council describing all of its trade and economic policies

the application after being submitted in memorandum of WTO, is examined by a working party

The working party determines the terms and conditions of entry into WTO

In final phase of accession bilateral negotiations between the applicant nation and other working party members is done

After that the working party sends an accession package to General Council

After approved by General Council the applicant becomes eligible for becoming the member of WTO

Agreement on Agriculture (AoA)

General Agreement on Trade in Services (GATS)

Trade Related Aspects of Intellectual Property Rights Agreement

Sanitary and Phyto -Sanitary Agreement (SPS)

Agreement on Technical Barriers to Trade (TBT)

GATT WTOGATT was Ad Hoc and provisional.

WTO and its agreements are permanent.

GATT has contracting parties. WTO has members.

GATT system allowed existing domestic legislation to continue even if it violated a GATT agreement.

WTO does not permit this.

GATT was less powerful, dispute settlement system was slow and less efficient, its ruling could be easily blocked.

WTO is more powerful, dispute settlement mechanism is faster & efficient, very difficult to block the rulings.

The WTO Is Fundamentally Undemocratic

The WTO Will Not Make Us Safer

The WTO Tramples Labor and Human Rights

The WTO Would Privatize Essential Services

The WTO Is Destroying the Environment

The WTO is Killing People

The WTO is Increasing Inequality

The WTO is Increasing Hunger

The WTO Hurts Poor, Small Countries in Favor of Rich Powerful Nations

The WTO Undermines Local Level Decision-Making and National Sovereignty

There are Alternatives to the WTO

The Tide is Turning Against Free Trade and the WTO!