World Trade Organization

Aim: To liberalize international trade.
When: Formed in 1995, replaced GATT.(Marrakech Agreement)
Headquarters: Geneva, Switzerland
Membership: 159 member states (Tajikistan became 159th WTO member)
Conflict: On Free trade vs protectionism and subsidies (as pushed by developing and welfare nations).

Important Pointers:

• The highest decision-making body of the WTO is the Ministerial Conference, which usually meets every two years.
• Iran is the biggest economy outside the WTO.
• The WTO has 159 members and 25 observer governments.
• In addition to states, the European Union is a member.
• GATT was established after World War II in the wake of new multilateral institutions formed – notably the Bretton Woods institutions known as the World Bank and the International Monetary Fund.

India looks forward to the Bali Ministerial Conference

The ninth WTO Ministerial Conference would be held in Bali from December 3 to December 6. The Ministerial Conference is the highest decision-making body of the 158-member multi-lateral Organisation, which meets at least once every two years.

• For further progress of the WTO Doha round trade negotiations
• International pressure on India to limit food security.
• India risks stalling the Trade Facilitation Agreement (TFA) progress.

Under the TFA, a proposal of developed countries, WTO members are negotiating ways to facilitate trade, simplify and harmonise customs rules and reduce transactions cost => reduce trade friction.

About G-33:

• The G33 is a group of developing countries that coordinate on trade and economic issues. It was created in order to help a group of countries that were all facing similar problems.
• The G33 has proposed special rules for developing countries at WTO negotiations, like allowing them to continue to restrict access to their agricultural markets.
• Despite the name, there are currently 46 member nations.