The Wto Was Established to Implement the Final Act of Uruguay round Agreement of Gatt

The World Trade Organization (WTO) was created to implement the Final Act of the Uruguay Round Agreement of the General Agreement on Tariffs and Trade (GATT). This agreement was reached on December 15, 1993, after seven years of negotiations among the then-123 GATT member countries.

The Uruguay Round Agreement was a significant milestone in international trade, as it led to the creation of the WTO, which replaced GATT as the organization responsible for the regulation of international trade. The Final Act of the Uruguay Round Agreement covers many areas of trade, including agriculture, textiles and clothing, intellectual property, services, and dispute settlement.

One of the primary objectives of the WTO is to promote free and fair trade among its member countries. It strives to eliminate trade barriers and reduce tariffs, which can increase the flow of goods and services across borders. The WTO also addresses other trade-related issues, such as intellectual property rights, investment, and competition policy.

The WTO operates on the principle of nondiscrimination, which means that its rules apply equally to all member countries. It also encourages transparency in trade by requiring its members to publish their trade policies and notify other members of any changes. This helps to create a level playing field for all countries and prevents unfair trade practices.

In addition to its role in regulating trade, the WTO also offers a platform for negotiation and dispute settlement. Its members can use the organization`s services to settle disputes related to trade, such as anti-dumping measures or the imposition of tariffs. The WTO`s dispute settlement mechanism is based on consultation and mediation, with the ultimate decision-making power resting with a panel of experts.

Overall, the establishment of the WTO and the implementation of the Final Act of the Uruguay Round Agreement have had a significant impact on global trade. The WTO`s efforts to promote free and fair trade have helped to facilitate the growth of international commerce, which has brought benefits to both developed and developing countries. With its focus on transparency, nondiscrimination, and dispute settlement, the WTO has helped to create a more stable and predictable environment for international trade.