Introduction:

The WTO is a successor to the GATT, the GATT was forum where the member countries met from time to time to discuss and solved World Trade problem, but WTO is a properly established permanent World Trade Organization. It has a legal status and enjoy privileges and immunities on the same footing as the IMF and the World bank. The GATT was modified by the Uruguay round agreement. All the agreements and arrangements concluded under the GATT. There were 77 member countries of the WTO on January 1995 now there are 151 members. India is one of the founder members of WTO. The objectives and functions of WTO are.

Objectives of WTO:

• It’s relation in the field of trade and economic endeavor shall be conducted with a view to rising standard of living, ensuring full employment and large and steady growing volume of real income and effective demand and expanding the production and trade in goods and services.
• To allow for the optimal use of the world’s resources in accordance with the objectives of sustainable development. Seeking both to protect and preserve the environment, to enhance the means for doing so in a manner consistent with respective needs and concerns at different level of economic development.
• To make positive efforts designed to ensure that developing countries especially the least developed among them, secure share in the growth in international trade commensurate with the needs of their economic development.
• to achieve this objective by entering into reciprocal and mutually advantages arrangement directed towards substantial reduction of tariffs and other barriers to trade and the elimination of discriminating treatment in international trade relations.
• To develop an integrated, more valuable and durable multilateral trading system and compassing the GATT the result of past liberalization efforts and all the results of the Uruguay round of multilateral trade negotiation.
• To ensure linkages between trade policies and environmental policies and sustainable development.

Functions of WTO:

• It facilitates the implementation administration and operation of the objectives of the agreement and of the multilateral trade agreement.
• It provides a framework for the implementation administration operation of the trade agreement relating to trade in a civil crafts government procurement rate in dairy products and meet.
• It provides forum for negotiation among its member concerning their lateral trade relations in matters relating to the agreement and framework for the implementation of the result of such negotiations as decided by the ministerial conference
• It administers the understanding on rules and procedures governing the settlement of dispute of the agreement.
•  The W.T.O co-operates with the IMF and the World Bank and its affiliate agencies with a view to achieving greater coherence in global economic policy making. It collaborates with other international organizations, such as the International Monetary Fund (IMF) and the World Bank, to ensure coherence in global economic policy-making.
• The WTO works to reduce trade barriers and promote trade liberalization on a global scale. Through negotiations and agreements, the organization aims to create a more open, stable, and predictable trading environment, which can lead to economic growth and development.
• The WTO provides technical assistance and training programs to help developing countries build their trade capacity. This assistance helps these countries participate more effectively in the global trading system, implement WTO agreements, and benefit from trade liberalization.
• The WTO works to reduce trade barriers and promote trade liberalization on a global scale. Through negotiations and agreements, the organization aims to create a more open, stable, and predictable trading environment, which can lead to economic growth and development.
• By providing a structured system for international trade relations, the WTO contributes to global peace and stability. The organization helps to reduce trade tensions and conflicts by encouraging cooperation and dialogue among nations.

also read: write a note on history of GATT.