World Trade Organization is an international economic organization dealing with trade rules between nations to promote economic development and international trade. World Trade Organization also referred to as WTO deals with trade rules and reduces tariffs and restrictions between member nations. Objective of WTO - Avoid discrimination in trade - Increase and improve growth and development - Maximum utilization of resources - Full employment - Preserve and protect the environment - Improve the standard of living - Settle disputes Features of WTO - Legal entity - Automatic mechanism to settle disputes - Provides binding agreements - Gives equal rights to every member nation - Worldwide coverage - Onus on trade-related issues - Focus on intellectual issues Role of WTO - Framework for multilateral trade - Solve trade-related problems - Serve as a permanent organization - Encourage and protect the global trading system - Set up settlement procedures - Create trade negotiation policies - Eliminate trade barriers - Helps domestic industries - Promotes foreign investments - Provides equal rights to member nations WTO Agreements 1. General Agreement on Trade in Services 2. Agreement on Manufactured Goods 3. Agreement on Agriculture 4. Agreement on Textiles and Clothing 5. Agreement on TRIPs 6. Disputes Settlement 7. Agreement on TRIMs 8. Agreement on Subsidies and Countervailing Measures Impact of WTO on Indian Economy Favourable - Improves export earnings in agriculture and textiles and clothing - Multilateral rules and discipline Unfavourable - TRIPs in agriculture, pharmaceutical and microorganisms - TRIMs - GATS - NTBs - LDC Exports Contentious Issues Contentious Issues are the subjects on which some of the member countries do not agree. Important Contentious Issues 1. Environment 2. Transparency 3. Labour Standards 4. Electronic Commerce 5. Trade Facilitation Dispute Settlement Mechanism Dispute Settlement Mechanism refers to the set policies that help to settle disputes and boost stability between member nations Stage of Dispute Settlement 1. Present the case in writing 2. First case hearing 3. Submit written rebuttals 4. Appointing an expert 5. Submit first drafts 6. Panel submits the interim report 7. Review period 8. Final Report This video is on the World Trade Organization or WTO and it has the following sub-topics. Time Stamps 0:00 Introduction 00:33 Objective of WTO 00:50 Features of WTO 01:11 Role of WTO 01:38 WTO Agreements 05:05. Impact of WTO on Indian Economy 05:40 Contentious Issues 06:03 Importance Contentious Issues 07:43 Dispute Settlement Mechanism 08:19 Stage of Dispute Settlement