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What is WTO and its Functions and Policies

Full form of WTO is world trade organisation . It is an international organisation which established after conversion of GATT in 1995 . In 1944 , when bretton woods conference was completed . In that meeting leaders of developed countries wanted to make international trade organisation but they accepted only GATT's policies in 1948 . After Uruguay discussion , all GATT members included in WTO .

Main objective of making WTO is to reduce restrictions in international trade with more globalisation and liberalisation policy.

Functions and policies of WTO
1. Reduction of the rate of Tariffs :
Tariffs means tax on imported goods . For developing international trade , it is compulsory to all member countries to reduce 24 % to 30 % tariffs with in 6 to 10 years .
2. Reduction the subsidy to domestic trade
For more smooth competition , WTO has made rule to reduce the amount of subsidy or other assistance which is given by govt. to their domestic industry .
Trips means trade and intellectual property rights . WTO has made some rules for prohibiting piracy in intellectual property rights . All countries will have to accept these trips .
4. Other GATT rules
Some of GATT rules will still apply

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Accounting ! Answers: What is WTO and its Functions and Policies
What is WTO and its Functions and Policies
Accounting ! Answers
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