Explain briefly the objectives with which WTO was established. Also explain the major provisions of GATTS, AOA and TRIPS

international-trade
cbse

#1

WTO was established with the following objectives
Following are the objectives of WTO :
(i) To ensure reduction of tariffs and other trade barriers imposed by different countries.
(U) To engage in such activities which improve the standard of living, create employment, increase effective demand and income and facilitate higher production and smooth Trade.
(iii) Facilitate the optimum use of worlds limited resources.
(iv) Promote an integrated, more viable and durable
trading systems
The major provisions of the given Agreements are explained below:
(a) GATTS : Provide that trade in services is governed by ‘most favoured nations’ obligation that prevents countries from discriminating among foreign suppliers and services. Each member country is required to remove restrictions on trade in services and shall prompty publish all its relevants laws and regulations related to services.
(b) AOA (Agreement On Agriculture) :(i) Agreement on Agriculture AO A: This agreement ensured free and fair trade in agriculture. The developed countries have agreed , to lower down the custom duties on their imports and reducing subsidies in the export of agricultural goods.
(ii) Agreement on TRIPS : The agriculture sets out the minimum standard of protection to be adopted by the parties in respect of seven intellectual properties viz, copy rights, trademarks, geographical indication, industrial design, laying out of integraled circuits and trade secrets.
© TRIPS