| The World Trade Organization, founded in the year | | | | Comprising of 153 members, the World Trade |
| 1995, is the only global organization which deals with | | | | Organization embody 95% of the entire global trade. |
| the trade rules amid the nations. It was constituted | | | | The headquarters of the organization is located at |
| under the Marrakech Agreement, restoring the | | | | the Centre William Rappard, Geneva, Switzerland. A |
| General Agreement on Tariffs and Trade (GATT), | | | | ministerial conference, which meets once in every |
| which started in 1947.The agreements are signed by | | | | two years, is responsible for governance, policy |
| the respective member nation's government and | | | | implementation and day-to-day administration. |
| rectifications are done in the parliaments of the | | | | Nearly all the issues that the World Trade |
| nations. To eliminate trade barriers as between | | | | Organization stresses on come forth from the |
| nations, this body provides a forum where disputes | | | | Uruguay Round (1986-1994). In the present day, the |
| are settled and agreements are negotiated. | | | | organization is making an attempt to carry on with |
| Nonetheless, the origin of the foundation goes back | | | | Doha Round, a trade negotiation initiated in 2001 with |
| to World War Two. | | | | the goal of increasing the involvement of weaker |
| The goal of the organization is to assist maker of | | | | nations, representing most part of the population. |
| goods and services, exporters, and importers | | | | The organization facilitates labor division between |
| execute their business. A crucial principle of the | | | | countries, allows the optimum use of resources, |
| organization is non-discrimination. Transparency of | | | | assists in raising efficiency and most importantly, |
| rules, regulations and policies, high certainty in the | | | | brings down cost. Can you visualize a situation where |
| trading conditions, generalization, ejection of red tape | | | | each nation embarks on distinct set of trade laws |
| and custom procedure standardization are few other | | | | and diverse rates of custom duty? Would trade |
| principles of the organization. | | | | exist? |