You may be wondering what the full form of WTO is. It is an organization of nations that negotiate on international trade issues. Essentially, it is the world’s largest trading body. The WTO has its drawbacks. Many developing countries have complained of nontransparent procedures and big powers’ influence over the organization. There is also controversy surrounding India’s desire to become a permanent member of the UN Security Council. Some question India’s inclusion on this list due to its nuclear weapons capability. Others believe that a conflict between India and Pakistan will render her membership ineffective.
The United States was the original member of the WTO and continues to support this rules-based multilateral trading system. The WTO protects American economic interests and opens up foreign markets. Currently, any state can join the organization, but they must ratify its terms before they can join. To do this, the countries set up a working party that negotiates the terms of membership for the organisation. The WTO has 164 members.
The World Trade Organisation was founded in 1995 as the successor to the General Agreement on Tariffs and Trade. It was designed to help develop a law-based government of global trade. Today, the World Trade Organisation is headquartered in Geneva, Switzerland, at the Centre William Rappard. India generally leads the way in developing fair global trade laws and containing unrest in the developing system. It has kept its pledge to liberalise trade.
The World Health Organisation is another organization under the United Nations. Its highest official is the Secretary General. The UN has 192 member states, and the International Monetary Fund has 189. In 2006, the UN had 192 member states. The World Trade Organisation has many judges, including one who holds the Nobel Peace Prize. It also has a number of boards that oversee various projects. Most notably, Amnesty International has the responsibility for protecting human rights.
However, WTO or World Trade Organization is a very important institution all over the world that regulates and controls the world trade and commerce. It also sets standards for trade and businesses.