Answer:
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world?s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers to conduct their business. Role of WTO are:
(i) Trade negotiation: The WTO regulates agreements over goods, services and intellectual property. They spell out the principles of liberalization, and the permitted exceptions. They include individual countries? commitments to lower customs tarius and other trade barriers, and to keep open services markets.
(ii) Implementation and monitoring: All WTO members must undergo periodic scrutiny of their trade policies and practices, each review containing reports by the country concerned and the WTO Secretariat.
(iii) Dispute settlement: The WTO?s procedure for resolving trade quarrels under the Dispute Settlement Understanding is vital for enforcing the rules and therefore for ensuring that trade flows smoothly.
Various countries claim that the issues of labour and environment are stead fastly ignored. The absence of proper environmental regulation and resource management, increased trade might cause so much adverse damage that the gains from trade would be less than the environmental costs. The "Green room" discussion in the WTO as unrepresentative and non-inclusive; more active participants, representing more diverse interests and objectives, have complicated WTO decision-making.
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