question_answer

What is the full form of WTO? When was it set up? How does it function?

Answer:

(i) Full form of WTO is ?World Trade Organisation?.

(ii) Its an international organisation set up on 1st January, 1995 as the successor to the general agreement on trade and tariffs.

(iii) It makes rules about trade and all decisions are taken unanimously but the major economic powers such as US, European Union and Japan have managed to use the WTO to frame rules of trade in advance in their own interest. The developing countries often complain of non - transparent procedure and being pushes around by big powers.