World Trade Organisation — Chapter Summary
ICSE · Class 11 · Commerce
Summary of World Trade Organisation for ICSE Class 11 Commerce. Key concepts: GATT, The World Trade Organisation and The Uruguay Round of GATT.
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Overview
The World Trade Organisation, or WTO, is the legal and institutional foundation of the multilateral trade system. It was established on January 1, 1995, as the successor to GATT under the Marrakash Agreement. Its creation gave world trade a permanent institutional form, with wider coverage than GATT
Key Concepts
GATT
GATT, the General Agreement on Tariffs and Trade, was established on October 30, 1947 with 23 countries. It was an adhoc and provisional institution f
The World Trade Organisation was established
The World Trade Organisation was established on January 1, 1995 under the Marrakash Agreement as the successor to GATT. It is a permanent organisation
The Uruguay Round of GATT negotiations
The Uruguay Round of GATT negotiations led to the evolution of international economic legislation and produced 500 pages of specific agreements.
WTO has global status similar
WTO has global status similar to the IMF and World Bank, but it is not a United Nations agency. All WTO members have equal voting rights.
The WTO covers trade in goods
The WTO covers trade in goods, trade in services, protection of Trade Related Intellectual Property Rights (TRIPS), and Trade Related Investment Measu
Learning Objectives
- Understand the transition from GATT to WTO.
- Recognise the status and nature of the WTO as a permanent organisation.
- Identify the main objectives and features of the WTO.
- Understand the scope of WTO rules in goods, services, TRIPS, and TRIMS.
- Explain the WTO’s role in solving trade disputes and promoting multilateral trade.
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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