World Trade Organization (WTO)

World Trade Organization was established in 1995 by 150 member countries out of which 75% of members are developing countries. The organization covers trade in goods, services and intellectual property matters. The main aim of WTO is to trade without discrimination. According to its resolution, none of the countries is given special privileges in trading. All the countries are allowed to share the benefits of any moves towards lower trade barrier, leading to trade liberalization programme. However, WTO is not the ‘free trade’ organization, but it is a system of rules committed to open and intended to encourage just competition. It pays more attention over developing and backward countries for their special needs and problems. It also helps in establishing export promotion and marketing services by training employees. The agreements of WTO are negotiated and signed by the trading nations of the world. The main aim is to help producers of goods and services, exporters and importers to manage their business. The organization also allows regional trading arrangements where a group of countries agree to abolish or reduce obstructions against imports from one another. Moreover, WTO has a special agreement for agricultural products, textiles clothing and dairy sector.