WTO Abbreviation

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Popular abbreviations of WTO:

Searching for WTO abbreviation / WTO full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

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What does WTO mean?

The greater goal of the modern world economy is to attain Globalisation through Liberalization & Privatisation. This, in technical terms, is known as LPG (Liberalization Privatisation Globalisation). The World Trade Organisation, abbreviated as WTO, had been established to liberalize trade between member countries.

History

To promote free and fair trade between countries, Uruguay Round Negotiations(1986-94), Washington Consensus(1985) played a huge role to frame an idea of liberal economic policy. Consequently, General Agreement for Trade & Tariff(GATT) had been devised among leading countries.

On January 1, 1995, GATT was replaced by a worldwide democratic organization, WTO. As these conferences were centered around Spanish-speaking Latin America, Organización Mundial del Comercio, the Spanish term for World Trade Organisation got popularized.

Members

As of today, 164 countries are members of WTO and about 98% of total international trade happens by the legal agreements of WTO. India joined WTO on the very first day of its establishment, however, India’s decision to join gave birth to huge controversies back then. 

Every decision of WTO is approved by a majority in the Ministerial Conference(MC). The 12th WTO MC Geneva 2022 is scheduled to be co-hosted by Kazakhstan.

Working Methods

WTO governs import duties and tariffs regarding International trade to set up a stage for liberal trades and discourage indigenous protectionism. Henceforth, countries are categorized into the following groups –

• Developed Countries 
• Developing Countries 
• Under-developed Countries

The rate of import duties and tariffs are set lower for developed countries, moderate for developing countries, and higher for the latter one.

Price Regulation

World price regulation is one of the main goals of WTO. Hence, it examines the subsidies provided by the government of member countries. In layman’s terms, the higher the subsidies, the lower the market price. This leads to a catastrophic effect on imported goods and their market. To prevent such market distortions WTO has grouped subsidies into some categories (known as boxes) viz.

• Green Box(makes no market distortions)
• Red Box(makes huge distortions)
• Amber & Blue Box(makes relatively lower distortions)
• S&D Box(social and development box)

Some FAQs

• Who is the present Director-General of WTO?

Ngozi Okonjo-Iweala

• Where is the headquarters of WTO situated?

Geneva, Switzerland