World Trade Organization (WTO) is an organization that deals with trade between the whole nations. Its main function is to ensure that trade flows as smoothly as possible. WTO was established on 1st January, 1995. It replaces the form of General Agreement on Trade and Tariffs (GATT). It headquarters is in Geneva, Switzerland and it is controlled by a General Council, made up of member states ambassadors who also serve on various subsidiary and special committees.
In the context of Nepal, Nepal applied for the membership of WTO in 1995, 5th December. And in 2003 11th September, Nepal was given a decision for a membership of WTO. In 23rd March, 2004, Nepal accepted a protocol. As of 2016, the WTO has 163 members.
HISTORY OF WTO
Following the 2nd World War, the Bretton Wood conference held in 1994 had proposed to form international trade organization to establish rules and regulation for trade among the countries. But, due to various disagreement among the nations, only on the provision of General Agreement on Tariffs and Trade (GATT) of ITO continue to exist. Based on this agreement, the Uruguay round to meet concluded in 1995 agreed to promote GATT which an agreement into the structural institution called WTO.
OBJECTIVES OF WTO
PRINCIPLES OF WTO
FUNCTIONS OF WTO
Nepal got the permission of membership Baisakh 11,2061 B.S. from WTO. Nepal is 147th member of WTO. It helps in a trade. WTO promotes the world trade. WTO facilitates in increasing the production and productivity and the income level of an ordinary people. There has been an advance improvement of technology, electronics and other modern facilities in Nepal after being a member of WTO. Apart from this Nepal is still struggling to get benefits as a member of an organization for which it negotiates for 14 years since re-establishment of WTO.(The World Around Us)
All the member states of the South Asian Association for Regional Cooperation (SAARC) were signed the agreement on South Asian Free Trade (SAFTA) during the twelfth ‘SAARC Summit’ held in Islamabad on 4-6th January 2004. SAFTA came into force from 1st January 2006.
SAARC was established in Dhaka on December 7-8, 1985 with the objective of:
Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sir Lanka are the members of SAFTA. In April 2007, Afghanistan becomes its eighth member, at the Association’s 14th summit.
(Jha, Bhusal, and Bista)
PRINCIPLES OF SAFTA
(Khanal, Poudel, and Thapa)
Jha, P.K., et al. Economics II. Kalimati, Kathmandu: Dreamland Publication, 2011.
"Supply." Khanal, Dr.Rajesh Keshar, et al. Economics II. Kathmandu: Januka Publication Pvt. Ltd., 2013. 20-26.
The World Around Us. 11 04 2011. 30 06 2016 <http://hetaudakathmandu.blogspot.com/2011/04/nepal-as-member-of-wto.html>.