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World Trade organisation

The WTO began life on 1 January 1995, but its trading system is half a century older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided the rules for the system.

The mission of the WTO aims to encourage smooth and free trade by promoting lower trade barriers and providing a platform for the negotiation of trade and it resolve disputes between member nations, when they arise. The goal is to help producers of goods and services, exporters, and importers conduct their business

According to the 2010 annual report of the world trade organisations it is identifiable that the WTO plays an important role in its future by proving free trade opportunities between countries which would help the economy of a country to grow. For an instant in the message of the director –general Pascal Lamy he mentions “Governments showed consistent restraint, but with more than 200 million people out of work – including 27 million who lost their jobs during the crisis last year – politicians will continue to face strong pressure to curb imports. We must remain vigilant. Yielding to such pressure would, of course, be counterproductive and would be ill-timed given that today, we are seeing a recovery of world trade. After the dramatic fall in 2009, we now forecast a rebound in world trade of about 9.5 per cent this year and trade promises to be an important part of the economic recovery, especially for developing countries.”

According to the annual report it was futher Identified that the Doha round trade talks were very effective in recovering the financial crisis where it mentions “The conclusion of the Doha Round of trade talks is also crucial to the global recovery from the financial crisis. It is estimated that the implementation of this trade round would inject some 300 to 400 billion dollars a year into the global economy, making it a very low-cost global economic stimulus package.

It is also noticeable that the WTO is more...