User:Ruman khan

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The World has not always seen unprecedented economic success like this. In 1930s World suffered through the Great Depression, and World War II prompting the creation of many international organizations, among them one to oversee a rule-based system of trade among states. The Great Depression had profound effects on the people and nations who lived through it. This economic mayhem started with the 1929 Stock Market Crash wiping out savings and creating unemployment of the highest level. To grapple with the blows of WWII and Great Depression 23 nations organized the General Agreement on Tariffs and Trade (GATT) in Geneva which came into effect in January 1948 providing opportunity to indulge in tariff negotiations. This first round resulted in 45,000 tariff concessions affecting USD 10 billion (about 1/5th of the world trade). In the next 47 years, the basic legal text of the GATT remained the same much as it was in 1948, with some additions in the form of "plurilateral" — voluntary membership — agreements and continual efforts to reduce tariffs in a series of "trade rounds" till the inception of World Trade Organization on 1st January, 1995 at the 8th round commonly known as the "Uruguay Round" the multilateral trade negotiations which were launched in September 1986 at Punta del Este, Uruguay and concluded at Ministerial Meeting held in April 1994, in Marrakesh, Morocco.


a. Raising standards of living, b. Ensuring full employment and a large and steadily growing volume of real income and effect demand, and, c. Developing the full sense of the resources of the world and expanding the production and exchange of goods

FUNCTION''


1. The WTO facilitates the implementation, administration and operation, and further the objectives, of this Agreement and the Multilateral Trade Agreements, and also provides framework for the implementation, administration and operation of the Plurilateral Trade Agreements. 2. The WTO provides the forum for negotiations among its members concerning their multilateral trade relations in matters dealt with under the agreements and a framework for the implementation of the results of such negotiations, as may be decided by the Ministerial Conference. 3. The WTO administers the Understandings on Rules and Procedures governing the Settlement of Disputes. 4. The WTO administers the Trade Policy Review Mechanism (TPRM). 5. With a view to achieving greater coherence in global economic policy-making, the WTO cooperates, as appropriate, with the International Monetary Fund (IMF) and with the International Bank for Reconstruction and Development (World Bank) and its affiliate agencies.