WTO – World Trade Organization

WTO has redefined the role of free trade in global framework. The establishment of World Trade Organization is the successor to the GATT on 1st January 1995.

GATT which was born in 1947 covered only trade in goods. In 86 US succeeded in including trade related intellectual property right and trade related investment measures in the GATT but in reality this agreement came into effect in 1995 with the establishment of WTO.

To achieve these goal member nations decided to make a new organization. The Uruguay round of GATT negotiation concluded on 15th April 1994 at Marrakesh, Morocco and result is WTO coexisted for transitional period of one year and in January 1995 however the WTO completely replaced the GATT.

The membership of WTO increased from 77 in 1995 to 127 by the end of 1996. And India is one of the founder members of WTO. WTO has a legal states and enjoys privileges and immunities on the same footing as the IMF and the World Bank.