The distinctive features of WTO – World Trade Organization are :
- Unlike the GATT, it is a legal entity.
- Unlike International Monetary Fund (IMF) and World Bank it is not an agent of the United Nations.
- Unlike the IMF and the World Bank there is no weighted voting, but all the WTO members have equal rights.
- Unlike the GATT, the agreements under the WTO are permanent and binding to the member countries.
- Unlike the GATT, the WTO dispute settlement system is based on dilatory but automatic mechanism it is also quicker and biding on the members. As such the WTO is a powerful body. Unlike the GATT, the WTO’s approach is rule based and time bound.
- Unlike the GATT, the WTO has a wider coverage. It covers trade in goods as well as services.
- Unlike the GATT, the WTO has a focus on trade related aspects of intellectual property rights and several other issues of agreements.
- Above all the WTO is huge organizational body with a large secretariat.