1. The World Trade Organization
By Naina Kamath and Parth Shah

2. What is the WTO? WTO stands for World Trade Organization
The WTO "is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments."
"made to help producers of goods and services, exporters, and importers conduct their business."

3. Origins:
Originated from GATT (General Agreements on Tariffs and Trade)
GATT created the WTO during the Uruguay Round of negotiations.
GATT is a code of regulations while WTO is an institutional organization.
The WTO covers a broader areas like telecommunications, banking, and intellectual property rights.

4. Dates to remember: 1947-GATT signed into action
Uruguay Round negotiations created most of the WTO framework
1995-WTO created from GATT (75 members joined
2001-Doha Ministerial Conference created new agreements
2005-Pascal Lamy became director
members in WTO. along with the 24 observing members

5. Leadership:
Decisions are made by member governments and "the rules are the outcome of negotiations among members"
Pascal Lamy, a former EU trade commissioner, has been the head of WTO for the past 8 years

6. Advantages of the WTO Promotes peace between member nations
Disagreements are handled diplomatically without physical violence
Gives the smaller countries a larger voice
Dramatically decreases the cost of living due to the reduction of protectionist policies such as embargos, tariffs, and quotas
Trade encourages economic growth and increases employment rates
Raises living standards of member nations through economic development

7. Disadvantages of the WTO
The WTO is too powerful, in that it can in effect compel sovereign states to change laws and regulations by declaring these to be in violation of free trade rules.
The WTO is run by the rich for the rich and does not give significant weight to the problems of developing countries.
Its hearings on trade disputes are closed to the public and the media.
The WTO is indifferent to the impact of free trade on workers' rights, child labour, the environment and health.

8. International Impact
In general it has helped facilitate trade between countries. All six nations are members of WTO (except for Iran)
The United Kingdom, Nigeria and Mexico are founding members. They have been members since January 1st 1995.
Russia became a member in August 2012 after a lot of debate
China became a member in December 2001
Iran is currently an observing member

9. International Impact (Cont.)
All 6 countries have had to alter their laws in accordance to WTO regulations. For example, after Russia received membership, it had to lower tariffs, import duties, export duties and allow greater access for foreign companies.
In Mexico, WTO membership has hurt the domestic agricultural industry, increased competition and contributed to environmental issues.

10. International Impact (Cont.)
In all 6 countries, there is controversy over how much impact the WTO and its regulations should be permitted to have. Also, WTO membership seems to hurt certain industries, and assist other industries.

11. works cited
Menotti, Victor. "Key WTO issues for Mexico." Key WTO issues for Mexico. International Form on Globalization. 21 Mar <
"Profile: World Trade Organization." BBC News. 15 Feb BBC. 20 Mar <
"Russia's entry to World Trade Organization hailed by EU." BBC News. 22 Aug BBC. 21 Mar <
"WORLD TRADE ORGANIZATION." WTO: About the Organization. WTO. 20 Mar <
"WORLD TRADE ORGANIZATION." WTO: Understanding the WTO- members. 20 Mar <
"WORLD TRADE ORGANIZATION." WTO: What is the WTO? Who are we. 20 Mar <
"WORLD TRADE ORGANIZATION." WTO. World Trade Organization: Official Documents and Legal Texts. 20 Mar <