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T) established after World War II. GATT and the WTO have helped to create a strong and prosperous trading system contributing to unprecedented growth. The exceptional growth in world trade during the past 50 years is as follows: Merchandise exports grew on average by 6% annually and total trade has increased 22 times from 1950 till 2000.

The WTO developed after several rounds of negotiations under GATT. The first rounds dealt mainly with tariff reductions but later, negotiations included other areas such as anti-dumping and non-tariff measures. The last round which led to the WTO’s creation was the Uruguay Round.

The following table illustrates the different round which took place and the issues which were discussed.

1.3 Functions of the WTO

The WTO can be viewed from different angles. Apart from being an organisation for trade liberalisation, it is a forum for governments to negotiate trade agreements. The WTO is also a place for settlement of trade disputes which is “rules-based”. Hence, the main functions of the WTO are described below:

1.3.1 Administering WTO trade agreements

1.3.2 Forum for trade negotiations

The core activity of the WTO is to negotiate between the members on how to decrease trade barriers worldwide. Thus, 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. However, it is must be note that although the main objectives of the WTO is to reduce trade barriers between countries and liberalise trade, the WTO will maintain the trade barriers in circumstances like protection of consumers and prevention of diseases.

1.3.3 Handling trade disputes

Handling trade disputes is the third important aspect of the work of the WTO. Even trade agreements which have been meticulously negotiated may create conflicts between governments. Hence, the best way to settle these differences is through some neutral procedures based upon a legal framework. This is the reason for which WTO agreements exist.

1.3.4 Monitoring trade policies

The WTO agreements are negotiated and signed by the world’s trading nations. These documents provide the legal aspects of international trading. They are mainly contracts, binding governments to keep their trade policies within the agreed limits. Although these agreements are negotiated and signed by governments, the aim is to help producers of goods and services, exporters, and importers conduct their business while also allowing governments to meet social and environmental objectives.

The main purpose of this system is to help easy flow of trade and prevent side effects. This is important so as to provide a better economic development of a country. Moreover, these rules need to be transparent and predictable.

1.3.5 Technical assistance and training for developing countries

The WTO provides guidance to countries on complex issues. It also provides support and training to developing countries in order to help them to fully integrate the system.

1.3.6 Cooperation with other international organisations

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