WTO and Its Latest Members

World Trade Organisation:-

 In1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries.

 GATT was transformed into the World Trade Organisation from 1st January 1995.

 WTO is the only international organization dealing with the global rules of trade between nations. It sets the rules for the global trading system and resolves disputes between its member nations.

 WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights.(Agreements like TRIPS and TRIMS

 WTO Headquarters are located in Geneva, Switzerland.

Trade Facilitation agreement on Goods was the result of Bali Package.(9th Ministerial Conference in 2013.

In the Nairobi Summit India pitched for Trade facilitation in services also.

Nairobi was 10th ministerial conference in 2015.
India has already accepted the Trade Facilitation for Goods.

Presently it has 164 Members.

Last 5 Members to be Added:

1) 164th : Afghanistan

2)163rd : Liberia

3)162nd : Kazakhatan

4)161st  : Seychelles

5)160th : Yemen

***INDIA WAS THE FOUNDING MEMBER OF WTO (GATT in 1948)