ABOUT WORLD TRADE ORGANIZATION (INTERMEDIATE)
The World Trade Organization (WTO) is a global intergovernmental institution situated in Geneva, Switzerland, responsible for regulating international trade relations among nations. Its foundation lies in the WTO agreements, initially drafted by its founding members and endorsed by the world's major trading nations. Operating on the principles of non-discriminatory, transparent, and environmentally protective trade, the WTO strives for fair competition and inclusivity, particularly supporting less developed countries.
The WTO emerged in 1995, succeeding the General Agreement on Tariffs and Trade (GATT), which had been the primary facilitator of global trade from 1948 to 1994. The transition occurred in response to the need for a more structured international body, and foundational agreements were established during the Uruguay Round negotiations in the mid-1980s. The WTO officially came into existence on January 1, 1995.
Distinguishing itself from the GATT, the WTO expands its scope to include not only the trading of goods but also services and intellectual property. Additionally, in terms of legal matters, the WTO introduced enhanced mechanisms for dispute resolution. By 2013, the WTO boasted the membership of 159 countries, a number that increased to 164 in 2019, encompassing 98 percent of global trade.
STRENGTHENING FAIR TRADE PRACTICES
At TOYO MUN 2024, the delegates of WTO will be prompted to come up with ideas to Strengthen Fair Practices in International Trade. Fair Trade is a trading partnership, based on dialogue, transparency and respect, that seeks greater equity in international trade. It contributes to sustainable development by offering better trading conditions to, and securing the rights of, marginalized producers and workers – especially in the South.
Delegates are urged to refer to the background guide for more in-depth information on this specified topic. Background guide to be published soon.