Why is it in the news?
- World Trade Organization (WTO) is celebrating 30 years of the Marrakesh Agreement.
About Marrakesh Agreement (1994)
- Signed by 123 countries in Marrakesh, Morocco, in 1994 after the conclusion of the Uruguay Round.
- Led to the establishment of the WTO in 1995, replacing the General Agreement on Tariffs and Trade (GATT).
- Serves as the basic framework for trade relations among all WTO members.
- Expanded the scope beyond trade in goods to include trade in services, intellectual property, and other topics.
- Established a modern multilateral trading system, facilitating negotiations, dispute settlement, and economic cooperation among members.
- Created the WTO’s governance structure, including the Ministerial Conference (highest decision-making body), General Council, and specialized councils.
| World Trade Organization (WTO) About: · Established in 1995, it is the only international organization dealing globally with the rules of trade between nations. · Its objective is to help its members use trade as a means to raise living standards, create jobs, and improve people’s lives. · Members: 166 countries, accounting for 98% of world trade, including India. · Headquarters: Geneva, Switzerland. · Decisions: Typically made by consensus. Achievements of WTO: · Lowering trade barriers: Real volume of world trade expanded by 2.7 times since 1995, with average tariffs almost halved from 10.5% to 6.4%. · Rise of Global Value Chains (GVCs): Trade within these value chains accounts for almost 70% of total merchandise trade. · Growth in developing countries: Fastest poverty reduction since 1995 and increased purchasing power in all countries. · International Trade Agreements and Rules: Includes the TRIPS Agreement, Nairobi Package, Trade Facilitation Agreement, Doha Development Agenda, etc. |
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