Functions of World Trade Organization

The major functions of World Trade Organization (WTO) include:

  • Promoting an environment that is encouraging to its member countries to come forward to World Trade Organization (WTO) in mitigating their grievances;
  • Laying down a commonly accepted code of conduct with a view to reducing trade barriers including tariffs and eliminating discrimination in international trade relations;
  • Acting as a dispute settlement body;
  • Ensuring that all the rules regulations prescribed in the Act are duly followed by the member countries for the settlement of their disputes;
  • Holding consultations with International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD) and its affiliated agencies so as to bring better understanding and cooperation in global economic policy making; and
  • Supervising on a regular basis the operations of the revised Agreements and Ministerial declarations relating to goods, services and Trade Related Intellectual Property Rights (TRIPS).