Objective and functions of WTO

The Uruguay round of GATT (1986- 93)  gave birth to the World Trade Organisation.  the member of the GATT signed on an agreement of the Uruguay round in April 1994 in Morocco for establishing new organisation named WTO. It  was officially constituted on January 1, 1995 which took place of GATT as an effective formal organisation. 

Objectives of WTO (World Trade Organisation ) 

1. to improve the standard of living of people in the member countries.
2. to ensure full employment and broad increase in effective demand.
3. to enlarge production and trade of goods.

the above 3 objective are also included in GATT but WTO also included some other objective which are

1. to enlarge production and trade of services
2. to ensure optimum utilisation of world resources
3. to accept the concept of Sustainable development
4. to protect environment

functions of WTO   (World Trade Organisation) 

1. to provide facilities for implementation Administration and operation of multilateral and bilateral agreement of the world trade.
2. to provide a platform to member countries to decide future strategies related to trade and tariff.
3. to administer the rule and process related to dispute settlement
4. to implement rule and provision related to trade policy review mechanism
5. to asist IMF and IBRD for establishing coherence in Universal economic policy DETERMINATION.
6. to ensure the optimum use of world resources