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Text5. The World Trade Organisation

The World Trade Organisation (WTO) is the only global international organisation dealing with the rules of trade between nations. Its goal is to help producers of goods and services, exporters, and importers conduct their business. This is the youngest transnational structure but its history is great. The World Trade Organisation was founded on January 1, 1995. The WTO is the successor to the General Agreement on Tariffs and Trade signed in 1948.

The WTO has determined the following principles of trade agreements: all partners are equal; imported and local goods have equal rights on the domestic markets; trade barriers should be reduced through negotiations and agreements must be transparent and predictable; fair competition, economic development and economic reforms must be supported.

The topmost decision-making body of the WTO is the Ministerial Conference, which usually meets every two years. It brings together all members of the WTO, represented either by the countries or by the Customs Unions. The Ministerial Conference appoints the Committee on Trade and Development, the Committee on Budget, Finance and Administration, the Committee on Trade and Environment and a number of other bodies. The Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. The daily work of the Ministerial Conference is handled by the General Council which administrates the activity of the Dispute Settlement Body, and the Trade Policy Review Body.

1The General Council- the highest-level decision-making body is located in Geneva. It supervises the work of the Council for trade in goods, the Council for trade in services, etc. The General Council has representatives from all member governments and has the authority to act on behalf of the Ministerial Conference which meets about every two years.

2. The Dispute Settlement Body is made up of all member governments, and is usually represented by ambassadors. It is responsible for trade quarrelsand enforcing the rules and therefore vital for ensuring that trade flows smoothly.

3. The Trade Policy Review Body (TPRB) - is open to all WTO members to undertake trade policy reviews of members.

To become a truly open economy, Russia has recently joined the World Trade Organisation. Certainly, Russia does not wait for immediate rewards from the membership. However, the long-term benefits of this membership will overweigh the initial cost. Being the member of the WTO will make it possible to rebalance our economy which still relies heavily upon selling the national oil.

Questions for discussion:

1. What kind of organisation is the WTO?

2. What is the goal of the WTO?

3. When was the WTO founded?

4. Where are the headquarters of the WTO located?

5. What are the principles of the WTO trade agreements?

6. What is the topmost decision-making body of the WTO?

7. What are the main functions of the Ministerial Conference?

8. What is the role of the General Council?

9. What is the role of the Dispute Settlement Body?

10. What is the role of the Trade Policy Review Body?


Модуль 3. Моя специальность. Особенности управления частными и государственными компаниями. Роль государственного и муниципального управления в современном обществе. Функции административного порядка. Работа в государственных структурах


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