World Trade Organization (WTO) is celebrating 30 years of the Marrakesh Agreement | Current Affairs | Vision IAS
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    World Trade Organization (WTO) is celebrating 30 years of the Marrakesh Agreement

    Posted 26 Apr 2024

    2 min read

    • Marrakesh Agreement was signed in Marrakesh, Morocco, by 123 countries in 1994 after the conclusion of the Uruguay Round.
      • It led to the establishment of the WTO in 1995, replacing General Agreement on Tariffs and Trade (GATT) as an international organization.  

     

    • About Marrakesh Agreement:
      • It serves as basic framework for trade relations among all WTO members.
      • It expanded the scope beyond trade in goods to trade in services, intellectual property, and other topics.
      • It established modern multilateral trading system, facilitating negotiations, dispute settlement, and economic cooperation among members.
      • It created WTO’s governance, establishing the Ministerial Conference (highest decision making body), General Council, and specialized councils.

     

    • Achievements of WTO
      • Lowering trade barriers: Since 1995, real volume of world trade has expanded by 2.7 times and average tariffs have almost halved, from 10.5% to 6.4%.
      • Rise of Global Value Chains: Trade within these value chains today 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: TRIPS Agreement, Nairobi Package, Trade Facilitation Agreement, Doha Development Agenda etc. 

     

    World Trade Organization (WTO)

    • Genesis: Established in 1995 and is the only international organization dealing globally with the rules of trade between nations.
    • Objective: Help its members use trade as a means to raise living standards, create jobs and improves people's lives.
    • Members: 166 (accounts for 98% of world trade) including India. 
    • Headquarters: Geneva, Switzerland.
    • Decisions: Typically made by consensus.
    • Tags :
    • WTO
    • 30 Years of WTO
    • Marrakesh Agreement

    Articles Sources

    https://www.wto.org/english/thewto_e/30y_e/30y_e.htm#:~:text=The%20Marrakesh%20Agreement%20establish
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