Question

Discuss in detail the World Trade Organization, its membership, and its function. Also explain the normal trade relations principle, national treatment, quantitative restrictions, and dumping.

Answer 1

The World Trade Organization, founded by the Uruguay Round. Composition actually consists of 161 members. The WTO promotes mutual collaboration in market development and offers a platform for future trade agreements and international trade dispute resolution.

The standard theory of international negotiations demands that member states of the WTO behave fairly as imports originating from all member states of the WTO. Specifically, WTO member states are prohibited from discriminating against similar goods depending on their country of origin.

National treatment forbids member states of the WTO from restricting, taxing or otherwise handling imported goods in any manner other than products manufactured domestically. Article XI of the GATT forbids quantitative limits on the importation of such goods on the grounds of the amount of units, weight or interest, either for national economic purposes or for domestic sector security. Dumping is the process by which an exporter purchases items in a foreign state at less than the price paid on the exporter's home market for the same or similar goods. Article VI of the GATT forbids dumping where it causes material damage to an existing sector or attempts to cause it.

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