The World Trade Organization (WTO) stands as the sole global international body overseeing trade regulations among nations. Its core consists of agreements negotiated and endorsed by a majority of the world's trading nations, ratified in their respective parliaments. Currently, the WTO boasts 164 members, including the European Union, and 23 observer governments, such as Iran, Iraq, Bhutan, Libya, etc.
WTO is one of the three key international organizations alongside the International Monetary Fund (IMF) and the World Bank Group, significantly shapes and coordinates global economic policy. It plays a pivotal role in international trade, global economics, and addressing political and legal issues arising from globalization in international business.
Positioned as the world's preeminent institution for reducing trade barriers and expanding markets, the WTO collaborates with the IMF and World Bank to ensure cohesion in global economic policies. By resolving trade disputes through negotiations, consultations, and mediations, the WTO holds the potential to foster world peace and enhance bilateral relations among member countries.
The organization's decisions are typically made by consensus and ratified by members' parliaments, contributing to a more prosperous, peaceful, and accountable economic world. The GATT and WTO have played instrumental roles in shaping a robust and prosperous trading system, fostering unprecedented growth through trade negotiations.
Ministerial conferences of the WTO are the highest decision-making authority within the WTO and are convened approximately every two years. There have been thirteen ministerial conferences from 1996 till 2024. This assembly unites all WTO members, consisting exclusively of countries or customs unions, and possesses the capacity to make decisions on all aspects covered by the various multilateral trade agreements.
Bu hikaye Extraordinary and Plenipotentiary Diplomatist dergisinin March 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Extraordinary and Plenipotentiary Diplomatist dergisinin March 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
THE WOLF ECONOMY AWAKENS
Mongolia's Fight for Democracy, and a Green and Digital Future
DESTINATION Kenya
Background - My interest in visiting Kenya began on December 3, 2016, when the Kenya Tourism Board organized the Magical Kenya Open Golf Tournament in Delhi. The event, by invitation only, attracted many notable figures from Delhi NCR, and I was fortunate to be one of the winners. Along with a beautiful trophy, the prize included a trip to Kenya to play three rounds of golf in Nairobi and visit the renowned wildlife sanctuaries of Kenya.
THE POLITICAL LESSONS FROM THE MAHABHARATA
The word 'politics' always inflicts a sense of excitement as well as resentment amongst the public at large. Often people irrespective of gender or age are found commenting upon the dynamics of politics and the way it has taken shape over the years.
UNIVERSAL HEALTH INSURANCE: TRANSFORMING TANZANIA'S HEALTHCARE SYSTEM
Tanzania, a country known for its rich cultural heritage and breathtaking landscapes, is now setting a new precedent in the healthcare sector.
INDIA'S ELECTRIC REVOLUTION: LEADING THE GLOBAL THREE-WHEELER MARKET
Globally, long-term EV growth is expected to lower battery prices and advance next-generation battery technology, enhancing the economic viability of electric vehicles. According to a BNEF report, the three-wheeled vehicle segment is on track to reach net zero emissions by mid-century, with India's growth positioning it as a global leader.
INDIA'S STRATEGY TO SCALE UP GREEN HYDROGEN PRODUCTION
India's first multi-purpose green hydrogen pilot project at 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Himachal's Jhakri was inaugurated on April 24 this year.
"Vietnam-India comprehensive strategic partnership has made progress"
In an interview with Diplomatist Magazine, Mr. Le Quang Bien, Consul General of Vietnam in Mumbai, provides perspectives on the burgeoning Vietnam-India relationship, particularly focussing on trade, investment, tourism, and renewable energy sectors. With Vietnam's emergence as a pivotal manufacturing hub in Southeast Asia and India's robust technological prowess, he highlights the promising avenues for collaboration in manufacturing, technology, and agriculture. Mr. Bien also sheds light on Vietnam's rich cultural and natural attractions, emphasising the Consulate General's efforts to promote tourism and culinary exchange in Mumbai.
THE EVOLUTION OF MINILATERALS: CATALYSTS FOR STRATEGIC COOPERATION IN THE INDO-PACIFIC
The current set of multilaterals, collectively or individually are facing a challenge in achieving four objectives of the largest multilateral institutions, the United Nations viz, \"maintaining international peace and security, protecting human rights, delivering humanitarian aid and support sustainable development\", owing to rising great power competition, unbridled competition among regional powers and unprecedented challenges in the Global North and the Global South.
NAVIGATING THE CROSSROADS: VISION FOR EUROPE'S FUTURE
\"Europe will not be made all at once, or according to a single plan. It will be built through concrete achievements which first create a de facto solidarity.\" Jean Monnet - The Father of the European Union.
ECONOMIC REFORMS AND GROWTH PROSPECTS: INDIA'S AGENDA FOR THE GLOBAL ECONOMY
India's economy is of global importance with a large young population and an open and democratic political system. It is already the third-largest economy and contributor to global economic growth, yet there is considerable untapped potential.
