What is the WTO? To know more about these organizations, let’s take a look at what the WTO is and what are the roles and responsibilities? Check out the basic information about the WTO with TaxPlus and see what you already know about this organization below.

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1 What is the WTO?2 What is the mission of the WTO?3 How is the WTO organized?4 How are WTO decisions adopted?5 How many agreements does the WTO have?

What is WTO?

WTO is the abbreviation of World Trade Organization. This organization was established and started operating on January 1, 1995. The objective of the WTO is to establish and maintain free, transparent and favorable global trade.

WTO is the abbreviation of World Trade Organization

The WTO organization inherits and develops regulations that combine with the practice of the General Agreement on Trade & Tariffs – GATT 1947 and is limited to trade in goods. It is also a direct result of the Uruguay round of negotiations, covering areas such as: Trade in goods, services, investment and intellectual property.

How many members does the WTO currently have

?We will temporarily calculate that by the time Vietnam officially joins this WTO on January 11, 2007, the number of WTO members is 150. Members of the WTO. This organization can be a country or an autonomous territory in terms of foreign trade relations.

What is the mission of the WTO?

The establishment of this international trade organization WTO must also perform basic tasks to bring about stable, free, convenient and transparent global trade as the original purpose.

4 Basic tasks of the WTO

The first task of the WTO is to promote the implementation of the Agreements and commitments reached within the designated framework. At the same time, if there are more commitments in the future, it will also be guaranteed to promote and implement commitments. The second task of this WTO is to create a forum for members to continue negotiating. and sign new agreements or commitments on liberalization, and at the same time create favorable conditions for global trade. Settle trade disputes if arise between members participating in this WTO. Conduct periodic reviews of the trade policies of its participating members.

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The establishment of this international trade organization WTO must also fulfill the basic tasks to bring about stable, free, convenient and transparent global trade.

How is the WTO organization organized?

The organizational structure of the WTO, ranked from highest to lowest, will be as follows:

Organizational structure of the WTO

According to information provided by this WTO, the structure is organized as follows:

“Ministerial Conference: The highest authority of the WTO is the Ministerial Conference which takes place at least every two years. The conference was attended by all WTO members. These members can be a country or a customs union. The Ministerial Conference can decide on any issue in the multilateral trade agreements of the WTO..General Assembly: The day-to-day work of the WTO is handled by three bodies: the General Assembly, the Council. Dispute Settlement Council and Trade Policy Review Board. Although the names are different, the composition of the 3 bodies is actually the same, including representatives (usually ambassadorial level or equivalent) of all member countries. The difference between them is that they are grouped to carry out different WTO functions.

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The Chambers of Commerce operate under the authority of the General Assembly. There are three Chambers of Commerce: the Council for Trade in Goods, the Council for Trade in Services, and the Council on Aspects of Trade-Related Intellectual Property Rights. A council is in charge of a particular area. Similar to the General Assembly, the councils include representatives of all WTO member countries. In addition to these three councils are six other independent committees and bodies that report to the General Assembly on separate issues such as trade and development, the environment, regional trade agreements, and other management issues Secretariat: The Secretariat consists of the WTO Director-General, 03 Deputy Director-Generals and the Departments, the Advisory Board has about 500 people, they work together independently and are independent of each other. any government.”

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How are WTO decisions adopted?

Decisions of the WTO will be applied consensus mechanism to pass decisions large and small. That is, if a decision is made and a member votes blank, it will not be approved. Conversely, when no member country votes blank, a decision or a new regulation is issued will be considered “adopted”.

Accordingly, any regulations, principles or laws enacted in this organization are considered “contracts” between members. That is, they will voluntarily consent, not force or impose. The WTO is not a an institution above the member states.

The following cases where the WTO decision is approved by special voting

In the following cases, the decision of the WTO is adopted with a special voting mechanism, but without applying the consensus principle, it will be as follows:

Explanation of the terms of the agreements: To be adopted if the vote is 3/4 in favor. Temporary suspension of obligations for 1 WTO member: To be approved if 3/4 votes are received. support. Amendments to agreements: Will be approved if 2/3 of the votes are in favor. Except for the amendment of the most-favored nation provisions in GATT, GATS and TRIPS.

How many agreements does the WTO have?

The WTO will collect a lot of regulations and be arranged according to a certain system. Specifically, the system of regulations in the WTO will be divided into 3 groups, including:

“Group of General Agreements (Multilateral Agreements);

Group of separate Commitment Schedules

Group of Plurilateral Agreements.”

Regulations in the WTO will be divided into 3 groups

No1: Group of General Agreements

The World Trade Organization (WTO) has a total of 16 general agreements, which are a set of valid trade principles that are binding on all WTO members and focus on The following three areas:

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“Trade in Goods (GATT Agreement and Additional Agreements);

Trade in Services (GATS Agreement and its Annexes);

Agreement on Commercial Aspects of Intellectual Property Rights (TRIPS Agreement);”

No2: Group of WTO members’ commitment to market opening

The table of commitments to market opening is understood as a collection of commitments to reduce tariffs as well as the roadmap for opening up for each type of service that WTO members perform.

“Each WTO member has its own table of commitments, with its own level of commitments and implementation roadmap (which is the result of negotiations with other WTO members).”

No3: Group of Plurilateral Agreements

This is a group of agreements that only a few members of the WTO have signed and entered into force with the members participating in that agreement. This agreement is called a plurilateral trade agreement to distinguish it from the 16 general agreements that all members participating in this organization will have to comply with.

Of those agreements, only two are still in effect and are as follows:

“Agreement on Trade in Civil Aircraft;

Agreement on Government Procurement.”

What are the principles of the WTO

?The principles of the WTO will be around some of the following principles:

The principles of the WTO are many

“Most Favored Nation (MFN) Principle.

Principle of National Treatment (NT).

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Principles of tariff reduction and non-use of non-tariff measures.

Transparency Principle”

Conclusion

Above is the information that you can understand to understand what the WTO is. We hope that what we share above will help you better understand this organization and know about the role and mission of this organization. If you are in need of any further advice, please contact TaxPlus at: