The World Trade Organization (WTO) functions as the primary international body responsible for establishing and regulating trade rules among countries. It serves as a forum for member countries and customs unions to negotiate trade agreements and resolve economic disputes. A key component of its dispute resolution mechanism is the Appellate Body, instituted in 1995, which hears appeals against judgments in trade-related disagreements.
The WTO’s operational framework is organized around three specialist councils that report to its General Council. These include the Council for Trade in Goods, which oversees twelve committees focused on various aspects of physical goods traded internationally; the Council for Trade in Services, which governs global trade in services, encompassing sectors like finance and banking; and the Council for Trade-Related Intellectual Property Rights (TRIPS), dedicated to aligning intellectual property protections with international trade obligations.
Furthermore, the WTO publishes several key reports, such as the World Trade Report, and the Global Trade Outlook and Statistics, which analyzes recent worldwide trade trends and projects merchandise trade volumes. Additional reports listed include the Global Risk Report and the World Development Report.
Source: https://indianexpress.com/article/upsc-current-affairs/upsc-essentials/knowledge-nugget-wtos-14th-ministerial-conference-mc-india-trade-upsc-10602020/
