World Trade Organization Today Essay Example | Topics and Well Written Essays - 1250 words

World Trade Organization Today - Essay Example The study "World Trade Organization Today" describes the work of the institution responsible for the multilateral trading system. The World Trade Organization (WTO) is the one and only international organization dealing with multilaterally agreed rules on trade among its member countries. Through WTO agreement, which spell out rights and obligations, member countries operate a nondiscriminatory multilateral trading system that has allowed world trade to grow. The goal is to help producers of goods and services, and exporters and importers, conduct their business in a manner that ensures predictability and stability. The supreme body of the WTO is the Ministerial Conference which is held at least once in every two years. It comprises representatives of all members and functions to oversee the implementation of members' obligations as well as to negotiate new agreements. The day-to-day business of the WTO is conducted under the supervision of the General Council (GC) which comprises re presentatives of all members to the WTO who are usually of Ambassadorial level or equivalent. The GC has the authority to act on behalf of the Ministerial Conference and oversees the operations of agreements and ministerial decisions. As the principal institution with responsibility for the multilateral trading system, the WTO has the same status as institutions such as the World Bank and IMF. The WTO has legal personality and has been accorded privileges similar to those accorded to the specialized UN agencies.