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(From India Business Insight)
The World Trade Organisation (WTO) commenced work on 1 Jan 1995 backed by an agreement signed by 125 countries in Apr 1994 at Marrakesh. It is mandated to provide an open, equitable, and non-discriminatory multilateral trading system. As a rule-based organisation, the WTO has to promote a world where persuasion prevails over coercion.
The principle of non-discrimination among members should be fair giving equal voice to both small and big countries. Besides, the decisions have to be by consensus. The WTO has been trusted to inspire implementation of the new world trade system visualised in the Uruguay Round. What was …