WORLD on tariffs and trade (GATT), which was

WORLD TRADE ORGANIZATIONFirst and the foremost, as the name suggests world trade organization deals with international trade. It is the general agreement on tariffs and trade (GATT), which was introduced after world war II in the presence of other multilateral institutions. WTO was officially commenced on January 1, 1995.SUPPLY CHAIN MANAGEMENT LOGISTICSSUPPLY CHAIN ADMINISTRATION (SMM 110)STUDENT NAME: MANDEEP KAURSTUDENT ID: A00081650Functions of WTORESOLVE TRADE DISPUTES:    Resolving trade disputes is one of the primary duty of WTO. Without settling disputes, rules and regulations would be less effective. By January 2008, only about 136 of 369 cases had reached the full panel process.CO-OPERATION WITH OTHER INTERNATIONAL ORGANIZATION: – Every organization have their different methods of working, if they co-operate with each other they can enhance their skills and production too. Moreover, co-operation has also developed between the WTO and other international organization and regional organization.Maintaining trade related database: – WTO plays predominant role in maintaining trade related database. The WTO and the word bank have collaboration to develop and maintain a database on trade in services. This joint database covers various sectors in more than 100 countries such as transportation, retail, business services.Set enforce rules on international trade: –  Basically, rules are based on a set of common principles. With the presence of rules: -Non- discriminationFreer tradePromotion of economic development and growthFor example: -If any country grants any tariff or non- tariff system to one WTO member state, it must grant the same to all members.To help developing countries fully benefits from global trade: – According to this global trade can boost economic growth and help nations to develop. Along with this, they can build the infrastructure for WTO work. Furthermore, least-developed countries accept special treatments.LATEST NUMBER OF MEMBERSHIP COUNTRIES        WTO has 164 members and 23 observer government, since 29 July 2016.Relationship with GATT         GATT is a general agreement among 23 countries, known as contracting parties. It reduces Trade barriers and tariffs between nations. However, when WTO was formed as a replacement for GATT in 1995 with the purpose of permanent structure with a permanent framework. Moreover, GATT and WTO both are participating   vital role in these areas such as balance of payments, agriculture negotiations, custom valuation etceteraNUMBER OF COUNTRIES ORIGINALLY SIGNED GATT BY 1994GATT stands for general agreement on tariff and trade. WTO replaced GATT, which was existence since 1947. The government who signed the GATT were officially called contracting parties are the member of WTO. There are 128 countries that had signed GATT by 1994.THE LAST FIVE COUNTRIES THAT BECAME MEMBERS OF THE WTOAfghanistan ,29 July 2016Liberia, 14 July 2016Kazakhstan ,30 Nov 2015Seychelles ,26 April 2015Yemen, 26 June 2014