What is the full form of W.T.O.? When was it set up? How does it y function?
The emergence of W.T.O. (World Trade Organisation) is another feature of globalization. W.T.O. came into being on 1 Jan. 1995 at Marrakesh. W.T.O. is an indication of the globalization process. Martin Shaw observes that although “The W.T.O. remains dominated by the west and is partly a forum for resolving into western economic differences, it is not more or less universally accepted as the framework for regulating trade, as China’s admission in 1996 recognized.” At present, it consists of 161 members. W.T.O. is trying to give a shape, order, and direction to the world trade by securing unanimous agreements after deliberating on trade issues as linked to competition, investment, etc.
