The Wto Was Established to Implement the Final Act of Uruguay round Agreement of Mcq

The World Trade Organization (WTO) was established on January 1, 1995, to implement the Final Act of the Uruguay Round Agreement of MCQ. This agreement was the outcome of eight years of negotiations between 117 countries, aimed at creating a more open and fair international trading system. The establishment of the WTO marked a significant milestone in the history of global commerce, as it replaced the General Agreement on Tariffs and Trade (GATT) that had been in operation since 1947.

The Final Act of the Uruguay Round Agreement was signed in Marrakesh, Morocco, on April 15, 1994. It contains agreements on a wide range of issues related to international trade, including agriculture, textiles and clothing, services, intellectual property rights, and dispute settlement. The agreement also created new institutions, such as the WTO and its dispute settlement mechanism, which have since become essential elements of the global trading system.

One of the primary goals of the Uruguay Round Agreement was to reduce trade barriers and increase market access for goods and services. This was achieved through the creation of new rules to govern trade, such as the Agreement on Agriculture, which aimed to reduce domestic subsidies and open markets for agricultural products. Other agreements, such as the General Agreement on Trade in Services, aimed to liberalize trade in services such as banking, telecommunications, and tourism.

The Uruguay Round Agreement also recognized the importance of intellectual property rights in the global trading system. The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) set out minimum standards for the protection and enforcement of intellectual property rights, such as patents, trademarks, and copyrights. These standards have since been adopted by most WTO member countries, helping to promote innovation and creativity.

In addition to creating new rules and institutions, the Uruguay Round Agreement also established a new system for resolving disputes between countries. The Dispute Settlement Body (DSB) is the main body responsible for settling disputes between WTO members. The DSB operates under strict timeframes, ensuring that disputes are resolved quickly and fairly.

In conclusion, the WTO was established to implement the Final Act of the Uruguay Round Agreement of MCQ. This agreement was designed to create a more open and fair international trading system, reduce trade barriers, and increase market access for goods and services. The Uruguay Round Agreement also established new rules and institutions, such as the TRIPS agreement and the DSB, which have become essential elements of the global trading system. The WTO continues to play a critical role in promoting global economic growth and development through its work on trade liberalization and dispute settlement.