Describe to WORLD TRADE ORGANIZATION (WTO)?

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» INTRODUCTION TO LAW OF INTERNATIONAL TRADE
» WORLD TRADE ORGANIZATION (WTO)
» EXPORTS AND IMPORTS

 

 

INTRODUCTION TO LAW OF INTERNATIONAL TRADE

International trade is exchange of capital, goods and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP).While international trade has been present throughout much of history, it’s economic, social, and political importance has been on the rise in recent centuries .Industrialization, advanced transportation, globalization, multinational trade is crucial to the continuance of globalization. International trade is a major source of economic revenue for any nation that is considered a world power. Without international trade, nations would be limited to the goods and services produced within their own borders.

WORLD TRADE ORGANIZATION (WTO)

The World Trade Organization (WTO) is an international organization designed to supervised and liberalize international trade. The WTO came into being on 1 January 1995, and is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947, and continued to operate for almost five decades as a de facto international organization.

The World Trade Organization deals with the rules of trade between nations at a near-global level; it is responsible for negotiating and implementing new trade agreements, and is in charge of policing member countries’ adherence to all the WTO agreements, signed by the majority of the world’s trading nations and ratified in their parliaments. Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round. The organization is currently working with its members on a new trade negotiation called the Doha Development Agenda (Doha round), launched in 2001.

DISPUTE SETTLEMENT

The power to settle international disputes with binding authority distinguishes the World Trade Organisation from most other intergovernmental institutions. The Understanding on Rules and procedure governing the Settlement of Disputes gives the WTO unprecedented power to resolve trade-related conflicts between nations and assign penalties and compensation to the parties involved.

Dispute settlement is administered by a Dispute Settlement Body (DSB) that consists of the WTO’s General Council. The DSB has the authority to” establish panels, adopt panel and Appellate Body reports. Maintain surveillance of implementation of ruling and recommendations, and authorize suspension of concessions and other obligations.” The dispute Settlement system aims to resolve disputes by clarifying the rules of the multilateral trading system; it cannot legislate or promulgate new rules.

EXPORTS AND IMPORTS

Study on International study will be incomplete without Imports and Exports .Every country will be either an importer or an exporter. Volume of international business has multiplied by several folds due to globalization and liberalization.

The Process to go for Imports/Exports

International trade is heavily document oriented one.

Import and export code (IEC) number is to be obtained from Director General of foreign trade. The application for code number shall be accompanied with.

*Company profile.

*Income Tax Pan.

*Sale Tax Certificate.

*Government fee.

*Bank certificate.

*Addresses of Branches.

*3 photos.

*Declaration and any other certificate required by DGFT.