Question

The World Trade Organization (WTO) and the General Agreement on Tariffs and Trade (GATT) include three...

The World Trade Organization (WTO) and the General Agreement on Tariffs and Trade (GATT) include three principal obligations. Identify and, in your own words, briefly describe the three obligations. Be sure to address all three, and give specific examples from the readings, discussions or other class materials to illustrate.
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Answer #1

The obligations of world trade organisation are-

1. Non discrimination

Under this all the trading partners should be granted the most favoured nation status. Each member nation of WTO should treat every other member state equally as the most favoured nation trading. No discrimination should be done among any member of the state between different trading partners .

2. Free trade

The objective of WTO is to promote free trade among different nations through negotiations. There should be stability in the trading system meaning that the members should not raise tarrifs against other members.

3. Fair competition

There should be fair competition among member nations and also equal treatment to foreign goods. Export subsidies and dumping are discouraged unfair competitive practices.

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