W.T.O

There was once a time when countries concentrated on increasing exports and reducing imports. Countries did not believe imports to be a very good things. They imposed restrictions on the imports of goods from different countries. This phenomenon was called mercantilism. But in recent years, efforts have been made to encourage free trade between countries.

W.T.O was established on 15th April 1994. It stands for World Trade Organization. It replaced an earlier organization GATT. It was established with a primary objective to promote free trade between countries. At the time of establishment, 117 countries joined the organization. Later many more countries entered the bracket of W.T.O. In 2004, the deadline for removing unnecessary restrictions on imports passed away. Now, the joining countries are obliged to allow everyone who wants to exports goods to the joining countries. W.T.O also recognize intellectual property rights and its rules and regulations cover traditional goods and services as well as intellectual properties.