World Trade Centre · Part 2

in Services (GATS) GATS is the first multilateral set of rules covering trade in services like banking, insurance, transportation, communication, etc., All member The establishment of the WTO's TRIPS (trade-related aspects of intellectual property rights) Agreement in changed the face of international intellectual property (IP) law and policy-making. TRIPS negotiators recognized that short comings and inconsistencies in IP protection can distort trade and impede its benefits. The TRIPS Agreement helps ease trade tensions about IP issues while leaving WTO members ample space to pursue diverse domestic policies. - - International Economic Organisations countries are supposed to extend MFN (Most Favoured Nation) status to all other countries without any discrimination. Transparency should be maintained by publishing all relevant laws and regulations over services. Phasing out of Multi Fibre Agreement (MFA) The multi fibre agreement governed the world trade in textiles and garments since . It imposed quotas on export of textiles by developing nations to the developed countries. This quota system was to be phased out over a period of ten years. This was beneficial to India. Agreement on Agriculture (AoA) Agriculture was included for the first time under GATT. The important aspects of the agreement are Tariffication, Tariff cuts and Subsidy reduction. Dispute Settlement Body The Disputes Settlement Body puts an end to procedural delays. It is mandatory to settle any dispute within months. The disputes are resolved through multilateral trading system. However, India has lost a huge export earnings because of the conditions laid out by the Body. . . . Functions of WTO The following are the functions of the WTO i) It facilitates the implementation, administration and operation of the objectives of the Agreement and of the Multilateral Trade Agreements. ii) It provides the forum for negotiations among its members, concerning their multilateral trade relations in matters relating to the agreements. iii) It administers the Understanding on Rules and Procedures governing the Settlement of Disputes. iv) It cooperates with the IMF and the World Bank and its affiliated agencies with a view to achieving greater coherence in global economic policy making. . . . Achievements of