Importance of WTO in International Trade | World Trade Organization Explained

#WTO #worldtradeorganisation #class12geography #internationaltrade
Importance of WTO in international Trade | World Trade Organisation | Khushboo Choudhary Ma'am

In this video, Khushaboo Choudhary Ma'am explains the role of the World Trade Organization (WTO) in detail. This topic is essential for students of Class 12 Political Science and Geography, as well as aspirants preparing for UPSC and other competitive exams.

Timeline:
[00:00] Introduction
An overview of the World Trade Organization (WTO) and its critical role in international trade.
[00:36] Defining Trade
Explanation of modern trade, which includes not just goods but also services and financial services.
[00:57] Historical Context & Protectionism
The major shift in the 19th century from primary producers to industrial nations.
Post-WWI & WWII policies: The rise of tariffs, quantitative restrictions, and protectionist policies [02:44].
[03:58] The Smoot-Hawley Act (1930s)
Discussion on the US-passed Smoot-Hawley Tariff Act, which sharply raised tariffs and triggered a global trade war.
[05:53] General Agreement on Tariffs and Trade (GATT)
The formation of GATT in 1947 by 23 nations to reduce tariffs [06:25].
Key objectives of GATT (reducing barriers, transparency, equal opportunity).
[08:16] The Transition to WTO
The need for change and the negotiations of the Uruguay Round (1986-1994) [08:28].
How the WTO expanded the scope to include GATS (Services), TRIPS (Intellectual Property), and TRIMS (Investment Measures) [09:21].
[11:27] WTO Establishment Details
WTO was officially founded on January 1, 1995, with its headquarters in Geneva, Switzerland [11:41].
The number of member countries and the fact that India is a Founding Member [12:23].
[13:06] Core Objectives of the WTO
Main goals: reducing trade barriers, promoting fair trade, dispute settlement [13:50], enhancing transparency, and aiding developing nations [14:56].
[16:47] Functions and Structure
The WTO's role as the single international body regulating 98% of global trade [15:51].
Foundation: The Marrakesh Agreement of 1994 [17:14].
WTO's scope covering telecommunications, banking, insurance, and Intellectual Property Rights (IPR) [20:02].
The structure: Ministerial Conference (held every two years) and the Dispute Settlement Body (DSB) [23:07].
[25:19] GATT vs. WTO: Key Differences
Scope: WTO covers a broader range (goods, services, IPR, agriculture) [25:51].
Dispute Settlement: WTO has a binding system, GATT did not [26:21].
Status: GATT was a temporary agreement; WTO is a permanent, organized institution [34:20].
[27:26] Advantages of the WTO
Strong legal framework, better dispute resolution, and special provisions for developing countries.
[28:49] Practice Questions (Q&A)
Question on the main criticism of the WTO (bias toward powerful nations) [28:57].
Question defining the term "Dumping" [30:44].







What You Will Learn in This Lecture:

What is the WTO? A look at its establishment and how it replaced GATT.

The WTO's Main Objectives—how it works to liberalize global trade.

The Key Functions and Structure of the WTO (Ministerial Conference, General Council, etc.).

The critical role of the WTO in International Trade and Globalization.

Understanding the Significance of WTO for Developing Countries like India, and the major Challenges the organization faces today.


WTO, World Trade Organization, International Trade, WTO Explained, GATT, WTO in Hindi, Class 12 Political Science, Class 12 Geography, CBSE, NCERT
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