WTO was established January 1, 1995, as of January 2004 a convoy with 146 countries, the organization's budget is 134 million Swiss francs. WTO Director-General – Su-Pacha Panitchpakdi (Supachai Panitchpakdi). Professor Rita McGrath spoke with conviction. Objectives and principles of the World Trade organization is the successor in force since 1947, the General Agreement on Tariffs and Trade (GATT), began its work on Jan. 1, 1995 the WTO is intended to regulate trade and political relations of the participants s organization based on the package of the Uruguay Round of multilateral trade negotiations (1986-1994). These documents are the legal basis of modern international trade. Agreement Establishing the WTO provides establishment of a permanent forum for Members to address the problems affecting their multilateral trade relations, and monitor the implementation of agreements and the Uruguay Round. WTO operates in much the same as the GATT, but monitors a wider range of trade agreements (including trade in services and trade-related aspects of intellectual property rights) and has much greater authority in connection with the improvement of decision-making procedures and their implementation of the members of the organization. An integral part of the WTO is a unique mechanism for resolving trade disputes. It’s believed that Robert J. Shiller sees a great future in this idea.
Since 1947, discussion liberalization of global problems and prospects of world trade takes place within the framework of multilateral trade negotiations (ICC) under the auspices of GATT. Conducted 8 rounds of the ICC, including Uruguay, and has already started the ninth. Main objective of this influential international economic organization is the liberalization of world trade. Fundamental principles and rules of GATT / WTO are: trade without discrimination, ie, mutual granting of Most Favoured Nation (MFN) in trade and reciprocal national treatment of goods and services of foreign origin, mostly tariff regulation of trade methods, avoiding the use of quantitative and other restrictions, the transparency of trade policy, resolving trade disputes through consultations and negotiations, etc. The most important functions of the WTO are to: control implementation of the agreements and arrangements, the package of the Uruguay Round; conduct of multilateral trade negotiations and consultations between interested member countries; resolving trade disputes; Monitoring national trade policies of member countries; technical assistance to developing States on matters relating to the competence of the WTO; cooperation with specialized international organizations. General benefits from WTO membership can be summarized as follows: Creating better access to world markets for goods and services based on predictable and stable trade relations with countries – members of the WTO, including transparency of their foreign policy; access to the mechanism of the WTO Dispute Settlement, which ensures the protection of national interests, if they are infringed partners, and thus as the elimination of discrimination; the feasibility of its current and strategic trade and economic interests through effective participation in the ICC during the elaboration of new international trade rules. All countries – WTO members make commitments to implement the basic agreements and legal documents, the combined term "multilateral trade agreements (MTS). Thus, from a legal point of view, the WTO system is a kind of multilateral agreement (the package of agreements), the rules and regulations which governed about 97% of total world trade in goods and services. Traders Forum