The WTO came into being in 1995 as a primary international organization which deals with the global rules of trade between nations. All the countries which were the members of GATT automatically became the members of WTO. At present there are 150 members of the WTO while 30 other countries are also negotiating to become members of WTO. The present 150 members of the WTO account for over 97% of the world trade.
The main object of WTO is to liberalize the world trade by removing and reducing all the implements like tarrifs, quotas, VERs and subsidies etc. Another object is the removal of trade barriers following WTO trading system, the other barriers social political, legal linguistic, cultural, social economic will also is eradicated. It means WTO will pave-out the way for Globalization and harmonization amongst people of the world. The WTO is a move toward free trading allocation of resources, improvement in factor efficiency, and attainment of all the benefits which are associated with trade creation.
World Trade Organisation and Textile Sector of
The trade era which started after
It will be period of trade liberalization where the powerful will survive. After 2005, the countries like
In the East Asian countries,