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W: Now, let’s check whether you are clear with what we have ,learned just now. Robert, what is the WTO?
M: WTO is the abbreviation of the World Trade Organization. It is the only international organization dealing with the global rules of trade between nations.
W: Where is its office located? Is it in the United States too?
M: No, its headquarters are in Geneva, Switzerland.
W: When did it come into being? Jason?
M: It came into being in 1995.
W: What is the objective of the WTO?
M: The WTO’s most important objective is to help trade flow smoothly, freely, fairly and predictably.
W: How does it achieve its goal? Or what are the tasks?
M: Er, there are many points. First, it administers trade agreements. Second, it acts as a forum for trade talks. Third, it settles trade disputes among different countries.
W: Anything else, Tom?
M: It reviews national trade policies, and cooperates with other international organizations. Since over three-quarters of WTO members are developing or least-developed countries, it will also help developing countries in trade policy issues through technical assistance and training programs.
W: Great! What do you know about the WTO agreements? Martin?
M: The WTO’s agreements are the result of talks between the members. Through these agreements, WTO members operate a fair trading system that spells out their rights and their obligations. Each country receives guarantees that its exports will be treated fairly in other countries that it trades with. The system also gives developing countries some flexibility in carrying out their duties.
W: Good!