Explain the functions of World Trade Organisation.

1. Promoting an environment that is encouraging to its member countries to come forward to WTO in mitigating their grievances;

2. Laying down a commonly accepted code of conduct with a view to reducing trade barriers including tariffs and eliminating discriminations in international trade relations;

3. Acting as a dispute settlement body;

4. Ensuring that all the rules and regulations prescribed in the Act are duly followed by the member countries for the settlements of their disputes;

5. Holding consultations with IMF and IBRD and its affiliated agencies so as to bring better understanding and cooperation in global economic policy making; and

6. Supervising on a regular basis the operations of the revised Agreements and Ministerial declarations relating to goods, services and Trade Related Intellectual Property Rights.