Question
Explain “WTO agreements”.
Solution
WTO is a successor to GATT but it is a much more powerful body than GATT. It is a permanent organisation created by international treaty satisfied by the governments and the legislatures of member states. Its objectives are specific and also cover trade in services. It also covers the important objective of “sustainable development” in relation to the optimal use of world's resources so as to ensure protection and preservation of the environment.
WTO agreements contain the procedure for settling disputes and have provisions for special treatment to developing countries.
