[Economics Report]:The World Trade Organization, Part 3


This is Bob Doughty with the VOA Special English EconomicsReport.

This week -- the third and final part of our series on the WorldTrade Organization.

In September, there was a lot of news when the MinisterialConference in Cancun, Mexico, ended without new agreements.Developing nations blamed wealthy ones; wealthy nations blameddeveloping ones. In any case, trade agreements take time. The lastseries of negotiations, called the Uruguay Round, tookseven-and-a-half years. That was a lot longer than planned. But itestablished the World Trade Organization in nineteen-ninety-five.

The Ministerial Conference represents the highest level of theWTO. A conference must take place at least once every two years.High-level officials from member nations meet and can make decisionson all trade issues.

The General Council performs the everyday work of the WTO. TheGeneral Council is based in Geneva, Switzerland. The WTO has almostone-hundred-fifty members. All of the nations are represented on theGeneral Council.

One of its duties is to act as what is called the DisputeSettlement Body. The WTO makes rules, but it also tries to settleproblems between members. The Dispute Settlement Body carries outhearings. The process to settle a case generally takes fifteenmonths. The council also acts as the Trade Policy Review Body.

Below the General Council are three separate councils. These dealwith trade in goods, services and intellectual property. And belowthese councils are many committees. Specialists from member nationstake part in the work of the WTO.

Each member of the World Trade Organization has an equal vote.There is no Security Council like at the United Nations, or a boardof directors like at the World Bank. The WTO says everything it doesis the result of negotiations.

Over three-fourths of the members are developing nations. So allWTO agreements contain special provisions for them. These includelonger time periods to meet the requirements. The WTO also offerstraining and technical assistance.

One of the main ideas governing the WTO is that all membersshould trade equally with each other. It says trade with a membernation should be as simple as trade within a member nation.

The World Trade Organization employs about five-hundred-fiftypeople. Supachai Panitchpakdi of Thailand began a three-year term asdirector-general in September of last year.

This VOA Special English Economics Report was written by MarioRitter. This is Bob Doughty.

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