International financial Institutions such as the World Bank and the International Monetary Fund are facing varied economical, financial, political, social and environmental issues today. Their role with regards to the administration of global distributive justice, minimising poverty or aiding in the developmental processes is being called into question. In this paper, the author has tried to expose the internal working procedure of these institutions and the effects of their policies which have been debated vigorously as skepticism looms large in the wake of a worsening economic situation and living standards especially in the Developing and Least Developed countries.
The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War. The WTO provides a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all, thus contributing to economic growth and development. The WTO also provides a legal and institutional framework for the implementation and monitoring of these agreements, as well as for settling disputes arising from their interpretation and application. The current body of trade agreements comprising the WTO consists of 16 different multilateral agreements (to which all WTO members are parties) and two different plurilateral agreements (to which only some WTO members are parties).
Over the past 60 years, the WTO, which was established in 1995, and its predecessor organization the GATT have helped to create a strong and prosperous international trading system, thereby contributing to unprecedented global economic growth. The WTO currently has 160 members, of which 117 are developing countries or separate customs territories. Decisions in the WTO are generally taken by consensus of the entire membership. The highest institutional body is the Ministerial Conference, which meets roughly every two years. A General Council conducts the organization’s business in the intervals between Ministerial Conferences. Both of these bodies comprise all members. Specialized subsidiary bodies (Councils, Committees, Sub-committees), also comprising all members, administer and monitor the implementation by members of the various WTO agreements.
By Girish Kalla, Seedling School of Law And Governance, Jaipur National University Editor’s Note: Disaster management is the effort of communities or organizations to plan and coordinate all personnel and materials required to either mitigate the effects of, or recover from, natural or man-made disasters. The two major arms of space technology in aid […]