Objectives of World Trade Organization (WTO)
The objectives of World Trade Organization are raising standards of living and incomes, ensuring full employment, expanding production and trade and optimal use of the world’s resources. The major difference between the objectives of GATT and WTO is that the objectives of WTO are more specific and also extend the scope of to cover trade in services. WTO objectives, moreover, talk of the idea of ‘sustainable development’ in relation to the optimal use of the world’s resources so as to ensure protection and preservation of the environment.
Keeping in view the above discussion, we can state more explicitly the following as the major objectives of WTO:
- To ensure reduction of tariffs and other trade barriers imposed by different countries;
- To engage in such activities which improve the standards of living, create employment, increase income and effective demand and facilitate higher production and trade;
- To facilitate the optimal use of the world’s resources for sustainable development; and
- To promote an integrated, more viable and durable trading system.