Globalisation and the Indian Economy Test - 4

WTO officially commenced on 1 january 1995 under the Marrakech agreement replacing GATT.

WTO was formed to promote and regulate multilateral trade by providing a framework for negotiating trade agreements.

Invest India is a joint company of public and private sectors which has been constituted for promoting FDI in the country. This company works on 'no profit-no loss basis.

 The General Council is the WTO’s highest-level decision-making body in Geneva, meeting regularly to carry out the functions of the WTO. It has representatives (usually ambassadors or equivalent) from all member governments and has the authority to act on behalf of the ministerial conference which only meets about every two years.

Ministerial conference is the supreme authority of WTO. It is held after every two years.

The General Council inform WTO members about the process to appoint the Director-General after the current term of office comes to an end on 31 August 2017.

The General Council appoints director-general for a term of four years after consultations among the member countries.

WTO started with 125 countries, however the membership keeps on increasing and at present there are 164  members since 29 July 2016 , with dates of WTO membership.

Dispute Settlement Body is an important body of WTO that meets twice a month to hear the complaints of violations of the rules and agreements of WTO.

The DSB's final decisions, unlike those of GATT cannot be challenged.