WORLD TRADE ORGANIZATION (WTO) - The Bahamas Customs Department
The Bahamas obtained observer status to get acquainted with the WTO and its workings in 2000. By becoming an observer it allowed The Bahamas to become acquainted with the rules and procedures of the World Trade Organization. In 2001 an application was made to apply for full membership. There was a delay in the accession process however in 2017 the country has resume its membership application by fulling the necessary.
The World Trade Organization — the WTO — is the international organization whose primary purpose is to open trade for the benefit of all. There are a number of ways of looking at the World Trade Organization. It is an organization for trade opening. It is a forum for governments to negotiate trade agreements. The WTO can –
1 … cut living costs and raise living standards
2 … settle disputes and reduce trade tensions
3 … stimulate economic growth and employment
4 … cut the cost of doing business internationally
5 … encourage good governance
6 … help countries develop
7 … give the weak a stronger voice
8 … support the environment and health
9 … contribute to peace and stability
10 … be effective without hitting the headlines
It is a place for countries to settle trade disputes. It operates a system of trade rules. Essentially, the WTO is a place where member governments try to sort out the trade problems they face with each other.
The WTO is run by its member governments. All major decisions are made by the membership as a whole, either by ministers (who usually meet at least once every two years) or by their ambassadors or delegates (who meet regularly in Geneva). The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities. But a number of simple, fundamental principles run throughout all of these documents. These principles are the foundation of the multilateral trading system.
The WTO agreements cover goods, services and intellectual property. They spell out the principles of liberalization, and the permitted exceptions. They include individual countries’ commitments to lower customs tariffs and other trade barriers, and to open and keep open services markets. They set procedures for settling disputes. These agreements are not static; they are renegotiated from time to time and new agreements can be added to the package. Many are now being negotiated under the Doha Development Agenda, launched by WTO trade ministers in Doha, Qatar, in November 2001.
WTO agreements require governments to make their trade policies transparent by notifying the WTO about laws in force and measures adopted. Various WTO councils and committees seek to ensure that these requirements are being followed and that WTO agreements are being properly implemented.
The WTO’s procedure for resolving trade quarrels under the Dispute Settlement Understanding is vital for enforcing the rules and therefore for ensuring that trade flows smoothly. Countries bring disputes to the WTO if they think their rights under the agreements are being infringed. Judgements by specially appointed independent experts are based on interpretations of the agreements and individual countries’ commitments.
WTO agreements contain special provision for developing countries, including longer time periods to implement agreements and commitments, measures to increase their trading opportunities, and support to help them build their trade capacity, to handle disputes and to implement technical standards. The WTO organizes hundreds of technical cooperation missions to developing countries annually. It also holds numerous courses each year in Geneva for government officials. Aid for Trade aims to help developing countries develop the skills and infrastructure needed to expand their trade.
Excerpt from www.wto.org/english/thewto_e/whatis_e/what_we_do_e.htm