Story Behind Establishment of WTO | Key WTO Principles | UPSC | Drishti IAS English

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In this detailed video, Mr Rajeev Chauhan, Expert Faculty at Drishti IAS, delves into the history and establishment of the World Trade Organization (WTO). The video explores the key milestones that led to the creation of the WTO, starting with the General Agreement on Tariffs and Trade (GATT) and the significant Uruguay Round of Talks that culminated in the formation of the WTO in 1995.
We break down the main principles of the WTO, focusing on its core features like:
• Non-Discrimination: The Most-Favored-Nation (MFN) and National Obligation principles.
• Free Trade and Market Access: Promoting liberalized global trade.
• Promotion of Fair Competition: Ensuring equitable trade practices.
• Special Concessions for Developing Countries: Providing flexibility and support for their growth.
• Binding and Enforceable Commitments: Ensuring that trade rules are adhered to by member countries.
The video also highlights how these principles support global trade dynamics and the challenges involved in promoting free and fair competition worldwide. The significance of the Uruguay Round and its role in shaping modern global trade practices is thoroughly explained.
This video is essential for UPSC aspirants preparing for General Studies Paper 2 (International Relations) and Paper 3 (Economic Development), providing an in-depth understanding of the WTO's structure and its significance in the global economy.



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