World Trade Organisation
The General Agreement for Tariffs and Trade (GATT) was established in 1948 with the goal of eliminating tariffs and non-tariff barriers worldwide.
On January 1, 1995, GATT was replaced by the World Trade Organization (WTO) to create an institution dedicated to promoting free and fair trade among countries.
The WTO is responsible for setting the rules governing the global trading system. It is headquartered in Geneva, Switzerland, and has 164 member countries.
However, the WTO has faced criticism from those concerned about the impact of free trade and economic globalization. Critics argue that free trade widens the gap between rich and poor and neglects important issues such as health, workers’ rights, child labor, and the environment.
Chapter 8 International Trade| Class 12 Geography Notes
Class 12 Geography Notes: International Trade is an important topic in CBSE Class 12 Geography. These notes are created by subject experts to help students understand the topic easily. These notes cover important concepts like the significance of international trade, different types of trade, and concerns related to it.
With these notes, students can prepare well for their exams and improve their understanding of the subject.
Contact Us