Tamilnadu Samacheer Kalvi 11th Commerce Notes Chapter 27 Facilitators of International Business Notes
→ International business involved complex issues among various countries way back in 1950’s.
→ The World Trade Organisation (WTO) was established on 1st January 1995.
→ WTO has 164 member countries as on 29th July 2016.
→ WTO is a forum for negotiation and formalization of trade agreement among the member countries.
→ WTO supervises the operation of agreement relating to General Agreement on Tariffs and Trade(GATT) and Trade-Related Intellectual Properties Rights (TRIPS).
→ WTO is promoting international peace and creating a conducive environment for conducting international trade.
→ WTO provides a platform for member countries to establish trade links with one another.
→ WTO is committed to protecting free trade. It has framed rules on subsidies and dumping.
→ WTO encourages import from certain countries which produce the product on a larger scale at the cost of environment.
→ WTO is criticized for promoting the domination of multinational companies which are feared to eliminate local enterprises from business world altogether.
→ WTO defends trade related intellectual property rights which allow the firm to protect the patent and copy right.
→ International Bank for Reconstruction and Development is commonly known as World Bank.
→ International Monetary fund (IMF) is an international organization headquartered in Washington DC.
→ IMF was established in 27th December 1945 on the recommendation of the Bretton Wood Conference.
→ IMF promotes economic stability and global growth by encouraging countries adopt sound economic and financial policies.
→ International Financial Corporation (IFC) is an international financial institution that offers advisory services to build up private sector in developing countries.
→ ICSID is an autonomous institution setup in order to provide a forum for conciliation and arbitration of international dispute, It was setup in 1966.
→. India has got a lot of financial assistance from IMF to solve the economic crisis arising from natural calamities like, floods, famine, earthquake, aggressions of Chinese and Pakistan etc.
→ South Asian Association for Regional Co-operation is the regional inter governmental organization and geo-political union of nations in South Asia.
→ At the top SAARC is represented by the heads of member nations. ‘