Category: International Organizations

World Trade Organisation (WTO)


The World Trade Organization (WTO) was founded in 1995 by the members of the General Agreement on Tariffs and Trade (GATT). The WTO is the world’s only international organization that supervises 95% of the world’s global trade. It assists trade related issues of its member nations that produce, export and import goods and services in a smooth manner. Comprising 153 member nations, the agreements pertaining to the WTO have been signed and confirmed by respective member nations.

Organization of The Petroleum Exporting Countries (OPEC)


 

The Organization Of The Petroleum Exporting Countries (OPEC) was founded in the year 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

OPEC is an intergovernmental organization. The sole aim of the organization is to maintain stability in the oil prices through efficient, economic and regular supply of petroleum.

Key Functions of OPEC:

  • Coordination of oil production policies

  • Price and market stabilisation

  • Maintaining stability in oil production

Trade Organisations


Trade organizations are associations that countries establish to liberalize trade among member countries through voluntary participation. Treaties like the NAFTA aim to liberalize trade between member countries smoothly. Trade organizations are established for specific purposes. The aim is to help its members enjoy various economic benefits.

List of Trade Organizations

Major trade organizations are:

North American Free Trade Association (NAFTA)


Too many trading forums and treaties are talked and debated about but we hardly remember their actual accomplishments. The North American Free Trade Agreement or NAFTA, which came into force on January 1, 1994, is not just another treaty that aims to facilitate trade between its member nations. It is one of the world’s most powerful and successful treaties comprising the United States, Canada and Mexico.

International Finance Corporation (IFC)


The International Finance Corporation (IFC) is a Washington, DC-headquartered organization that promotes private sector investments in developing countries. To obtain assistance from the IFC, countries must become its members. The organization has a total of 181 members. TO become a member of the IFC, a country has to be a member of the World Bank. It is also required to sign the Worlds Articles of Agreement and deposit its Instrument of Acceptance at the Corporate Secretariat of the World Bank Group.

Organisation For Economic Cooperation And Development (OECD)


Sustainable economic growth is the ultimate goal of the OECD or Organization (Organisation) For Economic Cooperation and Development. The OECD is an international organization that has 30 members.

The OECD was established in 1961 with the following objectives:

  • Promote Employment

 

  • Improve the standard of living

 

  • Facilitate world trade growth