The International Organisation and Its Functions

The international organisation that came into existence on 1st January 1995 is the World Trade Organization (WTO). The WTO is an intergovernmental organization that deals with the global rules of trade between nations. It provides a framework for negotiating and formalizing trade agreements, as well as a dispute resolution process aimed at enforcing adherence to these agreements.

Functions of the World Trade Organization
The WTO performs several key functions that are essential for facilitating international trade and promoting economic growth. Some of its functions include:

1. Promoting Free Trade
The primary function of the WTO is to promote and facilitate free trade among its member countries. It does this by providing a platform for negotiations on trade barriers, such as tariffs and quotas, and encouraging countries to lower these barriers to promote open and fair trade.

2. Administering Trade Agreements
The WTO administers various trade agreements that have been negotiated and signed by its member countries. These agreements cover a wide range of areas, including goods, services, intellectual property, and investment. The WTO ensures that these agreements are implemented and enforced by its members.

3. Settling Trade Disputes
Another critical function of the WTO is to provide a dispute settlement mechanism for resolving trade disputes between member countries. The WTO's Dispute Settlement Body acts as a neutral forum where countries can bring their trade disputes and have them adjudicated based on established rules and procedures.

4. Monitoring National Trade Policies
The WTO also monitors the trade policies of its member countries to ensure compliance with the agreed rules and commitments. It reviews the trade policies and practices of member countries through regular trade policy reviews, providing a platform for dialogue and transparency in trade practices.

In conclusion, the World Trade Organization plays a crucial role in promoting free trade, administering trade agreements, settling trade disputes, and monitoring national trade policies. Through these functions, the WTO aims to create a more open, predictable, and fair international trading system that benefits all member countries.