WTO’s contribution to world trade is enormous. Countries like India and China must thank the organization to make it possible for these countries to become potentially strong economic force in global business. It is due to the process adopted by WTO which is resulting into the convergence of income levels around the world. In the past many countries has been directly or indirectly benefited from WTO to raise their income level. Perhaps the biggest gainer in recent future is likely to be India. However WTO has been criticized time and again in failing to enforce its sanctions on rich members like US. However one would not accuse WTO for such gaps if one understand how WTO works. The most important pillars of WTO process are its 6 part agreements structure. These agreements are negotiated multilateral agreements which result into rules which must be followed by each member and contribute to the functioning of WTO.
Click here to see a video to understand the nature and categories of these WTO agreements