What is the Difference between WIPO, NAFTA, World Bank, IMF, WTO and GATT
A large number of organizations are working in world for different purposes. Some international organizations like World Bank and IMF are really important as they provide funds to the developing countries. In the same fashion, some agreements and contracts are also signed by different countries, usually for trade. WIPO, NAFTA, World Bank, IMF are some commonly heard names, but very few people know the difference between them. Here we are mentioning few differences between them.
WIPO
WIPO stands for world intellectual property Organization. It was established in 1967 and is an important special agency of United Nations. The aim of WIPO is to encourage the creative activity all over the world. It also promotes the protection of intellectual property rights. It has 185 member countries.
NAFTA
NAFTA is a trilateral agreement between United States, Canada and Mexico. NAFTA stands for North American Free Trade Agreement. It came into force on January 1, 1994. This agreement encourages trade and investment between the signatory countries. NAFTA makes the trade almost duty free and removes majority of tariffs on exported items.
World Bank
World Bank is an international institution, which provides financial loans to the developing countries. It was established in 1989. The aim of World Bank is to eliminate poverty from the face of earth. It facilitates capital investment and international trade.
IMF
IMF stands for International Monetary Fund, an international organization which came into existence after Second World War. IMF works to improve the financial condition of member countries. It has 187 members. It also facilitates international trade and sustainable economic growth.
WTO
WTO or World Trade Organization is an international organization, which supervise the international trade. It was established in 1995. It deals with rules and regulations of trade between member countries and provides a framework for trade agreements. It also resolves trade disputes between different countries.
GATT
GATT stands for General Agreement on Tariffs and Trade. It was signed in 1946 and was working till 1993. It was replaced by WTO in 1995. GAAT does not exist, but its text is included in WTO framework.
WIPO vs NAFTA vs World Bank vs IMF vs WTO vs GATT
WIPO, World Bank, IMF and WTO are the organizations, while NAFTA and GATT are Agreements. All above exist, while GATT does not exist in its original form. WIPO deals with intellectual property right while World Bank and IMF are associated with finance and trade. NAFTA agreement is between three countries, but on the other hand World Bank, IMF and WTO are international organizations and have more than 100 members. World Bank and IMF provide loans to the Developing countries, while WTO facilitates the trading procedure and resolve the trading disputes between countries.
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