TFA which entered into force on 22 February, 2017 following its ratification by two-third of the WTO membership.

International Financial Corporation (IFC) is an international financial institution that offers advisory services to build up private sector in developing countries, It is headquartered at Washington DC. It was established in the year 1956. There are 184 countries in the membership list. It aims at lifting the standard of people of developing and least developed countries by removing poverty, improving education and healthcare, investing in infrastructure development and sustainable agricultural opportunities therein.

The General Agreement on Tariffs and Trade (GATT). GATT was a multilateral treaty. It laid down rules and regulations for conducting international trade.

South Asian Association for Regional Co-operation (SAARC) is the regional inter governmental organization and geo-political union of nations in South Asia.

SPECIAL DRAWING RIGHT (SDR) was created by the IMF in the year 1969 as supplementary international reserve asset.

International Bank for Reconstruction and Development is commonly known as World Bank. It has its offices all over the world.

WTO is World Trade Organisation.

(i) Promoting international monetary cooperation.
(ii) Ensuring balanced international trade.
(iii) Ensuring exchange rate stability.
(iv) Eliminating or minimizing exchange restrictions by promoting multilateral payment.
(v) Providing economic assistance to member countries for correcting imbalance in balance of payments of countries.
(vi) Minimizing imbalance in quantum and duration of balance of payment.

1. From 1st October 2016 SDR basket consists of US dollar, Euro, the Chinese Renminbi, Japanese Yen and British Pound sterling.
2. The value of SDR is regularly posted daily in IMF website.
3. It is calculated as the sum of specific amount of each basket currency value in US dollar based on the spot exchange rates observed at noon London time.

Affiliates of World bank group:
1. International Development Association (IDA)
2. International Financial corporation (IFC)
3. Multinational Investment Guarantee Agency(MIGA)
4. International Centre of Settlement of Investment Dispute (ICSID)

1. International business involved complex issues among various countries way back in 1950's.
2. A keen need then was felt to establish separate mechanism for regulating and controlling trade relation across the countries around the world.
3. As a result, the General Agreement on Tariffs and Trade.
4. GATT was signed at Geneva on 30^th October 1947 by 23 countries.
5. It came into effect on 1^st January, 1948.
6. GATT achieved many success but various countries felt the need to create a new international body to replace the GATT.
7. This led to the establishment of World Trade Organisation (WTO) on 1^st January, 1995.

Functions of IMF :
The functions of IMF are enumerated below:
(i) It acts as a short-term credit institution at the international level.
(ii) It provides machinery for ordinary adjustments of exchange rates.
(iii) It has a reservoir of currencies of the member countries from which a borrower can borrow currencies of other nations.
(iv) It promotes economic stability and global growth by encouraging countries adopt sound economic and financial policies.
(v) It offers technical assistance and training to help member countries strengthen and implement effective policies.
(vi) Technical assistance is offered in formulating banking, fiscal, monetary and exchange policies.
(vii) It helps member countries correct their imbalance in balance of payment.

Benefits of WTO:
Some of the major benefits of WTO are as follows:
(i) WTO is promoting international peace and creating a conducive environment for conducting international Trade.
(ii) It settles the Trade disputes amicably among the member countries.
(iii) It promotes the standard of living of people by increasing their income level from free trades.
(iv) WTO has removed quantitative restrictions and non-tariff barriers. It has facilitated free flow of foreign trade among the member countries.
(v) The countries can impose import restrictions only to correct balance of payments difficulties and not otherwise.
(vi) It stimulates economic growth of developing countries by providing them with much needed capital and giving them preferential treatment in trade and related matters.
(vii) WTO organises periodical regional and international conference. Thus developing countries get opportunity to learn the technicalities, rules and regulations, governing world trade, technical assistance available globally, trade potentials in member countries and so on.
(vii) WTO gives people across the world a wider choice of goods and broader range of qualities to choose from by promoting free trade among the member countries.
(viii) WTO has lowered trade barriers and thereby allowed trade to flourish across the world. The increase in trade contributes to increase in national income and personal income of people.
(ix) WTO provides a platform for member countries to establish trade link with one another.
(x) In the absence, of WTO member countries may have to - enter many multilateral agreement with so many countries across the world.
(xi) It provides greater access to all nations under one roof.
(xii) WTO is committed to protecting free trade. It has framed rules on subsidies and dumping.

Objectives of WTO:
The objectives of WTO include the following:
(i) Improving the standard of living of people in member countries.
(ii) Making optimum utilisation of world's resources for sustainable development of member countries.
(iii) Promoting an integrated more viable and durable trading system in the sphere of international business.
(iv) Expansion of trade in goods and services.
(v) Ensuring full employment and large steady growing volume of real income and effective demand.
(vi) Protecting the environment.