Asian Development Bank, European Union and World Trade Organization

Asian Development Bank, European Union and World Trade Organization
Asian Development Bank, European Union and World Trade Organization

The Asian Development Bank, founded in 1966, is a multilateral and international financial institution that provides loans and grants to member countries in Asia and the Pacific.


The European Union, established in 1993 as a result of the Treaty of Maastricht, is an economic union of 28 member states with a single currency – the euro.


The World Trade Organization is an international organization that deals with the rules of trade between nations.


The WTO organizes trade negotiations among its members and regulates trade among them. Member nations must sign up for the General Agreement on Tariffs and Trade (GATT) before they can become members of WTO. GATT was signed in 1947 by 23 nations, and in 1995 it was replaced by the WTO.


Membership of the Asian Development Bank includes more than 60 members and observer countries. The member countries are located throughout Asia and the Pacific.


Members include Asian countries such as Afghanistan, Armenia, Bangladesh, Brunei Darussalam, Cambodia, China PR, China Taiwan, Fiji, Hong Kong SAR China (Macao), India Mongolia Indonesia Pakistan Philippines Sri Lanka Thailand Vietnam and Pacific Island countries such as Kiribati Nauru Papua New Guinea Solomon Islands Samoa Tonga Tuvalu Vanuatu Republic of Korea (South Korea) as well as most recently Azerbaijan.


The development goals of the Asian Development Bank are:


The Asian Development Bank’s President is Dr. Haruhiko Kuroda, former member of the Japanese Liberal Democratic Party (LDP). He was nominated by Japan, with approval from the European Union, which acts as a civil servant. He replaced Hasan Fazal today at the end of his five-year term in office. The President is directly responsible to the Board and must be appointed with approval of outstanding members of the Board and their respective governments. [1]


The important aspects related to biodiversity and environment such as climate change have been under strong pressure from globalization. The international community has adopted and implemented various measures to control these problems through WTO negotiations and agreements.


The Asian Development Bank has played a significant role in these efforts. The bank has played an important role in the WTO negotiations and agreements. The bank played a significant role in the Uruguay Round Agreement on Agriculture, which was the first of its kind meeting at the WTO level. The bank also played an important role in the Multilateral Trade Negotiations (MTN) that took place under the auspices of the World Trade Organization (WTO).


During this consultation period, DRAMs were discussed by all WTO members and most major developed countries gave commitment to eliminate this product from their markets by 2000 as well as other products such as steel imports from developing countries to protect their developing economies through protectionism.


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