MAJOR INTERNATIONAL BODIES

UNITED NATIONS – United Nations or widely called as the UN is an international organization which was founded on 24 th October, 1945 at San Francisco, California, United States of America. After the end of the WORLD WAR II, peace was the need of the hour. Hence, 51 countries joined hands and agreed upon the formation of this international organization. This unity of these countries let the beginning of this new organization to maintain peace and security internationally. At present there are total 193 members in this organization. The principal organs of the UN are the General Assembly, the Security Council, the Economic and Social Council, the Trusteeship Council, the International Court of Justice, and the UN Secretariat. All these main organs were established in 1945 when the UN was founded. the purpose and mission of this organization has been laid in the charter. The UN maintains international peace and security, protects human rights, uphold the international law, promote sustainable development and provide humanitarian aid. Among the 5 major organs, 4 are located at the main headquarters in New York City and the International Court of Justice is located situated in the Hague.

WORLD TRADE ORGANISATION – The World Trade Organization is the only organization that deals with the rules and regulations of the trade between all the countries. The WTO was founded on 1 st January 1995, and it marked a big change in the international trade. The organization was founded by 23 nations. At present, there are 164 members with 25 observer governments. It is a platform for the governments where they can negotiate agreements and settle disputes regarding trades. It aims for open trade that will benefit everyone. There are legal texts that cover a huge range of different activities which make the agreements massive and complex. Geneva, Switzerland, where the WTO headquarters is located. The Centre William Rappard (CWR) is the name of the building that has been home to the WTO Secretariat since the WTO was established in 1995.

INTERNATIONAL MONETARY FUND – International Monetary Fund is an organization which works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. At the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. Its headquarters is located at the Washington, D.C., United States.

THE WORLD BANK – The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The International Bank for Reconstruction and Development was founded in 1944. Soon it was as called the World Bank and it has expanded to a closely associated group of five development institutions. John Maynard Keynes and Harry Dexter White were the founders of the World Bank. There are, at present 189 members. Its headquarters is located at Washington DC, US.

EUROPEAN UNION – The European Union is a political and economic union that was founded on 1st November, 1993 at Maastricht, Netherlands. The founder members were Germany, France, Italy, Netherlands, Belgium, Luxembourg but now it consists of 27 member states that are primarily located in Europe. The European Union has its own flag and all the member states celebrate their foundation day with all unity. All the member states have a common currency that is the euro. European Union was founded in 1992 for a common foreign and security policy, cooperation on justice and home affairs and creation of a single currency. It evolved from an economic union to political one over time. The process of economic integration of European Capitalist countries led to the formation of European Economic Community
in 1957. The EU is world’s second most important source of space and communications technology. Many of the EU’s members are non-permanent members in the United Nations Security Council.