Abstract
In ancient time, international trade was regulated by bilateral agreement between two or more states. During those times, there was the concept of protectionism and state used to impose huge tariff. However, in modern time, it is regulated under liberal market economy and future tariff rate is supposed to be zero. Production method follows comparative benefit approach. World Trade Organization (WTO) is playing leading role in contemporary time. This paper has sensitized the areas of trade in goods; trade in service, trade related intellectual property rights, dispute settlement bodies and trade policy review mechanism as a part of WTO. It is helpful to understand general overview of WTO. As a member of it, Nepal has to formulate new policy and enact necessary legislation along with the amendment of existing legislation to make it compatible with WTO standards.
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