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Trade Agreements Wto

The table of topics for the outcome of Uruguay`s multilateral trade round: the legal texts constitute a frightening list of some 60 agreements, annexes, decisions and agreements. In fact, the agreements fall under a simple structure of six main parties: a framework agreement (the WTO agreement); Agreements for each of the three major trade sectors covered by the WTO (goods, services and intellectual property); Dispute resolution and reviews of government trade policy. The World Trade Organization (WTO) is an intergovernmental organization responsible for regulating international trade between nations. The WTO was officially opened on 1 January 1995, as part of the 123-nation Marrakesh Agreement signed on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which began in 1948. It is the largest international economic organization in the world. [6] [7] The General Agreement on Trade in Services was created to extend the multilateral trading system to the services sector, just as the General Agreement on Tariffs and Trade (GATT) provided for such a system for trade in goods. The agreement came into force in January 1995. The WTO is also a centre for economic research and analysis: the organization establishes regular assessments of the global trade image in its annual publications and research reports on specific topics. [56] Finally, the WTO works closely with the other two components of the Bretton Woods system, the IMF and the World Bank.

[52] The previous WTO Agreement on Tariffs and Trade (GATT) was created in 1947 by a multilateral treaty of 23 countries following other multilateral institutions dedicated to international economic cooperation, such as the World Bank (founded in 1944) and the International Monetary Fund (founded in 1944 or 1945). A comparable international trade institution, called the International Trade Organization, never began, as the United States and other signatories failed to ratify the founding treaty,[24] and THE GATT slowly became a de facto international organization. [26] The WTO establishes a framework for trade policy; Results are not defined or specified. In other words, it is a matter of defining the rules of “trade policy.” Five principles are particularly important for understanding both the GATT before 1994 and the WTO: from June 2012[update], the future of the Doha Round remained uncertain: the work programme lists 21 themes in which the initial deadline of 1 January 2005 was not met and the cycle remains incomplete. [47] The conflict between free trade in industrial products and services, but the maintenance of protectionism in agricultural subsidies to domestic agricultural sectors (demanded by industrialized countries) and the justification for fair trade in agricultural products (demanded by developing countries) remain the main obstacles. This impasse has made it impossible to organise new WTO negotiations beyond the Doha Development Round. As a result, bilateral free trade agreements between governments are multiplying. [update] from July 2012, several negotiating groups were set up in the WTO system for the current stalemate in agricultural trade negotiations.

[49] In addition, it is the WTO`s duty to review and promote national trade policies and to ensure trade policy coherence and transparency by monitoring global economic policies. [51] [53] Another WTO priority is to support developing, least developed and low-income countries, which are in transition to adapt to WTO rules and disciplines through technical cooperation and training. [54] Studies show that the WTO has stimulated trade[17][18] and that without the WTO, trade barriers would be higher. [19] The WTO has strongly influenced the text of trade agreements, as “almost all recent preferential trade agreements (EEAs) explicitly refer to the WTO, often dozens of times in several chapters…

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