Decade of China in Wto
Decade of China’s membership to WTO – revision of hopes and expectations
1. WTO uprising The World Trade Organization (WTO) was commenced on 1st January 1995 replacing the General Agreement on Tariffs and Trade (GATT). Firstly, we have to go back to year 1994 when John Maynard Keynes during Bretton Wood conference had presented his statement about restructuring international finance and currency relations. Both Keynes and Harry White (American mister of state in U.S. treasury) believed that Bank for Reconstruction and International Stabilization Fund should be established. In their opinion it was a must to support global economy. What is more Keynes recommended that debtors and creditors should change their policies. Countries with payment surplus should increase their imports from deficit countries and create a foreign equilibrium[1]. Its establishment was one of six crucial agreements taken during that time. The other five were: 1) Goods and investment — the Multilateral Agreements on Trade in Goods including the GATT 1994 and the Trade Related Investment Measures, 2) Services — the General Agreement on Trade in Services, 3) Intellectual property — the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), 4) Dispute settlement (DSU), 5) Reviews of governments' trade policies (TPRM)[2].
General mission of the WTO can be defined as creating a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all members, thus contributing to economic growth and development. Because of that WTO provides a legal and institutional framework for the implementation and monitoring all of agreements.
The current body of trade agreements comprises the WTO consisting 16 different multilateral agreements (to which all WTO members are parties) and two different plurilateral agreements (to which only some WTO members are parties). All in all, there 153 members of WTO (2008)[3].
Map
1. WTO uprising The World Trade Organization (WTO) was commenced on 1st January 1995 replacing the General Agreement on Tariffs and Trade (GATT). Firstly, we have to go back to year 1994 when John Maynard Keynes during Bretton Wood conference had presented his statement about restructuring international finance and currency relations. Both Keynes and Harry White (American mister of state in U.S. treasury) believed that Bank for Reconstruction and International Stabilization Fund should be established. In their opinion it was a must to support global economy. What is more Keynes recommended that debtors and creditors should change their policies. Countries with payment surplus should increase their imports from deficit countries and create a foreign equilibrium[1]. Its establishment was one of six crucial agreements taken during that time. The other five were: 1) Goods and investment — the Multilateral Agreements on Trade in Goods including the GATT 1994 and the Trade Related Investment Measures, 2) Services — the General Agreement on Trade in Services, 3) Intellectual property — the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), 4) Dispute settlement (DSU), 5) Reviews of governments' trade policies (TPRM)[2].
General mission of the WTO can be defined as creating a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all members, thus contributing to economic growth and development. Because of that WTO provides a legal and institutional framework for the implementation and monitoring all of agreements.
The current body of trade agreements comprises the WTO consisting 16 different multilateral agreements (to which all WTO members are parties) and two different plurilateral agreements (to which only some WTO members are parties). All in all, there 153 members of WTO (2008)[3].
Map