World Trade Organization - Essay
WORLD TRADE ORGANIZATION
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.
The WTO's predecessor, the General Agreement on Tariffs and Trade (GATT), was established after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation, notably the Bretton Woods Institution known as the World Bank and the International Monetary Fund. A comparable international institution for trade, named the International Trade Organization was successfully negotiated. The ITO was to be a United Nations specialized agency and would address not only trade barriers but other issues indirectly related to trade, including employment, investment, restrictive business practices, and commodity agreements. But the ITO treaty was not approved by the U.S. and a few other signatories and never went into effect.
In the absence of an international organization for trade, the GATT would over the years "transform itself" into a de facto international organization
The World Trade Organization, set up in 1995, has two main functions: • It encourages countries to lower protectionism barriers and thus increase trade flow between countries. It does this mainly through the various rounds of talk. • It is responsible for assuring that countries act according to the various trade agreements they have signed. Any country or group of countries can file a complaint with the WTO against the competitive practices of another country. The WTO attempts to resolve most complaints through negotiations between the two parties. Ultimately, though, the complaint can go to a panel of experts (effectively an international court) and this
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.
The WTO's predecessor, the General Agreement on Tariffs and Trade (GATT), was established after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation, notably the Bretton Woods Institution known as the World Bank and the International Monetary Fund. A comparable international institution for trade, named the International Trade Organization was successfully negotiated. The ITO was to be a United Nations specialized agency and would address not only trade barriers but other issues indirectly related to trade, including employment, investment, restrictive business practices, and commodity agreements. But the ITO treaty was not approved by the U.S. and a few other signatories and never went into effect.
In the absence of an international organization for trade, the GATT would over the years "transform itself" into a de facto international organization
The World Trade Organization, set up in 1995, has two main functions: • It encourages countries to lower protectionism barriers and thus increase trade flow between countries. It does this mainly through the various rounds of talk. • It is responsible for assuring that countries act according to the various trade agreements they have signed. Any country or group of countries can file a complaint with the WTO against the competitive practices of another country. The WTO attempts to resolve most complaints through negotiations between the two parties. Ultimately, though, the complaint can go to a panel of experts (effectively an international court) and this