The World Trade Organization
Savi Krumenauer
The World Trade Organization is an intergovernmental organization that regulates trades internationally. The Marrakesh Agreement was officially initiated on January 1, 1995, and on April 15, 1994 was signed by 123 nations, which replaced the General Agreement on Tariffs and Trade (GATT) which was initiated in 1948. The WTO is the largest economic international organization in the world. The WTO regulates trades of goods, intellectual properties, and services between the countries who participate. Creating a framework for mediating and negotiating trade agreements and disputes for resolution. They aim to help participants enforce the agreements of the WTO.
Roberto Azevedo is currently the General-Director of the WTO, he leads over 600 staff members in Geneva Switzerland. Part of the Bali Package of Decisions is a trade facilitation agreement which was agreed by all members on December 7, 2013, history’s first comprehensive agreement in the organization. January 23, 2017 marks the date of the WTO amendment to the Trade Related Aspects of Intellectual Property Rights Agreement, the first time since they first opened the doors in 1995 that the WTO would amended accords, with this change secured a legal pathway to affording remedies for developing countries to access under the rules of the WTO.
The WTO set a framework for these trade policies but does not guarantee the outcomes. There are five particular principles of importance in understanding the pre- 1994 GATT and now the WTO.
Sources:
Savi Krumenauer
The World Trade Organization is an intergovernmental organization that regulates trades internationally. The Marrakesh Agreement was officially initiated on January 1, 1995, and on April 15, 1994 was signed by 123 nations, which replaced the General Agreement on Tariffs and Trade (GATT) which was initiated in 1948. The WTO is the largest economic international organization in the world. The WTO regulates trades of goods, intellectual properties, and services between the countries who participate. Creating a framework for mediating and negotiating trade agreements and disputes for resolution. They aim to help participants enforce the agreements of the WTO.
Roberto Azevedo is currently the General-Director of the WTO, he leads over 600 staff members in Geneva Switzerland. Part of the Bali Package of Decisions is a trade facilitation agreement which was agreed by all members on December 7, 2013, history’s first comprehensive agreement in the organization. January 23, 2017 marks the date of the WTO amendment to the Trade Related Aspects of Intellectual Property Rights Agreement, the first time since they first opened the doors in 1995 that the WTO would amended accords, with this change secured a legal pathway to affording remedies for developing countries to access under the rules of the WTO.
The WTO set a framework for these trade policies but does not guarantee the outcomes. There are five particular principles of importance in understanding the pre- 1994 GATT and now the WTO.
- Non-discrimination: A WTO member must administer the same conditions with all trades with all members. “Grant someone a special favor and you have to do the same for all other members.”
- Reciprocity : It reflects both a desire to limit the scope of free-riding and a desire to access to foreign markets. For a nation to netotiate, it is necessary that the gain be greater than gain available from unilateral liberation, reciprocal compromise is intended to ensure that such gains will materialize.
- Binding and enforceable commitments: The commitments are made by WTO members to create a schedule of concessions.these schedules establish “ceiling bindings” they can change these rules but may end in loss of trade.
- Transparency: All WTO members are required to log their trade regulations, to maintain institutions, allowing a review on administrations decisions of trades. To respond to requests of information by other members, and and to make changes in trades.
- Safety values: In specific situations, governments are allowed to restrict trade. The WTO’s agreements permits members to protect not only the environment but public health, animal health, and plant health.
Sources:
- https://www.wto.org/english/thewto_e/whatis_e/whatis_e.htm
- https://www.investopedia.com/terms/w/wto.asp
- https://thediplomat.com/2015/01/the-beginning-of-world-trade-disorganization/