Wto Countries In Trade Agreement

The WTO is also a centre for economic research and analysis: regular assessments of the world trade situation in its annual publications and research reports on specific topics are prepared by the organisation. [56] Finally, the WTO works closely with the other two components of the Bretton Woods system, the IMF and the World Bank. [52] One of the most important changes resulting from the Uruguay Round was the creation of a new trade structure, the World Trade Organization (WTO), which took into account the many changes of the Uruguay Round: the old GATT with its renegotiated reforms, monitoring bodies for new trade agreements, a stronger dispute settlement procedure. regular review of the trade policies of members and many other committees and boards. Unlike GATT, the WTO was created as a permanent structure, with «members» instead of «contracting parties». The WTO entered into force on 1. January 1995. The WTO Agreements concern goods, services and intellectual property. They describe the principles of liberalisation and the exceptions allowed. These include commitments by individual countries to reduce tariffs and other barriers to trade, as well as to open and maintain open services markets. They establish dispute settlement procedures.

They prescribe special treatment for developing countries. They require governments to make their trade policies transparent by informing the WTO of applicable laws and measures taken and by reporting regularly to the Secretariat on countries` trade policies. Decisions in the WTO are made by Members, not staff, and they are made by consensus, not by formal vote. The supreme body of the WTO is the Ministerial Conference, the body of political representatives (trade ministers) of each member state. (See the structure of the WTO in Appendix B.) The Ministerial Conference shall consider ongoing programmes and set the agenda for future work. It must meet at least every two years. WTO Director-General Pascal Lamy (France), whose three-year term began on 1 September 2005.3 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) provides for such a system for trade in goods. The agreement entered into force in January 1995. The Agreement on Technical Barriers to Trade is an international agreement of the World Trade Organization. It was negotiated in the Uruguay Round of the General Agreement on Tariffs and Trade and entered into force with the establishment of the WTO at the end of 1994. The aim is to ensure that technical negotiations and standards as well as testing and certification procedures do not create unnecessary barriers to trade. [113] The Tariff and Trade Agreement (GATT) that preceded the WTO was established in 1947 after World War II by a multilateral treaty of 23 countries following other new multilateral institutions dedicated to international economic cooperation, such as the World Bank (founded in 1944) and the International Monetary Fund (established in 1944 or 1945).

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