WTO
WHAT IS THE WTO?
MAIN REMITS (MAIN ACTIVITIES)?
EXAMPLES OF CURRENT TRADE NEGOTIATIONS OCCURRING
HISTORY (WHY WAS IT SET UP)?
Negotiation is a method by which people settle differences. It is a process by which compromise or agreement is reached while avoiding argument and dispute.
The joint initiatives laughed by group members in Buenos Aires in December 2017 are important in ensuring that trade policies are relevant to today's global economy.
Was proceeded by the General Agreement on Tariffs and Trade (GATT)
The goal of the WTO is to ensure that trade flows as smoothly and as predictably as possible
It helps to promote free trade by persuading countries to lower their import tariffs and other barriers to open markets including; wide spread use of import licensees, export subsidies and other non-tariff barriers
The WTO's 2014 Ministerial Conference concluded with minster's approving the 'Bali Package', a series of issues from the broader Doha Round negotiations
The WTO's current Director-General is Roberto Azevêdo
6 Key Objectives:
To provide a forum for negotiation and monitoring further trade liberalization
To set and enforce rules for International Trade
If a trade dispute occurs, the WTO works to resolve it
To increase the transparency of decision-making processes
To cooperate with other major international economic institutions involved in global economic management
To help developing countries benefit fully from the global trading system
WTO member must grant equal market access to all other members and that both domestic and foreign suppliers must be treated equally
Was established in 1st of January,1995. It is marked the biggest reform of international trade since the end of the Second World War.
WTO membership timeline
The rules are designed to help governments resist lobbying efforts by domestic interest groups seeking special favors
It is the largest international economic organization in the world
'09 April - '02 September
'03 September - '13 December
The WTO exists the encourage and facilitate the liberalisation of trade between countries
A multi-lateral organisation based in Geneva, switzerland
The WTO is run by its member governments. All major decisions are made by the membership as a whole, either by ministers (who usually meet at least once every 2 years) or by their ambassadors or delegates (who meet regularly in Geneva)
The World Trade Organisation
The WTO deals with the rules of trade between nations at a global or near-global level
WTO membership accounts for 98% of world trade in 2014 compared with 91% in 1995
The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities - but a number of simple, fundamental principles run throughout all of these documents. These principles are the foundation of the multilateral trading system
There are 2 Types of International Trade agreements:
Bilateral Agreements: They set rules of trade between two countries
Multilateral (or regional) Agreements: They set rules of trade between several countries. Multilateral agreements shape international trade unions such as WTO, EU, NAFTA etc...
Trade negotiations - The WTO agreements cover; goods, services and intellectual property. They operate under the authority of the general council