The World Trade Organization (WTO) is a global intergovernmental organization that oversees and regulates international trade. It was established in 1995 and currently has 164 member countries. The WTO agreements are a set of legally binding rules and regulations that govern international trade between member countries. In this article, we will provide an overview of the key WTO agreements.
General Agreement on Tariffs and Trade (GATT)
The General Agreement on Tariffs and Trade (GATT) is the oldest and most important agreement of the WTO. It was created in 1947 and was replaced by the WTO in 1995. GATT aims to reduce tariffs and other trade barriers between member countries. It also provides a framework for the negotiation of new trade agreements.
Agreement on Agriculture (AoA)
The Agreement on Agriculture (AoA) aims to reform international agricultural trade. Its objectives are to improve market access for agricultural products, reduce domestic support, and eliminate export subsidies. The AoA has been criticized for favoring developed countries and harming the interests of developing countries.
Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)
The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) sets out the minimum standards for the protection and enforcement of intellectual property rights in all member countries. This agreement has been controversial as it has been accused of favoring the interests of developed countries and harming the interests of developing countries.
Agreement on Trade in Services (GATS)
The Agreement on Trade in Services (GATS) aims to liberalize the trade of services between member countries. Services include banking, telecommunications, transport, and healthcare. The GATS allows member countries to negotiate the opening of their markets to foreign service providers.
Dispute Settlement Understanding (DSU)
The Dispute Settlement Understanding (DSU) provides a mechanism for resolving disputes between member countries regarding the interpretation and application of WTO agreements. The DSU is designed to provide a swift and effective resolution to disputes, thereby fostering a more predictable and stable trading environment.
Conclusion
The WTO agreements are a complex set of rules and regulations governing international trade. They aim to promote free and fair trade among member countries while balancing the interests of developed and developing countries. The WTO agreements have been criticized for favoring the interests of developed countries and harming the interests of developing countries. However, they remain an important framework for regulating international trade and promoting economic growth.
