The World Trade Organization, or WTO, is an international organization that regulates and facilitates trade between its member countries. Since its establishment in 1995, the WTO has been instrumental in promoting global commerce and fostering economic growth.
One of the core functions of the WTO is to negotiate and enforce trade agreements between member countries. These agreements cover a wide range of topics, from tariffs and customs procedures to intellectual property rights and labor standards.
Here are some examples of key WTO agreements:
1. General Agreement on Tariffs and Trade (GATT)
The GATT was signed in 1947 and served as the basis for international trade until the establishment of the WTO in 1995. The GATT aimed to reduce trade barriers such as tariffs and quotas and promote free trade among member countries.
2. Agreement on Agriculture
The Agreement on Agriculture was reached during the Uruguay Round of trade negotiations in the 1990s. It aims to liberalize trade in agricultural products by reducing tariffs and limiting subsidies.
3. Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)
The TRIPS agreement, which came into effect in 1995, sets out international standards for the protection and enforcement of intellectual property rights. This includes patents, trademarks, and copyright.
4. General Agreement on Trade in Services (GATS)
The GATS covers trade in services such as finance, telecommunications, and transportation. The agreement aims to promote fair and open competition in these sectors, while also ensuring that countries can regulate services in the public interest.
5. Agreement on Trade-Related Investment Measures (TRIMS)
The TRIMS agreement seeks to eliminate trade barriers arising from investment policies and measures, such as requirements to use domestic content or to purchase goods locally.
6. Agreement on Subsidies and Countervailing Measures
This agreement sets out rules for government subsidies and how they can be used in international trade. Subsidies that are considered to distort trade can be challenged by other WTO members through countervailing measures.
These are just a few examples of the many agreements negotiated by the WTO. Collectively, these agreements help to create a more predictable and stable international trading system, and promote economic growth and development worldwide.