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fghsdfghsdgfsdfsdfThe WTO stands for the World Trade Organization, its purpose is to make sure that trade between nations flows smoothly, freely, fairly and predictably. The WTO has more than 140 members, accounting for over 7% of world trade. The WTO's top level decision making body is the Ministerial Conference which meets at least once every two years.
One of the goals of the WTO is to help producers of goods and services, importers, and exporters conduct their business. They are the only global international organization dealing with the global rules of trade between nations. The WTO was created on 1 January 15 marked the biggest reform of international trade since after the Second World War. This organization started in 15 it is one of the youngest international organizations. They tried to make ITO (international Trade Organization) in 148 but they failed. The General Agreement on Tariffs and Trade (GATT) established around the time of the World Warright after that.
It took seven and a half years, almost twice the original schedule. By the end, 15 countries were taking part and it covered almost all trade. It was the largest trade negotiation ever, and the largest negotiation of any kind in history. At times they thought it was going to fail. But in the end, the Uruguay Round brought about the biggest reform of the world's trading system since GATT was created at the end of the Second World War. Despite its troubled progress, the Uruguay Round did see some early results. Within only two years, participants had agreed on a package of cuts in import duties on tropical products which are mainly exported by developing countries. They had also revised the rules for settling disputes, with some measures implemented on the spot. The seeds of the Uruguay Round were sown in November 18 at a ministerial meeting of GATT members in Geneva. Although the ministers intended to launch a major new negotiation, the conference stalled on the issue of agriculture and was widely regarded as a failure.
In Multilateral trading system also known as the heart of the WTO are agreements, negotiated and signed by large majority of the world's trading nations. The agreements are the legal ground rules for international commerce. An international agreement, a document setting out the rules for conducting international trade. A number of simple, fundamental principles run throughout all the WTO agreements. They are the foundation of the multilateral trading system. They include non-discrimination ("most-favored-nation" treatment and "national" treatment), free trade, predictable policies, encouraging competition, and extra provisions for less developed countries. The agreements are negotiated and signed by most of the world trading nations and ratified in their parliaments. The WTO agreements are long and complex because they are legal texts covering alot of activities. They deal with agriculture, textiles and clothing, banking, telecommunications, government purchases, industrial standards, food sanitation regulations, intellectual property, and lots more.Buy wto term paper
They guarantee member countries important trading rights, like contracts. Rich and poor countries alike have equal right to challenge each other in the WTO's dispute settlement procedures.They also make governments keep their policies within agreed limits to all the nations benefits. The goal is to improve the welfare of the peoples of the members countries. The system helps promote peace and providing countries with a constructive and fair outlet with dealing with disputes over trade issues. There could be a down side to trade liberalization and expansion. More trade means more possibilities for fights to arise. Those fights could lead to serious conflict. But in reality, a lot of international trade tension is reduced because countries can turn to the WTO to settle their trade disputes.
The WTO is the GATT but is a lot more stuff. GATT, the international agency, no longer exists and has been switched to the World Trade Organization.
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