World Trade Organisation
The World Trade Organisation was officially started on the 1st of January, 1995. It replaced the General Agreement for Tariffs and Trade (GATT) as the world’s principal authority overseeing international trade. The WTO currently consists of 153 member nations, which represent over 97% of the world’s population, and is based in Geneva, Switzerland. The process of becoming a WTO member is different for every nation applying. The terms of accession are dependent upon the country's phase of economic development and current trade routine. The procedure will usually last about 5 years, but could take even more time if the country does not show full commitment to the organization, or if they allow political issues to interfere.
The WTO’s primary function is to oversee trade regulation between participating countries, and to enforce the rules that each nation signed up to. It is there to provide a basis for negotiating and formalizing trade agreements, and also to act as the middle man if there are any disputes between any of the participating nations. They aim to have trade flow as smoothly, predictably and freely as possible. The majority of the disputes that the WTO focuses on come from prior trade negotiations.
Unlike United Nations treaties, the International Labour Organization conventions, or multilateral environmental agreements, WTO rules can be enforced through sanctions. This gives the WTO more power than any other international body. The WTO's authority even eclipses national governments. By promoting the free trade agenda of multinational corporations above the interests of local communities, working families, and the environment, the WTO has systematically undermined democracy around the world. Essentially, the WTO is a place where member governments go to try and sort out the trade problems they face with each other. Dispute settlement is regarded by the WTO as the central pillar of the multilateral trading system, and as a unique contribution to the
The WTO’s primary function is to oversee trade regulation between participating countries, and to enforce the rules that each nation signed up to. It is there to provide a basis for negotiating and formalizing trade agreements, and also to act as the middle man if there are any disputes between any of the participating nations. They aim to have trade flow as smoothly, predictably and freely as possible. The majority of the disputes that the WTO focuses on come from prior trade negotiations.
Unlike United Nations treaties, the International Labour Organization conventions, or multilateral environmental agreements, WTO rules can be enforced through sanctions. This gives the WTO more power than any other international body. The WTO's authority even eclipses national governments. By promoting the free trade agenda of multinational corporations above the interests of local communities, working families, and the environment, the WTO has systematically undermined democracy around the world. Essentially, the WTO is a place where member governments go to try and sort out the trade problems they face with each other. Dispute settlement is regarded by the WTO as the central pillar of the multilateral trading system, and as a unique contribution to the