Wto Agreement Meaning

The World Trade Organization (WTO) is an international organization that regulates and facilitates global trade between countries. It was established in 1995 and currently has 164 member countries. The WTO works to promote fair and open trade, reduce trade barriers, and establish rules for the international trade of goods and services.

One of the key agreements within the WTO is the WTO Agreement. This is the foundational document that outlines the functions, goals, and principles of the organization. The agreement covers a wide range of topics related to international trade, including the elimination of trade barriers, the regulation of domestic policies that affect trade, and the settlement of trade disputes.

The WTO Agreement consists of several components. The first is the Marrakesh Agreement, which was signed in 1994 and established the WTO as an organization. The Marrakesh Agreement includes the establishment of a dispute settlement system, which allows member countries to resolve trade disputes in a fair and impartial manner.

Another important component of the WTO Agreement is the General Agreement on Tariffs and Trade (GATT). This agreement was first signed in 1947 and has been updated several times since then. GATT is the cornerstone of the WTO`s trade rules and covers the reduction of trade barriers, the regulation of subsidies and anti-dumping policies, and the protection of intellectual property rights.

The WTO Agreement also includes agreements on the trade of goods and services. The Agreement on the Application of Sanitary and Phytosanitary Measures (SPS) outlines the rules for the protection of human, animal, and plant health in international trade. The Agreement on Technical Barriers to Trade (TBT) covers the regulation of technical regulations and standards that can affect trade.

Overall, the WTO Agreement is a comprehensive document that outlines the principles and rules of international trade. It serves as the foundation of the WTO`s work to promote fair and open trade between countries. By eliminating trade barriers and regulating domestic policies, the WTO helps to create a level playing field for businesses and promotes economic growth and development.