The World Trade Organisation (WTO) serves as a cornerstone for international trade regulation, ensuring that countries operate under a multilateral framework established post-Second World War. It provides clear rules and agreements governing the exchange of goods, services, and intellectual property rights (IPR), making it a crucial reference for students and exam preparation in the field of international trade policies.
Trade and industry thrive on stability, but in volatile global conditions, countries must follow a unified set of rules. The WTO agreements provide this framework, guiding nations in the formulation and conduct of international trade policies.
The creation of a multilateral trade framework began with detailed negotiations to liberalize trade under GATT. These negotiations were organized in rounds, each addressing trade barriers and regulations.
The MTN rounds under GATT provided successive platforms for countries to discuss trade liberalization and regulations, shaping the rules that govern international commerce today.
Launched in Doha, 2001, the Doha Work Programme continues negotiations in the spirit of MTNs, covering issues as extensive and detailed as previous rounds without being formally labeled as MTN.
The WTO, formed in 1995, expanded the GATT framework by including services and intellectual property rights, creating a comprehensive structure for international trade regulation.
The WTO subsumes GATT entirely and incorporates new areas, ensuring a broader regulatory environment.
The member governments of the WTO are responsible for applying these agreements. In case of perceived violations, only governmentsโnot private firmsโcan file complaints, initiating a structured dispute settlement process.
The WTO framework is crucial for maintaining stability in global trade, covering goods, services, and intellectual property. Understanding its evolution from GATT 1947 to WTO 1995 is essential for students preparing for exams in economics, commerce, or international relations.
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