World Trade Organization

Paper Summary:

This paper examines why the World Trade Organization is an important part of the international trade system. The paper discusses, why, since its inception, the WTO has been praised by its many supporters who feel that it protects and promotes free trade and vilified by its staunch detractors who feel that smaller countries are often under represented when it comes to matters involving world trade.

From the Paper:

"GATT, the General Agreement on Tariffs and Trade, was formed in 1947 to regulate international trade. For forty years GATT members met from time to time to negotiate lower trade tariffs on goods. With the Uruguay Round negotiations (1986-92), GATT expanded to include other interests, such as the "harmonization" of standards, free global investment and intellectual property rights. (Hoekman et al., 1995) The so-called "new GATT" led to the creation of the of the World Trade Organization (WTO) in January 1995, to oversee many aspects of international trade. The result is assurance. Consumers and producers can enjoy secure supplies and a wider array of finished products, components, raw materials and services that they use. Producers and exporters know that foreign markets will remain open to them."

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