World Trade Organization Essay - 1696 Words

World Trade Organization The World Trade Organization (WTO), is an international organization designed to supervise and liberalize international trade. The WTO came into being on January 1, 1995, and is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947, and continued to operate for almost five decades as a de facto international organization. The World Trade Organization deals with the rules of trade between nations at a near-global level; it is responsible for negotiating and implementing new trade agreements, and is in charge of policing member countries adherence to all the WTO agreements, signed by the bulk of the worlds trading nations and ratified in their parliaments. Most of†¦show more content†¦At the proposal of the United States, the United Nations Economic and Social Committee adopted a resolution, in February 1946, calling for a conference to draft a charter for an International Trade Organization (ITO). A Preparatory Committee was established in February 1946, and worked until November 1947 on the charter of an international organization for trade. By October 1947 an agreement on the GATT was reached in Geneva, and on October 30, 1947 twenty three countries signed the Protocol of Provisional Application of the General Agreement on Tariffs and Trade. In March 1948, the negotiations on the ITO Charter were successfully completed in Havana (Havana Charter). The Charter provided for the establishment of the ITO, and set out the basic rules for international trade and other international economic matters. The ITO Charter, however, never entered into force; while repeatedly submitted to the US Congress, it was never approved. The most usual argument against the new organization was that it would be involved in internal economic issues. On December 6, 1950 President Truman announced that he would no longer seek Congressional approval of the ITO Charter. In the absence of an international organization for trade, the GATT would over the years transform itself into a de facto international organization. ITO and GATT 1947 John Maynard KeynesShow MoreRelatedThe World Trade Organization1270 Words   |  6 PagesWorld Trade Organization Different countries and regions of the world have relationships based on global and international trade through trading organizations. World Trade has been a crucial part of the economy and many different programs have tried to find an effective way for free trade to occur. Based on previous programs since 1914, and new goals formed recently, the World Trade Organization has found the most powerful and effective way since 1995 to conduct free trade internationally. TheRead MoreThe World Trade Organization951 Words   |  4 Pagesâ€Å"Trade has been a cornerstone of our growth and global development. But we will not be able to sustain this growth if it favours the few, and not the many.† - Barrack Obama Barrack Obama, President of the United States addressed the consequence that in order for trade to help spur development in the world today, it must not only help The World Trade Organisation is an international organisation whose motive is to promote open and free trade by convincing nations to eradicate import tariffs InRead MoreThe World Trade Organization Essay1779 Words   |  8 PagesThe World Trade Organization is an intergovernmental organization that is mandated with the responsibility of regulating international trade. Each country in the world is considered to be endowed with limited resources that make it impossible for these countries to produce each and every good and service that they deem essential for their citizens’ consumption. It is on the basis of different and limited resource endowment that countries embark on the process of trading amongst themselves so as toRead MoreWorld Trade Organization ( Wto )1577 Words   |  7 PagesWorld Trade Organization On January 1st, 1995 is when something genius was invented called The World Trade Organization s (WTO) which is the main worldwide universal association managing the tenets of exchange between countries. The World Trade Organization basically supplanted the General Agreement on Tariffs and Trade (GATT), which had been in power subsequent to 1948, a couple of years after the Second World War. Prior to when the WTO was made, an activity to begin something comparable knownRead MoreThe World Trade Organization ( Wto )1741 Words   |  7 PagesThe World Trade Organization (WTO) is a global organization that helps countries and producers of goods deal fairly and smoothly with conducting their business across international borders. It mainly does this through WTO agreements, which are negotiated and signed by a large majority of the trading nations in the world. The purpose of the WTO is to ensure that global trade commences freely, smoothly and predictably while also aiming to create econ omic peace and stability in the world through a multilateralRead MoreBenefits of the World Trade Organization1054 Words   |  5 PagesBenefits of the World Trade Organization By Mike Harrison One of the biggest firms associated with globalization is the World Trade Organization. The World Trade Organization is the only international body that deals with the rules of trading between nations. It has evolved over the past half century into an entity that contract with the trade of services, intellectual property as well as its original intent of the trade of goods. The WTO controls most trade in the world today through overRead MoreThe World Trade Organization ( Wto )1466 Words   |  6 PagesIntroduction Globalization has been one of the most import reasons why the world has become a place where everyone can communicate with each other, travel to places in a shorter period of time than before and have a massive variety of goods and services provided to, from which they can choose. Globalization opened a door and created a civilization that can bring people together and created all kinds of resources accessible to everyone. Technology improves every day and these helped countries toRead MoreThe World Trade Organization ( Wto )1345 Words   |  6 PagesThe World Trade Organization (WTO) is the most powerful legislative and judicial body in the world. It is an international organization that established to supervise and liberalize international trade. In total, there were 159 membership countries of the WTO in 2013. The WTO was created as part of the result of the Uruguay Round negotiations that concluded on 15th of December 1993. It was officially commenced on January 1, 1995 under t he Marrakech Agreement, and resulted from a series of GeneralRead MoreEssay on The World Trade Organization579 Words   |  3 Pages World Trade Organization (WTO) nbsp;nbsp;nbsp;nbsp;nbsp;The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business. The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in theRead MoreThe World Trade Organization ( Wto )1640 Words   |  7 PagesIntroduction Due to the global world starting to become one it seems as though every country wants to participate in the trading system. It is currently the biggest phenomenon. Many countries that want to join the trading sector are afraid of some of the issues that comes with it such as laws and regulations that do not align with other countries. Countries have now started to join the World Trade organization (WTO) to help them integrate into the trading sector and help them with laws and regulations