WTO Agreements: A Comprehensive Guide
The World Trade Organization (WTO) is an intergovernmental organization that oversees and regulates international trade across the world. Established in 1995, the WTO has 164 member countries and is headquartered in Geneva, Switzerland.
One of the main functions of the WTO is to negotiate and enforce trade agreements between member countries. These agreements are designed to promote free and fair trade by setting rules and standards for the exchange of goods and services across borders.
In this article, we will take a closer look at some of the key WTO agreements that are currently in place.
General Agreement on Tariffs and Trade (GATT)
The GATT was the first multilateral agreement on international trade that was signed by a large number of countries. It was established in 1948 with the aim of reducing trade barriers such as tariffs and quotas.
Over the years, the GATT has been revised and updated several times, with the most recent version being the Uruguay Round Agreements that were signed in 1994. This agreement formed the basis for the creation of the WTO.
Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)
The TRIPS agreement was signed in 1994 as part of the Uruguay Round Agreements. It sets out minimum standards for the protection and enforcement of intellectual property rights, such as patents, trademarks, and copyrights.
The agreement also includes provisions that enable developing countries to access affordable medicines, by allowing them to produce and import generic versions of patented drugs.
Agreement on the Application of Sanitary and Phytosanitary Measures (SPS)
The SPS agreement was signed in 1995 and sets out basic rules and principles for food safety and animal and plant health regulations. It aims to ensure that such measures are not used as unjustified barriers to trade.
Under the SPS agreement, countries are required to base their regulations on scientific principles and to conduct risk assessments before imposing any trade-restrictive measures.
Agreement on Technical Barriers to Trade (TBT)
The TBT agreement was also signed in 1995 and sets out rules and procedures for the development, adoption, and application of technical regulations and standards.
The agreement aims to ensure that technical regulations and standards are not used as unjustified barriers to trade, and that they are based on scientific principles and not a means of protectionism.
Conclusion
The WTO agreements play a crucial role in regulating international trade and promoting free and fair trade between member countries. By setting rules and standards for trade, these agreements help to reduce trade barriers and create a more level playing field for businesses across the world.
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