The WTO Agreement Series: An Overview of the Foundation of Global Trade
The World Trade Organization (WTO) was established in 1995 with the goal of promoting free and fair global trade. The organization is responsible for negotiating and enforcing trade agreements between its member nations, which currently comprise 164 countries.
The foundation of the WTO`s work is a series of agreements, known as the WTO Agreement Series, which lay out the rules and principles that govern international trade.
Here`s a brief overview of the key agreements that make up the WTO Agreement Series:
The General Agreement on Tariffs and Trade (GATT)
The GATT was signed in 1947 and served as the foundation of the WTO until its dissolution in 1994. The GATT aimed to reduce trade barriers between its member nations and promote free trade. It established rules for negotiating and implementing trade agreements and set guidelines for tariffs and other trade measures.
The Agreement on Agriculture (AoA)
The AoA was signed in 1994 as part of the establishment of the WTO. It aims to promote fair trade practices in agriculture by reducing agricultural subsidies and improving market access for agricultural products. The agreement also addresses issues such as food security and environmental sustainability.
The Agreement on Technical Barriers to Trade (TBT)
The TBT was also signed in 1994 and aims to prevent technical regulations and standards from becoming a barrier to trade. It establishes rules for the development of technical regulations, testing and certification procedures, and conformity assessment procedures.
The Agreement on the Application of Sanitary and Phytosanitary Measures (SPS)
The SPS was also signed in 1994 and aims to protect human, animal, and plant health by setting out rules for the use of sanitary and phytosanitary measures in trade. The agreement requires WTO members to use science-based measures to ensure that food is safe for consumption and to prevent the spread of diseases or pests.
The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)
The TRIPS was signed in 1994 and aims to protect intellectual property rights in trade. It sets out minimum standards for the protection and enforcement of patents, copyrights, and trademarks, among other intellectual property rights.
These are just a few of the key agreements that make up the WTO Agreement Series. Together, they form the foundation of global trade and help ensure that trade between nations is conducted fairly and transparently.
As the global economy continues to evolve, the WTO and its agreements will play an increasingly important role in shaping the future of international trade. As a professional, it is essential to stay updated on developments in the WTO Agreement Series and the impact they have on global trade trends.
