Organizational bodies
WTO
The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 124 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. It is the largest international economic organization in the world.
The WTO deals with regulation of trade in goods, services and intellectual property between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which are signed by representatives of member governments and ratified by their parliaments. The WTO prohibits discrimination between trading partners, but provides exceptions for environmental protection, national security, and other important goals. Trade-related disputes are resolved by independent judges at the WTO through a dispute resolution process.
WTO came into being on 1995.
It has come into existence after GAAT General Agreement on Tariffs and Trade (GAAT)
It helps producers of good and services, importer, exporters to do their business
Uruguay rounds of talks made for the formation of WTO
Totally 164 countries present in WTO as of July 29th 2016
In 2000 agriculture and services discussions started in Doha round of talks
Fourth ministerial conference held in Doha Qatar in november20001
In the fourth conference non-agricultural tariff antidumping details are discussed
World bank identified 32 major regional trade blocks
Trade block means group of countries that have established preferential trade agreements among member countries
PTA stands for preferential trade agreements
Most commonly used PTA is Free Trade agreement
Free Trade Agreement means reducing or removing the tariff and non-tariff barrier between member nations but not with the non-member nations
A step forward for the FTA is the Custom Union (CU) where not only removing trade barrier with the member nations but also maintaining the identical trade with non-members.
Regional and Bi lateral trade agreements can cause trade diversion and trade distortions
List of RTB:
ASEAN: It was founded in August 8th 1967
Meeting will be held annually
APEC: Asia Pacific Economic Cooperation
It has 21 members called Member Economies
EAEC: East Asia Economic Caucus
It is known as Asian Plus Three
ASEM: Asia Europe Meeting
It is established in 1996
CHOGM: Common Wealth Heads of Government Meetings
EU: European Union strong international trade
There are five EU institutions namely European Parliament, Council of EU, E Commission, Court of Justice, Court of Auditors
NAFTA: North America Free Trade Agreement
CIS: Common Wealth of Independent States
COMESA: Common Market for Eastern and Southern Africa
SAARC: South Asian Association of Regional Cooperation established on Dec 8th 1985
ITR: Intellectual Property rights
It will be held annually.
MERCOSUR: It is a tariff union of South American Countries
It is the fastest growing trading blocks
G-15 group established in 1989
G7 economic power group became G8 after adding Russia
G77 is the third largest world coalition in United Nations
D8 is the group of developing eight countries
IOR-ARC (Indian Ocean Rim Association for Regional Cooperation) established in Mauritius March 1995
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