The World Trade Organization
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The World Trade Organization
The world trade organization is the only international organizations dealing with global rules of trade between different nations. The main purpose is to make sure that the trade process is as smooth, predictable and freely as possible. The world trade center began in 1995. It is one of the youngest international organizations. Because of the WTO, producers and consumers will be assured that their finished products, raw materials, components and services that they use will all be safe and secure. The WTO is focused on setting disputes, interpreting agreements and commitments. And to make sure all countries trade policies are okay and confirmed that everything is all right, usually a mutual agreement is arranged. This then results into a more prosperous, peaceful and accountable economic world. There are also less political disputes and military conflicts.
The heart of the system is known as the multilateral trading system. The WTO’s agreements are negotiated and signed by a large majority of the worlds trading nations. They are then ratified in their parliaments. These are the agreements that are legal ground rules for international commerce. What they really are, are contracts, guaranteeing member countries important trade rights. Also they bind governments to keep trade policies within everybody’s agreed limits for everyone’s benefit. After these
agreements are negotiated and signed by governments, they help producers of goods, services, exporters and importers run their businesses. The goal of this is to improve the welfare of the people’s countries.
The WTO is to make sure trade is as fair as possible and free as it is practical. By creating laws and simply following them. Each country will receive guarantees that its exports will be treated fairly and consistently in other countries markets. They promise to do the same for imports into its own market. This system also gives developing countries flexibility in acting out upon what they agree to do.
The world trade organization started out with trading goods; products, taking actions on specific issues on subsidies. It sometimes dealt with agriculture and textiles. Also now the WTO offers services to banks, insurance firms, telecommunication companies and transporting companies looking to do business with other companies. They all have freer and fairer trade that originally only use to be acted upon trading goods.
An issue dealing with the WTO that is fairly recent, is on April 22, 2003
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International relations, Economy, International trade, World Trade Organization, World government, Trade, Uruguay Round, Afghanistan Accession to World Trade Organization
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