The World Trade Organization (WTO) is an international organization that aims to promote free trade between nations. It was created in 1995 and currently has 164 member countries. The WTO agreements are a set of rules that govern international trade and are enforced by the organization. Here`s a short note on some of the major WTO agreements:
1. The General Agreement on Tariffs and Trade (GATT): This agreement was signed in 1947 and was the predecessor to the WTO. It aims to reduce barriers to international trade by removing tariffs and quotas on goods traded between member countries.
2. The Agreement on Agriculture: This agreement was signed in 1994 and aims to improve market access for agricultural products and reduce subsidies that distort trade. It also provides for special treatment for developing countries.
3. The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS): This agreement was signed in 1994 and aims to protect intellectual property rights such as patents, trademarks, and copyrights. It sets minimum standards for protection and enforcement of these rights.
4. The Agreement on the Application of Sanitary and Phytosanitary Measures (SPS): This agreement was signed in 1994 and aims to ensure that trade in food and agricultural products is based on science-based regulations. It sets requirements for measures to protect human, animal, and plant health.
5. The Agreement on Technical Barriers to Trade (TBT): This agreement was signed in 1994 and aims to ensure that technical regulations, standards, and procedures do not create unnecessary barriers to trade. It sets requirements for transparency and non-discrimination in the development of these measures.
These agreements are crucial in promoting free trade between nations and creating a level playing field for businesses. They help to ensure that trade is conducted fairly and transparently, which benefits consumers and businesses alike. The WTO plays an important role in enforcing these agreements and resolving disputes that arise between member countries.