As we navigate the complexities of international trade, it`s essential to have a clear understanding of the various agreements and regulations put in place by the World Trade Organization (WTO). With more than 160 member countries, the WTO serves as a platform for negotiating and implementing trade agreements that remove barriers and promote fair competition.
To help you stay informed, we`ve compiled a comprehensive list of all the WTO agreements currently in place. Let`s take a closer look at each of them.
1. General Agreement on Tariffs and Trade (GATT): This is the founding agreement of the WTO, signed in 1947. It aims to liberalize global trade by reducing tariffs and other barriers to trade.
2. Agreement on Agriculture: This agreement sets out rules for agricultural trade, including the reduction of subsidies and the opening up of domestic markets.
3. Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement): This agreement regulates the use of health and safety measures in trade, including measures related to food safety, animal health, and plant health.
4. Agreement on Technical Barriers to Trade (TBT Agreement): This agreement sets out rules for technical regulations and standards that can affect trade, with the aim of reducing unnecessary barriers.
5. Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement): This agreement aims to protect intellectual property rights and ensure that they are respected in international trade.
6. Agreement on the Implementation of Article VI of the GATT 1994 (Anti-Dumping Agreement): This agreement regulates the use of anti-dumping measures, which are designed to protect domestic industries from foreign competitors selling goods at unfairly low prices.
7. Agreement on the Implementation of Article VII of the GATT 1994 (Customs Valuation Agreement): This agreement sets out rules for the valuation of goods for customs purposes.
8. Agreement on Preshipment Inspection: This agreement sets out rules for the use of preshipment inspection, which involves inspecting goods before they are shipped to ensure that they meet the required standards.
9. Agreement on Rules of Origin: This agreement sets out rules for determining the origin of goods, which is important for determining eligibility for preferential treatment under trade agreements.
10. Agreement on Subsidies and Countervailing Measures: This agreement regulates the use of subsidies that can distort trade, and also provides a framework for countervailing measures to be taken in response.
11. Agreement on Safeguards: This agreement sets out rules for the use of safeguard measures, which are temporary measures that can be taken to protect domestic industries in the face of import surges.
12. Plurilateral Trade Agreements: These are agreements between subsets of WTO members that cover specific areas of trade. Examples include the Agreement on Government Procurement and the International Dairy Agreement.
In conclusion, these WTO agreements provide a framework for promoting fair and open trade, reducing barriers, and ensuring that countries comply with common rules. By understanding these agreements, we can better navigate the complexities of international trade and work towards a more prosperous and equitable global economy.