World Trade Organization


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World Trade Organization

(WTO), international organization established in 1995 as a result of the final round of the General Agreement on Tariffs and Trade (GATT) negotiations, called the Uruguay Round. The WTO is responsible for monitoring national trading policies, handling trade disputes, and enforcing the GATT agreements, which are designed to reduce tariffs and other barriers to international trade and to eliminate discriminatory treatment in international commerce. In an effort to promote international agreements, WTO negotiations are conducted in closed sessions; many outsiders have strongly criticized such meetings as antidemocratic. Unlike GATT, the WTO is a permanent body but not a specialized agency of the United NationsUnited Nations
(UN), international organization established immediately after World War II. It replaced the League of Nations. In 1945, when the UN was founded, there were 51 members; 193 nations are now members of the organization (see table entitled United Nations Members).
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; it has far greater power to mediate trade disputes between member countries and assess penalties. In the Uruguay Round, agreement was reached to reduce tariffs on manufactured goods by one third. Under the WTO, subsidies and quotas are to be reduced on imported farm products, automobiles, and textiles, which were not covered by GATT; there is also freer trade in banking and other services and greater worldwide protection of intellectual property. Negotiations to eliminate subsidies and protections for agricultural products, however, have proved to be a stumbling block. The Doha Round of talks, launched in 2001, have been deadlocked over such subsidies; the round was originally scheduled to be finished in Jan., 2005. The WTO is headquartered in Geneva and also holds international ministerial conferences; it has 162 members.
References in periodicals archive ?
More recently, the repeal of Jackson-Vanik has been linked to Congressional efforts to influence the terms of Russia's accession to the World Trade Organization.
The World Trade Organization is the five-year-old successor to the General Agreement on Tariffs and Trade (GATT), established after World War II to facilitate free flow of global commerce and prevent the protectionism that fostered the Great Depression.
China accord paving the way for China to join the World Trade Organization is an important breakthrough that would deliver "hundreds of millions of dollars" in export benefits to Australia.
They oppose Chinese membership in the World Trade Organization because it would "prohibit" the United States from taking any meaningful action in its trade disputes with China.
The EU is particularly hopeful the World Trade Organization (WTO), a more powerful successor to GATT, will strengthen the framework for multinational trade.
trade policy: the dispute settlement process with the World Trade Organization (WTO); a strengthening of anti-dumping remedies; expansion on the reach of countervailing duties; and removal of the U.
Riyadh, Sha'ban 28, 1436, Jun 15, 2015, SPA -- Ministry of Commerce and Industry concluded here yesterday evening a workshop on the review of the mechanism of the Kingdom of Saudi Arabia's trade policies within the framework of World Trade Organization (WTO).
Kyrgyzstan's entry into the Customs Union will not conflict with the World Trade Organization commitments, Economy Minister Temir Sariyev said at the meeting of SDPK parliamentary faction on May 23, reported Tazabek.
of Illinois College of law, and former director, Legal Affairs Division, World Trade Organization) notes in his knowledgeable and clearly written book that international trade is conducted almost entirely under rules developed by the World Trade Organization and its many complex agreements.
Summary: The date of the next round of negotiations on the Algeria's accession to the World Trade Organization (WTO) will be set as soon as the members of this organization receive Algeria's answers to their recent questions, said Tuesday Trade Minister El Hachemi Djaaboub.
Bernanke praised the "critical role of government policy in supporting, or at least permitting, global economic integration" by creating "the institutional framework supporting global trade, most importantly the World Trade Organization," but also "regional frameworks and agreements, such as the North American Free Trade Agreement and the European Union's 'single market.
That has European farmers, here protesting in Belgium, up in arms--a battle they will almost certainly lose, now that the World Trade Organization is finally beginning to do its job: formalizing free trade, no matter who wins or loses.

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