The Success of the Wto in Promoting World Trade over the Last Fifteen Years
Word account: 1865
table of content
Introduction 2
Institutional effect and function 2
Dispute Settlement Body 2
The Trade Policy Review Body (TPRB) 3
Accession and membership 3
Merchandise trade 4
Trade in commercial services 4
Conclusion 5
Bibliography 7
Appendix A-M 8
Introduction
The World Trade Organization (hereinafter refereed as to the WTO) is the only international organization dealing with the global rules of trade between nations (The WTO...in brief). Its main function is to ensure that trade flows as smoothly, predictably and freely as possible (The WTO...in brief). WTO commenced on January 1, 1995, replacing the General Agreement on Tariffs and Trade (hereinafter refereed as to the GATT), which commenced in 1948. WTO becomes a permanent organization to liberalize the international trade and a separate legal entity to coordinate the world trade disputes. Plurilateral agreement negotiation is the most important task in WTO. But although the progress in plurilateral agreement is unsatisfactory until now, that WTO’s confidence of strengthen the world trade liberalization is admirable. The establishment of disputes settlement mechanism is charge by Dispute Settlement Body. Dispute settlement is regarded by the WTO as the central pillar of the multilateral trading system, and as a "unique contribution to the stability of the global economy” (Panitchpakdi, 2007). All the WTO members should use the multilateral systems to settle the disputes instead of taking the retaliation unilaterally. Trade Policy Review Body is another new critical part to help WTO operations and to review the every member’s government national trade policy. The number of WTO’s members has increased and the influence of WTO becomes stronger than before.
Institutional effect and function
As WTO becomes an international legal person, it must have a set of institutions to support its daily operations and ensure every agreement can be implemented by every membership
table of content
Introduction 2
Institutional effect and function 2
Dispute Settlement Body 2
The Trade Policy Review Body (TPRB) 3
Accession and membership 3
Merchandise trade 4
Trade in commercial services 4
Conclusion 5
Bibliography 7
Appendix A-M 8
Introduction
The World Trade Organization (hereinafter refereed as to the WTO) is the only international organization dealing with the global rules of trade between nations (The WTO...in brief). Its main function is to ensure that trade flows as smoothly, predictably and freely as possible (The WTO...in brief). WTO commenced on January 1, 1995, replacing the General Agreement on Tariffs and Trade (hereinafter refereed as to the GATT), which commenced in 1948. WTO becomes a permanent organization to liberalize the international trade and a separate legal entity to coordinate the world trade disputes. Plurilateral agreement negotiation is the most important task in WTO. But although the progress in plurilateral agreement is unsatisfactory until now, that WTO’s confidence of strengthen the world trade liberalization is admirable. The establishment of disputes settlement mechanism is charge by Dispute Settlement Body. Dispute settlement is regarded by the WTO as the central pillar of the multilateral trading system, and as a "unique contribution to the stability of the global economy” (Panitchpakdi, 2007). All the WTO members should use the multilateral systems to settle the disputes instead of taking the retaliation unilaterally. Trade Policy Review Body is another new critical part to help WTO operations and to review the every member’s government national trade policy. The number of WTO’s members has increased and the influence of WTO becomes stronger than before.
Institutional effect and function
As WTO becomes an international legal person, it must have a set of institutions to support its daily operations and ensure every agreement can be implemented by every membership
Bibliography: Dispute Settlement Body In 1994, the WTO members agreed on the Understanding on Rules and Procedures Governing the Settlement of Disputes (DSU) annexed to the "Final Act" signed in Marrakesh in 1994 (Stewart & Dwyer, 2001)