World Trade Agreement Act

The WTO regulates trade in goods, services and intellectual property among participating countries, imposing a framework for negotiating trade agreements and a dispute settlement mechanism to enforce WTO agreements signed by representatives of member governments[8]:fol.9-10 and ratified by their parliaments. [9] The WTO prohibits discrimination between trading partners, but provides exceptions for environmental protection, national security and other important objectives. [10] Trade disputes are settled by independent WTO judges in dispute resolution proceedings. [10] Economist Ha-Joon Chang himself argues that there is a “paradox” in neoliberal beliefs about free trade, because economic growth in developing countries during the 1960-1980 period was stronger than in the 1980-2000 period, although its trade policy is now much more liberal than it was. In addition, there are also research findings that show that new countries only actively remove trade barriers once they have become significantly richer. According to the results of the study, CRITICs of the WTO argue that trade liberalization does not guarantee economic growth, much less poverty reduction. [122] The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade between nations. The WTO was officially opened on 1 January 1995, as part of the 123-nation Marrakesh Agreement signed on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which began in 1948. It is the largest international economic organization in the world.

[6] [7] The agreement on the application of sanitary and plant health measures, also known as the sPS agreement, was negotiated during the Uruguay round of THE GATT and came into force with the creation of the WTO in early 1995. Under the SPS agreement, the WTO sets limits on members` policy on food safety (bacterial contaminants, pesticides, inspection and labelling) and animal and plant health (imported pests and diseases). 3. Are U.S. interests served by WTO litigation? The United States recognizes several benefits of a multilateral forum on trade disputes. Such a forum generally allows countries to resolve disputes peacefully without resorting to more drastic measures.