Wto Agreements in Brief

The World Trade Organization (WTO) was established in 1995 and is an intergovernmental organization responsible for regulating international trade. One of the main functions of the WTO is to negotiate and enforce trade agreements between its member countries.

There are several key agreements that the WTO oversees. These agreements help to ensure fair and open trade practices among member countries. Here is a brief overview of some of the most important WTO agreements:

The General Agreement on Tariffs and Trade (GATT)

The GATT is the foundation of the WTO. It was established in 1947 and was replaced by the WTO in 1995. The GATT sought to reduce tariffs and other barriers to trade between member countries. It also provided a framework for the negotiation of trade agreements.

The Agreement on Agriculture

The Agreement on Agriculture was reached during the Uruguay Round of trade negotiations and went into effect in 1995. This agreement aimed to reduce agricultural subsidies and other trade-distorting measures. It also called for the establishment of a fair and market-oriented agricultural trading system.

The Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement)

The SPS Agreement was also reached during the Uruguay Round of negotiations and went into effect in 1995. This agreement aims to ensure that food safety and animal and plant health measures do not become barriers to trade. It provides a framework for the establishment of regulations that protect public health while avoiding unnecessary trade barriers.

The Agreement on Technical Barriers to Trade (TBT Agreement)

The TBT Agreement was also reached during the Uruguay Round of negotiations and went into effect in 1995. This agreement aims to ensure that technical regulations and standards do not become barriers to trade. It provides a framework for the establishment of regulations that protect public health and safety without unnecessarily restricting trade.

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement)

The TRIPS Agreement was also reached during the Uruguay Round of negotiations and went into effect in 1995. This agreement aims to protect intellectual property rights and ensure that they are respected in all member countries. It provides a framework for the establishment of regulations that protect intellectual property rights while avoiding unnecessary trade barriers.

These are just a few of the many agreements that the WTO oversees. Each of these agreements plays an important role in promoting fair and open trade practices among member countries. By working together to negotiate and enforce these agreements, the WTO helps to create a more stable and prosperous global trading system.