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INTERNATIONAL BUSINESS MANAGEMENT

LESSON 9:
WORLD TRADE ORGANIZATION

What is the World Trade Organization?

Born in 1995, but not so Young

Simply put: the World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level. But there is more to it than that.

1.The WTO began life on 1 January 1995, but its trading system is half a century older. Since 1948, the General Agreement on
Tariffs and Trade (GATT) had provided the rules for the system. (The second WTO ministerial meeting, held in
Geneva in May 1998, included a celebration of the 50th anniversary of the system.

Is it a bird, is it a plane?
There are a number of ways of Looking at the WTO. It’s an organization for liberalizing trade. It’s a forum for governments to negotiate trade agreements. It’s a place for them to settle trade disputes. It operates a system of trade rules. (But it’s not
Superman, just in case anyone thought it could solve- or causeall the world’s problems!)
Above all, it’s a negotiating forum …
Essentially, the
WTO is a place where member governments go, to try to sort out the trade problems they face with each other. The first step is to talk. The WTO was born out of negotiations, and everything the WTO does is the result of negotiations. The bulk of the WTO’s current work comes from the 1986–94 negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade (GATT).
The WTO is currently the host to new negotiations, under the
“Doha Development Agenda” launched in 2001.
Where countries have faced trade barriers and wanted them lowered, the negotiations have helped to liberalize trade. But the WTO is not just about liberalizing trade, and in some circumstances its rules support maintaining trade barriers - for example to protect consumers or prevent the

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