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The World Trade Organization (WTO) is an intergovernmental organization headquartered in Geneva, Switzerland [6] that regulates and facilitates international trade. [7] Governments use the organization to establish, revise, and enforce the rules that govern international trade in cooperation with the United Nations System .
The GATT was the only multilateral instrument governing international trade from 1946 until the WTO was established on 1 January 1995. [9] Despite attempts in the mid-1950s and 1960s to create some form of institutional mechanism for international trade, the GATT continued to operate for almost half a century as a semi-institutionalized multilateral treaty regime on a provisional basis. [10]
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination ...
The ministerial conference was held in Cancún, Mexico, aiming at forging agreement on the Doha round.An alliance of 22 southern states, the G20 (led by India, China [2] and Brazil), resisted demands from the North for agreements on the so-called "Singapore issues" and called for an end to agricultural subsidies within the EU and the US.
World Trade Organization: 164 Geneva, Switzerland European Union: 27 Brussels, Belgium Organisation of Petroleum exporting countries (OPEC) 14 Vienna, Austria South Asian Association for Regional Co-operation (SAARC) 8 Kathmandu, Nepal Association of South East Asian Nations (ASEAN) 10 Jakarta, Indonesia Asia-Pacific Economic Cooperation (APEC) 21
The International Trade Organization (ITO) was the proposed name for an international institution for the regulation of trade. Led by the United States in collaboration with allies, the effort to form the organization from 1945 to 1948, with the successful passing of the Havana Charter, eventually failed due to lack of approval by the US Congress.
The conference established four permanent working groups, covering transparency in government procurement, trade facilitation (customs issues), trade and investment, and trade and competition, and an international agreement on trade in information technology products was signed. [1] The purpose of the first of these groups was to conduct "a ...
1986-1994 - GATT negotiations culminate in the Marrakech Agreement that establishes the World Trade Organization (WTO). January 1, 1995 - The WTO comes into existence. May 1, 1995 - Renato Ruggiero becomes director-general for a 4-year term. December 9, 1996 – December 13, 1996 - The inaugural ministerial conference takes place in Singapore.