The world trade organization (WTO) is an trade organization that deals with the global rules of trades between nations. It is a forum for the government to negotiate trade agreements, to settle disputes, and a solve trade problems between countries. (Investopedia & wto)
How was the World Trade Organization founded?
The WTO began in January 1, 1995. It has made from a revision of a previous trade organization the General Agreement of Traiff and Trade (GATT). The GATT was established right after the Second world war. It started off as an set of provisional trade rules that was suppose to be a start to the new multilateral institutions. The GATT aimed to making trade rules, so the worlds trade is more stable and predicatable. They also wanted to reduce protectionism, which is shielding domestic industries from foreign competition by taxing imports, from the world. They felt that protectionism is the cause for poverty, conflict, and instability. They then succeeded at reducing tariff and made trade rules steady.
There are twenty-three countries that joined the GATT in 1948. These twenty-three counrties met ever six months to discuss a range or trade issues and problems and every year they would have large negotiation sessions “rounds” to discuss bigger issues or how to reduce tariff.
Over the years the GATT stared to grow and cover more issues. By the 1960 Dillion Round, the GATT covered $4.9 billion worth of trade involving 45 countries. By the beginning of the Uruguary round in 1988, the covered 3.7 Trillion in tradeing involving 120 countries.
Due to complexity of the Urugauary round, which had 120 countries participating, it opened up a more-expanded trade organization. The result of ...
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...tion for Economic Cooperation and Development (OECD), and the General Agreement on Tariffs and Trade (GATT). Trade between the United States and Japan is very important to both countries. The United States is a major market for Japanese exports as well as a primary source of imports (including a large percentage of Japan 's food imports). (Japan 's Foreign Relations and Role in the World Today).
Several countries after the alliance between the United States and Japan had opened its doors to Japan and began dealing forieng trade with them. Other countries refused to have any alliance with with such as Korea, this remained this way up until the 20th centry.
Japan had a lot they had to show countries to be able to trust them This put a huge restain on Japan and them rising to power during the most international trade time.
Japan joined the wto on January 1, 1995.
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