The World Trade Organization Essay

The World Trade Organization Essay

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he origin of the world trade organization goes way back to 1947 as the original intention was to create a third another institution that could handle the trade side of international economic cooperation. 50 countries were in participation to create the International Trade Organization (ITO) which would be an specialized agency of the unaired nations. The main purpose was to create the ITO at a UN conference on trade and employment in Havana, Cuba in 1947. However 15 countries were in talks on December 1945 to decrease and attach custom tariffs. With the second world war freshly ending, there was an urgency to enhance trade liberalization, and begin to improve the traditions of protectionist measures that was passed on from the 1930s. The primary start of discussions culminated in a combination of trade rules and over 45,000 tax reductions that would result in a chain reaction of 10 billion of trade being affected. By 1947 over 23 countries decided to join right before the deal was set into place. The tax reductions aftermath also began on June 30th 1948. With both plans being in place the new general agreement that would affect tariffs and trade was set in motion, as the 23 members were also welcomed. Although these 23 members were apart of the new agreement they also were part of much bigger group that was collaborating to negotiate the ITO charter. One of the requirements of GATT was that they follow thru with the trade rules of the draft. With being in agreement they concluded this had to be done promptly and in principle to conserve the significance of the tariff reductions which they discussed. In order to do this they imagine the connection involving GATT and ITO charter, but they were in accordance that the ITO might ...


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...pon approval by all members or by two-thirds. Lastly, decisions to accept members is agreed upon by a two-thirds majority. The WTO also assist with developing countries as the WTO secretariat provides training courses for developing countries. These courses help officials and provide them with the necessary information in transitioning to market economies. The sessions are held twice a year in geneva and usually have a good attendance as 1400 trade officials attend these courses. With overseeing the national trade policies the WTO relies on the trade policy review mechanism. The primary objectives are monitoring day-day trading policies, improving the public debate on trading issues. Some of the biggest traders include japan, united states, canada and the european union which are checked every two years. The other 16 countries are inspected every other 4 years.

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