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WTO
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation in the United Nations System, governments use the organization to establish, revise, and enforce the rules that govern international trade. It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948. The WTO is the world's largest international economic organization, with 164 member states representing over 98% of global trade and global GDP. The WTO facilitates trade in goods, services and intellectual property among participating countries by providing a framework for negotiating trade agreements, which usually aim to reduce or eliminate tariffs, quotas, and other restrictions; these agreements are signed by representatives of member governmentsUnderstanding the WTO' Handbook at WTO offici ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Member States Of The World Trade Organization
The original member states of the World Trade Organization are the parties to the General Agreement on Tariffs and Trade (GATT) after ratification, ratifying the Uruguay Round Agreements, and the European Communities. They obtained this status at the entry into force on 1 January 1995 or upon their date of ratification. All other members have joined the organization as a result of negotiation, and membership consists of a balance of rights and obligations.Membership, Alliances and Bureaucracy World Trade Organization The process of becoming a World Trade Organization (WTO) member is unique to each applicant country, and the terms of accession are dependent upon the country's stage of economic development and the current trade regime. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Agreement On Tariffs And Trade
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 of preferences, on a reciprocal and mutually advantageous basis." The GATT was first discussed during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). It was signed by 23 nations in Geneva on 30 October 1947, and was applied on a provisional basis 1 January 1948. It remained in effect until 1 January 1995, when the World Trade Organization (WTO) was established after agreement by 123 nations in Marrakesh on 15 April 1994, as part of the Uruguay Round Agreements. The WTO is the successor to the GATT, and the original ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ngozi Okonjo-Iweala
Ngozi Okonjo-Iweala (; born 13 June 1954) is a Nigerian economist, who has been serving as the Director-General of the World Trade Organization since March 2021. Notably, she is the first woman and first African to lead the World Trade Organization as Director-General. She sits on boards of: Danone, Standard Chartered Bank, MINDS: Mandela Institute for Development Studies, Carnegie Endowment for International Peace, Georgetown Institute for Women, Peace and Security, One Campaign, GAVI: Global Alliance for Vaccines and Immunization, Rockefeller Foundation, R4D: Results for Development, ARC: African Risk Capacity and Earthshot Prize plus others.She also previously sat on the Twitter Board of Directors, and stepped down in February, 2021 in connection with her appointment as Director General of the World Trade Organization. Okonjo-Iweala serves Brookings Institution as a non-resident distinguished fellow with the Africa Growth Initiative in their Global Economy and Development ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Director-General Of The World Trade Organization
The director-general of the World Trade Organization is the officer of the World Trade Organization (WTO) responsible for supervising and directing the organization's administrative operations. Since the World Trade Organization's decisions are made by member states, either through a Ministerial Conference or through the General Council, the director-general has little power over matters of policy – the role is primarily advisory and managerial in nature. The director-general supervises the WTO secretariat of about 700 staff and is appointed by WTO members for a term of four years. The post of Director-General had been vacant since 31 August 2020, after the resignation of Roberto Azevêdo of Brazil who had held the post since 1 September 2013. On February 5, 2021, Dr. Ngozi Okonjo-Iweala of Nigeria secured the support of the United States for Director-General of the WTO. Okonjo-Iweala assumed office on 1 March 2021, and became both the first woman and the first African to hold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Agreement
A trade agreement (also known as trade pact) is a wide-ranging taxes, tariff and trade treaty that often includes investment guarantees. It exists when two or more countries agree on terms that help them trade with each other. The most common trade agreements are of the preferential and free trade types, which are concluded in order to reduce (or eliminate) tariffs, quotas and other trade restrictions on items traded between the signatories. The logic of formal trade agreements is that they outline what is agreed upon and the punishments for deviation from the rules set in the agreement. Trade agreements therefore make misunderstandings less likely, and create confidence on both sides that cheating will be punished; this increases the likelihood of long-term cooperation. An international organization, such as the IMF, can further incentivize cooperation by monitoring compliance with agreements and reporting third countries of the violations. Monitoring by international agencie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Centre William Rappard
The Centre William Rappard at Rue de Lausanne 154, Geneva, Switzerland, was built between 1923 and 1926 to house the International Labour Office (ILO). It was the first building in Geneva designed to house an international organization. In 1975 the ILO moved to Grand Saconnex and in 1977 the Centre William Rappard was occupied by the secretariat of the General Agreement on Tariffs and Trade (GATT), the UN High Commissioner for Refugees, and the library of the Graduate Institute of International and Development Studies. By 1995, the World Trade Organization (WTO) replaced the GATT and became the main occupant of the Centre William Rappard. In 2008–2013, the building was completely renovated and an extension was constructed to make available more office space and meeting rooms. History The site of the Centre William Rappard was part of two estates formed from the Rappard and Bloch properties, and contained two mansions. The Villa Rappard was originally built in 1785 and renov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministerial Conference
The Ministerial Conference is the top decision making body of the World Trade Organization (WTO). There have been twelve ministerial conferences from 1996 to 2022, usually every two years. Ministerial conferences First ministerial conference The inaugural ministerial conference was held in Singapore in 1996. Its primary purpose was to initiate an international effort among global trading nations to overhaul the structure and mechanisms of the General Agreement on Tariffs and Trade (GATT) while preserving the considerable progress and success achieved by that system since its inception in 1948. Disagreements, largely between developed and developing economies, emerged over four issues initiated by this conference; afterward, these were collectively referred to as the "Singapore issues". Second ministerial conference Was held in Geneva in Switzerland. Third ministerial conference The third conference in Seattle, United States ended in failure, with 1999 Seattle WTO protest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Nations System
The United Nations System consists of the United Nations' six principal organs (the General Assembly, Security Council, Economic and Social Council (ECOSOC), Trusteeship Council, International Court of Justice (ICJ), and the UN Secretariat), the Specialized Agencies and related organizations. The UN System includes subsidiary bodies such as the separately administered funds and programmes, research and training institutes, and other subsidiary entities. Some of these organizations predate the founding of the United Nations in 1945 and were inherited after the dissolution of the League of Nations. The executive heads of some of the United Nations System organizations and the World Trade Organization, which is not formally part of the United Nations System, have seats on the United Nations System Chief Executives' Board for Coordination (CEB). This body, chaired by the Secretary-General of the United Nations, meets twice a year to co-ordinate the work of the organizations of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Trade Organization
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. Until the creation of the World Trade Organization in 1995, international trade was managed through the General Agreement on Tariffs and Trade (GATT). History Proposal of an international trade institution The Bretton Woods Conference of 1944, which established an international institution for monetary policy, recognized the need for a comparable international institution for trade to complement the International Monetary Fund and the World Bank.P. van den Bossche, ''The Law and Policy of the World Trade Organization'', 79 Bretton Woods was attended by representatives of finance ministries and not by representatives of trade ministrie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preferential Trade Agreement
A preferential trade area (also preferential trade agreement, PTA) is a trading bloc that gives preferential access to certain products from the participating countries. This is done by reducing tariffs but not by abolishing them completely. It is the first stage of economic integration. These tariff preferences have created numerous departures from the normal trade relations principle, namely that World Trade Organization (WTO) members should apply the same tariff to imports from other WTO members. With the recent multiplication of bilateral PTAs and the emergence of Mega-PTAs (wide regional trade agreements such as the Transatlantic Trade and Investment Partnership (TTIP) or Trans Pacific Partnership (TPP)), a global trade system exclusively managed within the framework of the WTO now seems unrealistic and the interactions between trade systems have to be taken into account. The increased complexity of the international trade system generated by the multiplication of PTAs sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. ''Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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