World Trade Agreement Policies

The WTO monitors some 60 different agreements that have the status of international legal texts. Member States must sign and ratify all WTO accession agreements. [111] A discussion ensued on some of the major agreements. A country wishing to join the WTO submits a request to the General Council and must describe all aspects of its trade and economic policy that affect WTO agreements. [95] The application is submitted to the WTO as part of a memorandum reviewed by a working group open to all interested WTO members. [96] Both the WTO and the associated Business Focus Groups want to develop new mechanisms to go beyond the Doha Round. In addition to the ICC, two of these priority groups have recently submitted their priorities to the WTO, including a multilateral cross-border investment agreement, new trade rules for e-commerce, sectoral agreements and multilateral agreements (within the subgroups of WTO member countries) 4 After obtaining all the necessary background information, the Working Group is focusing on issues relating to the disparity between WTO rules and applicant`s international and domestic trade laws. The working group sets the conditions for accession to the WTO candidate country and may consider transitional periods to give countries some leeway to comply with WTO rules. [88] The current WTO rules are codified into three agreements: the General Agreement on Tariffs and Trade (GATT), which covers international trade in goods; General Agreement on Trade in Services (GATS); and the Agreement on Trade-Related Intellectual Property Rights (TRIPS). The GATT was created after the Second World War, while the GATS and TRIPS came into force in 1995. The result was inequality.

At times, the United States has taken the opportunity to take on ambitious leadership positions, concluding the Uruguay Round, NAFTA and global agreements in telecommunications, financial services and information technology, creating the Free Trade Area of the Americas (FTA), increasing the Asia-Pacific Economic Cooperation Forum (APEC), promoting the international financial rescue of Mexico and then East Asia. , and negotiating the U.S.-Jordan Free Trade Agreement (FTA) and the bilateral trade agreement between the United States and Vietnam. , and mediation of China`s accession to the World Trade Organization (WTO).