Famous Trade Agreements

Famous Trade Agreements

Below, you can see a map of the world with the biggest trade deals in 2018. Pass the cursor over each country for a rounded breakdown of imports, exports and balances. The question of whether the WTO fulfils its duty and fulfils its mission is the subject of ongoing debate. Yet the WTO currently has 104 members and 20 observer governments. WTO member countries account for nearly 97% of world trade and 98% of global GDP. As soon as the 20 observational governments become members, it is possible that the WTO will oversee the entire global economy. What began in Geneva in 1947 and which 23 nations focused exclusively on tariff reductions has become a truly global organization dealing with agriculture, labour standards, environmental issues, competition and intellectual property rights. These agreements between three or more countries are the most difficult to negotiate. The larger the number of participants, the more difficult the negotiations.

They are, by nature, more complex than bilateral agreements, insofar as each country has its own needs and requirements. Removing barriers to trade, promoting fair competition, increasing investment opportunities, creating intellectual property rights protection, creating dispute resolution procedures The following video explains and compares the different types of trade agreements: the world`s major countries are founding the GATT in response to the waves of protectionism that paralyzed world trade during the Great Depression of the 1930s and helped to expand. Successive GATT “cycles” have significantly reduced customs barriers on industrial products in industrialized countries. Since the beginning of the GATT in 1947, the average tariffs set by industrialized countries have increased from about 40% to about 5% today. These tariff reductions helped to promote both the considerable expansion of world trade after the Second World War and the resulting increase in real per capita income between developed and developing countries. The annual benefit of the elimination of tariff and non-tariff barriers resulting from the Uruguay Round agreement (negotiated between 1986 and 1993 under the aegis of GATT) was estimated at about $96 billion, or 0.4% of global GDP.