The WTO

• The WTO is the World Trade Organisation.
• 𝙏𝙃𝙀 𝙒𝙏𝙊:

  • promotes free trade through international negotiations
  • promotes economic development and reduces debts
  • some failures (e.g. Indonesia cleared rainforest for palm oil production because of increased trade demands)
  • most WTO trade policies now restrict international movement of harmful/endangered products/species
  • challenges trade agreements that have climate change implications
• The WTO promotes free trade through international negotiations.
• The WTO promotes economic development and reduces debts.
• The WTO has some failures - for example, Indonesia cleared rainforest for palm oil production because of increased trade demands.
• Most WTO trade policies now restrict international movement of harmful/endangered products/species.

  This produces a conflict of interest as the most powerful countries in the WTO are disadvantaged by trade limits and restrictions.
• The WTO challenges trade agreements that have implications for climate change.
• The WTO is located in Geneva, Switzerland.
• The WTO was established in 1995 at the Marrakesh Agreement.
• When was the WTO established?

  1995 at the Marrakesh Agreement.
• How many members does the WTO have?

  164. This accounts for 98% of world trade.
• How much of world trade does the WTO account for?

  98%
• 𝙁𝙐𝙉𝘾𝙏𝙄𝙊𝙉𝙎:

  • administering WTO trade agreements
  • handling trade disputes
  • monitoring national trade policies
  • technical assistance and training for developing countries
• What is the WTO's aim?

  To help its members use trade as a means to raise living standards, create jobs, and improve people's quality of life.
• What does the WTO do?

  It operates the global system of trade rules and helps developing countries build their trade capacity.

  It also provides a forum for its members to negotiate trade agreements and to resolve the trade problems they face with other nations.
• 𝙏𝙍𝘼𝘿𝙀 𝙉𝙀𝙂𝙊𝙏𝙄𝘼𝙏𝙄𝙊𝙉𝙎:

  The WTO makes agreements with individual countries to ensure a level of standard and expectation.

  They include LICs by committing to lower tariffs, allowing them to keep an open surface market.

  They set procedures for settling disputes and renegotiate agreements frequently so that new agreements can be added.
• 𝙄𝙈𝙋𝙇𝙀𝙈𝙀𝙉𝙏𝘼𝙏𝙄𝙊𝙉 𝘼𝙉𝘿 𝙈𝙊𝙉𝙄𝙏𝙊𝙍𝙄𝙉𝙂:

  The WTO require governments to be transparent by notifying the WTO about laws being enforced within the trade world.

  Various WTO committees ensure all countries abide by these rules.

  All WTO members must undergo periodic scrutiny of their trade policies and practices to ensure they are following the rules.
• 𝘿𝙄𝙎𝙋𝙐𝙏𝙀 𝙎𝙀𝙏𝙏𝙇𝙀𝙈𝙀𝙉𝙏:

  The WTO's procedure for resolving disputes is under the Dispute Settlement Understanding, and it is vital for enforcing the rules they uphold.

  Countries bring disputes to the WTO if they think that their rights under the agreements are being infringed.
• 𝙀𝙁𝙁𝙀𝘾𝙏𝙄𝙑𝙀𝙉𝙀𝙎𝙎:

  • members cannot pay to join and are formally invited
  • in 2020, 50 members announced their intention to intensify work on trade and environmental sustainability at the WTO
  • set up a youth empowerment project in Gambia
  • Malaysia, Egypt, and Mauritius have benefitted enormously from opening their markets as they have achieved high levels of employment
• 𝙁𝘼𝙄𝙇𝙐𝙍𝙀𝙎:

  • failed to deliver any significant multilateral trade liberalisation, showing only minimal progress to completing its agenda
  • its role as the leading forum is increasing the erosion of regional trade agreements
  • are not able to promote many new trade talks
  • have been criticised for taking years to resolve disputes