The World Trade Organization (WTO) is an international organization that was established on January 1, 1995. The organization is responsible for promoting free trade among its member countries. Since its establishment, the WTO has entered into several agreements with its member countries. These agreements aim to promote free trade, and they cover a wide range of topics such as tariffs, subsidies, intellectual property, and services.
Here is a list of some of the most significant agreements that the WTO has entered into:
1. General Agreement on Tariffs and Trade (GATT)
The GATT was signed in 1947, and it was the first multilateral agreement that aimed to promote free trade. The agreement aimed to reduce tariffs and other trade barriers, and it paved the way for the creation of the WTO in 1995.
2. Agreement on Agriculture
The Agreement on Agriculture (AoA) was signed in 1994, and it aimed to promote fair trade in agricultural products. The agreement aimed to reduce subsidies and trade barriers for agricultural products, and it also aimed to improve market access for developing countries.
3. Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement)
The SPS Agreement was signed in 1994, and it aimed to ensure that member countries` food safety and animal and plant health measures were science-based and not trade-restrictive.
4. Agreement on Technical Barriers to Trade (TBT Agreement)
The TBT Agreement was signed in 1994, and it aimed to ensure that member countries` technical regulations and standards did not create unnecessary trade barriers.
5. Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement)
The TRIPS Agreement was signed in 1994, and it aimed to protect intellectual property rights such as patents, trademarks, and copyrights. The agreement aimed to ensure that member countries` laws and regulations were consistent with international standards.
6. General Agreement on Trade in Services (GATS)
The GATS was signed in 1994, and it aimed to promote free trade in services. The agreement aimed to reduce barriers to trade in services such as transportation, telecommunications, and financial services.
In conclusion, the WTO has entered into several agreements with its member countries to promote free trade. These agreements cover a wide range of topics such as tariffs, subsidies, intellectual property, and services. These agreements have helped promote fair and free trade among member countries, which has led to economic growth and development.