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The economists Harry White (left) and John Maynard Keynes at the Bretton Woods Conference [27]. The WTO precursor General Agreement on Tariffs and Trade (GATT) was established by a multilateral treaty of 23 countries in 1947 after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation—such as the World Bank (founded 1944) and the ...
A free trade agreement ( FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements: bilateral and multilateral. Bilateral trade agreements occur when two countries agree to loosen trade restrictions between the two of them, generally to expand ...
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold ...
China became a member of the World Trade Organization (WTO) on 11 December 2001, [ 1] after the agreement of the Ministerial Conference. [ 2] The admission was preceded by a lengthy process of negotiations and required significant changes to the Chinese economy. Its membership has been contentious, with substantial economic and political ...
Dispute settlement or dispute settlement system ( DSS) is regarded by the World Trade Organization (WTO) as the central pillar of the multilateral trading system, and as the organization's "unique contribution to the stability of the global economy ". [ 1] A dispute arises when one member country adopts a trade policy measure or takes some ...
A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other. If natural persons are also free to move ...
The General Agreement on Tariffs and Trade (GATT) was created in 1947 after World War II in an attempt to encourage and regulate a global Free Trade market. This agreement between countries later evolved into the World Trade Organization following the Uruguay Round of 1994, With the goals of lowering tariffs and taxes worldwide, the committee is designed to voice the opinions and needs of all ...
Work surrounding the Trade Facilitation Agreement continued after the Singaporean summit. [2] The main purpose of these discussions was to gain an initial understanding of the scope of the agreement. Setting a clearly defined role for the WTO became a priority. The role the WTOwould play began relatively broad.