World Trade Organization

Paper Rating: Word Count: 1954 Approx Pages: 8

Since the World Trade Organization was started in 1995, it has been given the responsibility of liberalizing and managing the international trading system. It has been given responsibilities that exceed those that the organization before it, the General Agreement on Tariffs and Trade (GATT) had. A dispute settlement mechanism was created through the Understanding on Rules and Procedures Governing the Settlement of Disputes (Dispute Settlement Understanding : DSU) which was adopted during the Uruguay Round agreement signed in Marrakech on April 15 1994 that gave rise to the World Trade Organization (WTO). New areas of trade were brought into account, reflecting on how trade has been achieved throughout the past few decades. Trade in services and in agricultural products was now subject to the liberalization efforts of the WTO. With the Uruguay Round trade agreement; the WTO had an improved dispute settlement mechanism and a tightening of the GATT exemption on regional agreements. Trade liberalization under GATT has been incorporated into international trading relations since 1947. These two organizations have worked together in mutual tolerance, driven by the pursuit of distinct and independent goals, despite the numerous differe

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