World Trade Organization

10th FEB 2009

The General Agreement on Tariffs and Trade ('GATT') was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). GATT was formed in 1947 and lasted until 1994, when it was replaced by the World Trade Organization. The Bretton Woods Conference had introduced the idea for an organization to regulate trade as part of a larger plan for economic recovery after World War II. As governments negotiated the ITO, 15 negotiating states began parallel negotiations for the GATT as a way to attain early tariff reductions. Once the ITO failed in 1950, only the GATT agreement was left. The GATT's main objective was the reduction of barriers to international trade. This was achieved through the reduction of tariff barriers, quantitative restrictions and subsidies on trade through a series of agreements. The GATT was a treaty, not an organization. The functions of the GATT were taken over by the World Trade Organization which was established during the final round of negotiations in early 1990s.

GATT was provisional with a limited field of action, but its success over 47 years in promoting and securing the liberalization of much of world trade is incontestable. Continual reductions in tariffs alone helped spur very high rates of world trade growth during the 1950s and 1960s — around 8% a year on average. And the momentum of trade liberalization helped ensure that trade growth consistently out-paced production growth throughout the GATT era, a measure of countries‘ increasing ability to trade with each other and to reap the benefits of trade. The rush of new members during the Uruguay Round demonstrated that the multilateral trading system was recognized as an anchor for development and an instrument of economic and trade reform. But all was not well. As time passed new problems arose. The Tokyo Round in the 1970s was an attempt to tackle some of these but its achievements were limited. This was a sign of difficult times to come.


World Trade Organization

10th FEB 2009

GATT‘s success in reducing tariffs to such a low level, combined with a series of economic recessions in the 1970s and early 1980s, drove governments to devise other forms of protection for sectors facing increased foreign competition. High rates of unemployment and constant factory closures led governments in Western Europe and North America to seek bilateral market-sharing arrangements with competitors and to embark on a subsidies race to maintain their holds on agricultural trade. Both these changes undermined GATT‘s credibility and effectiveness. The problem was not just a deteriorating trade policy environment. By the early 1980s the General Agreement was clearly no longer as relevant to the realities of world trade as it had been in the 1940s. For a start, world trade had become far more complex and important than 40 years before: the globalization of the world economy was underway, trade in services — not covered by GATT rules — was of major interest to more and more countries, and international investment had expanded. The expansion of services trade was also closely tied to further increases in world merchandise trade. In other respects, GATT had been found wanting. For instance, in agriculture, loopholes in the multilateral system were heavily exploited, and efforts at liberalizing agricultural trade met with little success. In the textiles and clothing sector, an exception to GATT‘s normal disciplines was negotiated in the 1960s and early 1970s, leading to the Multifibre Arrangement. Even GATT‘s institutional structure and its dispute settlement system were causing concern. These and other factors convinced GATT members that a new effort to reinforce and extend the multilateral system should be attempted. That effort resulted in the Uruguay Round, the Marrakesh Declaration, and the creation of the WTO.


World Trade Organization

10th FEB 2009

GATT held a total of 8 rounds. Annecy Round - 1950 The second round took place in 1949 in Annecy, France. 13 countries took part in the round. The main focus of the talks was more tariff reductions, around 5000 total. Torquay Round - 1951 The third round occurred in Torquay, England in 1951. 38 countries took part in the round. 8,700 tariff concessions were made totaling the remaining amount of tariffs to three-fourths of the tariffs which were in effect in 1948. Geneva Round - 1955-1956 The fourth round returned to Geneva in 1955 and lasted until May 1956. 26 countries took part in the round. $2.5 billion in tariffs were eliminated or reduced. Dillon Round - 1960-1962 The fifth round occurred once more in Geneva and lasted from 1960 to 1962. The talks were named after U.S. Treasury Secretary and former Under Secretary of State, Douglas Dillon, who first proposed the talks. 26 countries took part in the round. Along with reducing over $4.9 billion in tariffs, it also yielded discussion relating to the creation of the European Economic Community (EEC). Kennedy Round - 1964-1967 The sixth round was the last to take place in Geneva from 1964 until 1967 and was named after the late US President Kennedy in his memory. 66 countries[4] took part in the round. Concessions were made on $40 billion worth of tariffs. Some of the GATT negotiation rules were also more clearly defined.


World Trade Organization

10th FEB 2009

Tokyo Round - 1973-1979 Reduced tariffs and established new regulations aimed at controlling the proliferation of non-tariff barriers and voluntary export restrictions. 102 countries countries took part in the round. Concessions were made on $190 billion worth. Uruguay Round - 1986-1993 The Uruguay Round began in 1986. It was the most ambitious round to date, hoping to expand the competence of the GATT to important new areas such as services, capital, intellectual property, textiles, and agriculture. 123 countries took part in the round. Agriculture was essentially exempted from previous agreements as it was given special status in the areas of import quotas and export subsidies, with only mild caveats. However, by the time of the Uruguay round, many countries considered the exception of agriculture to be sufficiently glaring that they refused to sign a new deal without some movement on agricultural products. These fourteen countries came to be known as the "Cairns Group", and included mostly small and medium sized agricultural exporters such as Australia, Brazil, Canada, Indonesia, and New Zealand. The Agreement on Agriculture of the Uruguay Round continues to be the most substantial trade liberalization agreement in agricultural products in the history of trade negotiations. The goals of the agreement were to improve market access for agricultural products, reduce domestic support of agriculture in the form of price-distorting subsidies and quotas, eliminate over time export subsidies on agricultural products and to harmonize to the extent possible sanitary and phystosanitary measures between member countries.


The most significant differences are between developed nations led by the European Union (EU). intense negotiations. broke down after failing to reach a compromise on agricultural import rules. these negotiations did not result in any progress. mostly between US. 5 . such as agriculture. Germany (2007). As of 2008. After the break down. were held in the end of 2008 in order to agree on negotiation modalities. China and India. France (2005). Subsequent ministerial meetings took place in Cancún. Switzerland (2004. 2006 and 2008). Brazil. services. and trade remedies. China and South Africa.The Doha Development Round is the current trade-negotiation round of the World Trade Organization (WTO) which commenced in November 2001.World Trade Organization 10th FEB 2009 Doha Development Round The Doha Development Round started in 2001 and continues today. Paris. There is also considerable contention against and between the EU and the U.S. However. which allows countries to increase trade globally. July 23-29 2008. industrial tariffs and non-tariff barriers. and Potsdam. The most recent round of negotiations. Nevertheless. over their maintenance of agricultural subsidies —seen to operate effectively as trade barriers. Qatar in 2001. the United States (USA) and Japan and the major developing countries led and represented mainly by India. The Doha Round began with a ministerial-level meeting in Doha. Mexico (2003). major negotiations were not expected to resume until 2009. Its objective is to lower trade barriers around the world. Related negotiations took place in Geneva. and Hong Kong (2005). talks have stalled over a divide on major issues.

and a director-general. The WTO is governed by a Ministerial Conference. a General Council.g. The WTO's headquarters is in Geneva. other barriers to trade) and agreeing on rules governing the conduct of international trade e. especially from the Uruguay Round. which was created in 1947. which represents more than 95% of total world trade. and is the successor to the General Agreement on Tariffs and Trade (GATT). who is appointed by the Ministerial Conference. and trade-related intellectual property rights — monitoring and reviewing the trade policies of our members. launched in 2001. — administering and monitoring the application of the WTO's agreed rules for trade in goods. it is responsible for negotiating and implementing new trade agreements. The organization is currently working with its members on a new trade negotiation called the Doha Development Agenda (Doha round). signed by the majority of the world's trading nations and ratified in their parliaments. trade in services. and continued to operate for almost five decades as a de facto international organization. which meets every two years. which implements the conference's policy decisions and is responsible for day-to-day administration. as well as ensuring transparency of regional and bilateral trade agreements — settling disputes among our members regarding the interpretation and application of the agreements — building capacity of developing country government officials in international trade matters 6 . etc. subsidies. antidumping. Switzerland. and is in charge of policing member countries' adherence to all the WTO agreements. product standards. The WTO came into being on 1 January 1995. The WTO has 153 members.World Trade Organization 10th FEB 2009 GATT AND THE WORLD TRADE ORGANIZATION The World Trade Organization (WTO) is an international organization designed to supervise and liberalize international trade. The World Trade Organization deals with the rules of trade between nations at a near-global level. WTO's main activities are: — negotiating the reduction or elimination of obstacles to trade (import tariffs. Most of the issues that the WTO focuses on derive from previous trade negotiations.

The opening of national markets to international trade. it is the WTO's duty to review the national trade policies. At the same time. and to ensure the coherence and transparency of trade policies through surveillance in global economic policy-making. the guarantee of most-favoured-nation principle and non-discriminatory treatment by and among members. its mission and its activities. administration and operation of the covered agreements.World Trade Organization 10th FEB 2009 — assisting the process of accession of some 30 countries who are not yet members of the organization — conducting economic research and collecting and disseminating trade data in support of the WTO's other main activities — explaining to and educating the public about the WTO. The WTO's founding and guiding principles remain the pursuit of open borders. such market opening must be accompanied by sound domestic and international policies that contribute to economic growth and development according to each member's needs and aspirations. least-developed and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and training. and a commitment to transparency in the conduct of its activities. Finally. these are regarded by analysts as the most important:   It oversees the implementation. reduce poverty. raise people's welfare. 7 . will encourage and contribute to sustainable development. with justifiable exceptions or with adequate flexibilities. the WTO cooperates closely with the two other components of the Bretton Woods system. It provides a forum for negotiations and for settling disputes. Additionally. and foster peace and stability. The WTO is also a center of economic research and analysis: regular assessments of the global trade picture in its annual publications and research reports on specific topics are produced by the organization. Functions Among the various functions of the WTO. the IMF and the World Bank. Another priority of the WTO is the assistance of developing.

dispute settlement. subsidies and actions taken against dumping. It has annexes dealing with specific sectors such as agriculture and textiles. 8 . and trade policy reviews. relevant aspects of intellectual property. The complete set runs to some 30. the text of the General Agreement spelt out important rules. GATT is now the WTO‘s principal rulebook for trade in goods. From 1947 to 1994. the updated GATT has become the WTO‘s umbrella agreement for trade in goods. Each promises to do the same for imports into its own market. The current set were the outcome of the 1986–94 Uruguay Round negotiations which included a major revision of the original General Agreement on Tariffs and Trade (GATT). The Uruguay Round also created new rules for dealing with trade in services. WTO members operate a non-discriminatory trading system that spells out their rights and their obligations. product standards.World Trade Organization 10th FEB 2009 THE WTO AGREEMENTS The WTO‘s rules — the agreements — are the result of negotiations between the members. Since 1995. particularly non-discrimination. Each country receives guarantees that its exports will be treated fairly and consistently in other countries‘ markets. Through these agreements. Goods It all began with trade in goods. and with specific issues such as state trading.000 pages consisting of about 30 agreements and separate commitments (called schedules) made by individual members in specific areas such as lower customs duty rates and services marketopening. GATT was the forum for negotiating lower customs duty rates and other trade barriers. The system also gives developing countries some flexibility in implementing their commitments.

Dispute settlement The WTO‘s procedure for resolving trade quarrels under the Dispute Settlement Understanding is vital for enforcing the rules and therefore for ensuring that trade flows smoothly. WTO members have also made individual commitments under GATS stating which of their services sectors they are willing to open to foreign competition. integrated circuit layout-designs and undisclosed information such as trade secrets — ―intellectual property‖ — should be protected when trade is involved. Judgements by specially-appointed independent experts are based on interpretations of the agreements and individual countries‘ commitments. patents. The rules state how copyrights. Intellectual property The WTO‘s intellectual property agreement amounts to rules for trade and investment in ideas and creativity. hotel chains and transport companies looking to do business abroad can now enjoy the same principles of freer and fairer trade that originally only applied to trade in goods. tour operators. trademarks. 9 . These principles appear in the new General Agreement on Trade in Services (GATS). Countries bring disputes to the WTO if they think their rights under the agreements are being infringed. industrial designs. insurance firms.World Trade Organization 10th FEB 2009 Services Banks. telecommunications companies. geographical names used to identify products. and how open those markets are.

All WTO members must undergo periodic scrutiny. Failing that. each review containing reports by the country concerned and the WTO Secretariat. and the chance to appeal the ruling on legal grounds. Policy review The Trade Policy Review Mechanism‘s purpose is to improve transparency. they can follow a carefully mapped out. to create a greater understanding of the policies that countries are adopting. Many members also see the reviews as constructive feedback on their policies. Confidence in the system is borne out by the number of cases brought to the WTO — around 300 cases in eight years compared to the 300 disputes dealt with during the entire life of GATT (1947–94). 10 . stage-by-stage procedure that includes the possibility of a ruling by a panel of experts.World Trade Organization 10th FEB 2009 The system encourages countries to settle their differences through consultation. and to assess their impact.

The countries make their decisions through various councils and committees. consensusbased organization. proposals for the creation of a smaller executive body — perhaps like a board of directors each representing different groups of countries — are heard periodically. power is not delegated to a board of directors or the organization‘s head. some remarkable agreements have been reached. Nevertheless. for example. In this respect. with decisions taken by consensus among all member governments. Decisions are normally taken by consensus. either by ministers who meet at least once every two years or by their ambassadors or delegates who meet regularly in Geneva. and authorized by the membership as a whole. Topmost is the ministerial conference which has to meet at least once every two years. And despite the difficulty. Reaching decisions by consensus among some 150 members can be difficult. Its main advantage is that decisions made this way are more acceptable to all members. The rules are enforced by the members themselves under agreed procedures that they negotiated. including the possibility of trade sanctions. whose membership consists of all WTO members. This is quite different from other agencies whose bureaucracies can. In the WTO. The Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. It has four levels which are as follows: Highest authority: the Ministerial Conference So. 11 . All major decisions are made by the membership as a whole. the WTO belongs to its members. When WTO rules impose disciplines on countries‘ policies. But for now. the WTO is a member-driven. The WTO is run by its member governments. But those sanctions are imposed by member countries. the WTO is different from some other international organizations such as the World Bank and International Monetary Fund. influence a country‘s policy by threatening to withhold credit.World Trade Organization 10th FEB 2009 DECISION MAKING PROCESS IN WTO The WTO is ‗member-driven‘. that is the outcome of negotiations among WTO members.

Six other bodies report to the General Council. the environment.World Trade Organization 10th FEB 2009 Second level: General Council in three guises Day-to-day work in between the ministerial conferences is handled by three bodies: The General Council The Dispute Settlement Body The Trade Policy Review Body All three are in fact the same — the Agreement Establishing the WTO states they are all the General Council. all three consist of all WTO members. regional trading arrangements. report to the General Council: The Council for Trade in Goods (Goods Council) The Council for Trade in Services (Services Council) The Council for Trade-Related Aspects of Intellectual Property Rights (TRIPS Council) As their names indicate. so they are ―committees‖. They cover issues such as trade and development. although they meet under different terms of reference. They report to the Ministerial Conference. It meets as the Dispute Settlement Body and the Trade Policy Review Body to oversee procedures for settling disputes between members and to analyse members‘ trade policies. and more Three more councils. The Singapore Ministerial Conference in December 1996 decided to create new working groups to look at investment and 12 . each handling a different broad area of trade. Third level: councils for each broad area of trade. But they still consist of all WTO members. Again they consist of all WTO members. the three are responsible for the workings of the WTO agreements dealing with their respective areas of trade. The three also have subsidiary bodies. The scope of their coverage is smaller. and administrative issues. Again. The General Council acts on behalf of the Ministerial Conference on all WTO affairs.

anti-dumping measures and so on). The Services Council’s subsidiary bodies deal with financial services. domestic regulations.World Trade Organization 10th FEB 2009 competition policy. market access. the Dispute Settlement Body also has two subsidiaries: the dispute settlement ―panels‖ of experts appointed to adjudicate on unresolved disputes. At the General Council level. and trade facilitation. 13 . Also reporting to the Goods Council is the Textiles Monitoring Body. and groups dealing with notifications (governments informing the WTO about current and new policies or measures) and state trading enterprises. GATS rules and specific commitments. which consists of a chairman and 10 members acting in their personal capacities. transparency in government procurement. these consist of all member countries. subsidies. Two more subsidiary bodies dealing with the plurilateral agreements (which are not signed by all WTO members) keep the General Council informed of their activities regularly. and the Appellate Body that deals with appeals. The Goods Council has 11 committees dealing with specific subjects (such as agriculture. Again. Fourth level: down to the nitty-gritty Each of the higher level councils has subsidiary bodies.

In general. These principles are the foundation of the multilateral trading system. intellectual property. Some exceptions are allowed. in limited circumstances. those three agreements cover all three main areas of trade handled by the WTO. It is so important that it is the first article of the General Agreement on Tariffs and Trade (GATT). it has to do so for the same goods or services from all its trading partners — whether rich or poor. Together. food sanitation regulations. Or they can give developing countries special access to their markets. countries cannot normally discriminate between their trading partners. banking. Or a country can raise barriers against products that are considered to be traded unfairly from specific countries. And in services. This principle is known as most-favoured-nation (MFN) treatment. 14 . For example. countries can set up a free trade agreement that applies only to goods traded within the group — discriminating against goods from outside. They deal with: agriculture. MFN is also a priority in the General Agreement on Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) . telecommunications. But a number of simple. textiles and clothing. Grant someone a special favour such as a lower customs duty rate for one of their products and you have to do the same for all other WTO members. countries are allowed. although in each agreement the principle is handled slightly differently. industrial standards and product safety. government purchases. A closer look at these principles: 1] Trade without discrimination:  Most-favoured-nation (MFN): Treating other people equally under the WTO agreements. and much more. to discriminate. MFN means that every time a country lowers a trade barrier or opens up a market. fundamental principles run throughout all of these documents. But the agreements only permit these exceptions under strict conditions. which governs trade in goods. weak or strong.World Trade Organization 10th FEB 2009 PRINCIPLES OF THE TRADING SYSTEM The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities.

A ninth round. Imported and locallyproduced goods should be treated equally — at least after the foreign goods have entered the market. Since GATT‘s creation in 1947-48 there have been eight rounds of trade negotiations. Therefore.World Trade Organization 10th FEB 2009  National treatment: Treating foreigners and locals equally. From time to time other issues such as red tape and exchange rate policies have also been discussed. the negotiations had expanded to cover non-tariff barriers on goods. but it also requires adjustment. As a result of the negotiations. Opening markets can be beneficial. The same should apply to foreign and domestic services. This principle of ―national treatment‖ (giving others the same treatment as one‘s own nationals) is also found in all the three main WTO agreements (Article 3 of GATT. gradually. through 15 . 2] Freer trade. At first these focused on lowering tariffs (customs duties) on imported goods. service or item of intellectual property has entered the market. by the mid-1990s industrial countries‘ tariff rates on industrial goods had fallen steadily to less than 4%. and to foreign and local trademarks. copyrights and patents. The barriers concerned include customs duties (or tariffs) and measures such as import bans or quotas that restrict quantities selectively. The WTO agreements allow countries to introduce changes gradually. But by the 1980s. although once again the principle is handled slightly differently in each of these. is now underway. under the Doha Development Agenda. National treatment only applies once a product. charging customs duty on an import is not a violation of national treatment even if locallyproduced products are not charged an equivalent tax. through negotiation: Lowering trade barriers is one of the most obvious means of encouraging trade. and to the new areas such as services and intellectual property. Article 17 of GATS and Article 3 of TRIPS).

One of the achievements of the Uruguay Round of multilateral trade talks was to increase the amount of trade under binding commitments. Sometimes countries tax imports at rates that are lower than the bound rates. 3] Predictability through binding and transparency: Sometimes.World Trade Organization 10th FEB 2009 ―progressive liberalization‖. Developing countries are usually given longer to fulfill their obligations. investment is encouraged. The result of all this is a substantially higher degree of market security for traders and investors. 16 . Frequently this is the case in developing countries. Another is to make countries‘ trade rules as clear and transparent as possible. they ―bind‖ their commitments. 100% of products now have bound tariffs. The regular surveillance of national trade policies through the Trade Policy Review Mechanism provides a further means of encouraging transparency both domestically and at the multilateral level. jobs are created and consumers can fully enjoy the benefits of competition — choice and lower prices. but only after negotiating with its trading partners. these bindings amount to ceilings on customs tariff rates. Many WTO agreements require governments to disclose their policies and practices publicly within the country or by notifying the WTO. One way is to discourage the use of quotas and other measures used to set limits on quantities of imports — administering quotas can lead to more red-tape and accusations of unfair play. In the WTO. which could mean compensating them for loss of trade. In agriculture. A country can change its bindings. For goods. The system tries to improve predictability and stability in other ways as well. In developed countries the rates actually charged and the bound rates tend to be the same. when countries agree to open their markets for goods or services. With stability and predictability. promising not to raise a trade barrier can be as important as lowering one. The multilateral trading system is an attempt by governments to make the business environment stable and predictable. because the promise gives businesses a clearer view of their future opportunities.

over 60 of these countries implemented trade liberalization programmes autonomously.World Trade Organization 10th FEB 2009 4] Promoting fair competition: The WTO is sometimes described as a ―free trade‖ institution. services. During the seven and a half years of the Uruguay Round. fair and undistorted competition. So too are those on dumping (exporting at below cost to gain market share) and subsidies. At the same time. for example. On the other hand. and how governments can respond. Over three quarters of WTO members are developing countries and countries in transition to market economies. and the rules try to establish what is fair or unfair. Many of the other WTO agreements aim to support fair competition: in agriculture. And the agreements themselves inherit the earlier provisions of GATT that allow for special assistance and trade concessions for developing countries. The issues are complex. More accurately. 17 . it is a system of rules dedicated to open. The rules on non-discrimination — MFN and national treatment — are designed to secure fair conditions of trade. developing countries and transition economies were much more active and influential in the Uruguay Round negotiations than in any previous round. but that is not entirely accurate. in limited circumstances. other forms of protection. The system does allow tariffs and. developing countries need flexibility in the time they take to implement the system‘s agreements. and they are even more so in the current Doha Development Agenda. intellectual property. 5] Encouraging development and economic reform: The WTO system contributes to development. The agreement on government procurement extends competition rules to purchases by thousands of government entities in many countries. in particular by charging additional import duties calculated to compensate for damage caused by unfair trade.

difficult WTO provisions — particularly so for the poorest. and it seeks increased technical assistance for them. perhaps. 18 . ―leastdeveloped‖ countries. More recently. On all of this. The current Doha Development Agenda includes developing countries‘ concerns about the difficulties they face in implementing the Uruguay Round agreements. the WTO and its members are still going through a learning process. A ministerial decision adopted at the end of the round says better-off countries should accelerate implementing market access commitments on goods exported by the least-developed countries. developing countries were prepared to take on most of the obligations that are required of developed countries.World Trade Organization 10th FEB 2009 At the end of the Uruguay Round. developed countries have started to allow dutyfree and quota-free imports for almost all products from least-developed countries. But the agreements did give them transition periods to adjust to the more unfamiliar and.

and plurilateral committees. etc. except Appellate Body. Dispute Settlement panels. 19 . committees.World Trade Organization 10th FEB 2009 WTO ORGANIZATION CHART WTO structure: all WTO members may participate in all councils.

This now includes the negotiations on agriculture and services begun in early 2000. The TNC operates under the authority of the General Council. Each year new chairpersons for the major WTO bodies are approved by the General Council.World Trade Organization 10th FEB 2009 Key Reporting to General Council or a subsidiary Reporting to Dispute Settlement Body Plurilateral committees inform the General Council or Goods Council of their activities. although these agreements are not signed by all WTO members Trade Negotiations Committee reports to General Council The General Council also meets as the Trade Policy Review Body and Dispute Settlement Body. 20 . The negotiations mandated by the Doha Declaration take place in the Trade Negotiations Committee and its subsidiaries.

The system helps to keep the peace This sounds like an exaggerated claim. One of the most vivid is the trade war of the 1930s when countries competed to raise trade barriers in order to protect domestic producers and retaliate against each others‘ barriers. Nevertheless. the system does contribute to international peace. Globally. This worsened the Great Depression and eventually played a part in the outbreak of World War 2. 21 . and if we understand why. we have a clearer picture of what the system actually does. international cooperation developed in coal.World Trade Organization 10th FEB 2009 BENEFITS OF WTO TRADING SYSTEM 1. Sales people are usually reluctant to fight their customers Peace is partly an outcome of two of the most fundamental principles of the trading system: helping trade to flow smoothly and providing countries with a constructive and fair outlet for dealing with disputes over trade issues. so much so that they are now considerably expanded — one has become the European Union. It is also an outcome of the international confidence and cooperation that the system creates and reinforces. The WTO trading system plays a vital role in creating and reinforcing the confidence. the other the World Trade Organization (WTO). History is littered with examples of trade disputes turning into war. and it would be wrong to make too much of it. Particularly important are negotiations that lead to agreement by consensus and a focus on abiding by the rules. In Europe. and in iron and steel. the General Agreement on Tariffs and Trade (GATT) was created. Two developments immediately after the Second World War helped to avoid a repeat of the pre-war trade tensions. Both have proved successful.

Rather. in particular the WTO. The fact that the disputes are based on WTO agreements means that there is a clear basis for judging who is right or wrong. The system allows disputes to be handled constructively As trade expands in volume. Around 300 disputes have been brought to the WTO since it was set up in 1995. Without a means of tackling these constructively and harmoniously. 22 . a lot of international trade tension is reduced because countries can turn to organizations. the WTO. Once the judgement has been made. Left to themselves. the GATT/WTO‘s expanding membership and the fact that countries have faith in the system to solve their differences. in the number of products traded. does not reflect increasing tension in the world. The increasing number of disputes brought to GATT and its successor. Sometimes the exchanges between the countries in conflict can be acrimonious. there is a greater chance that disputes will arise. and in the numbers of countries and companies trading. the agreements provide the focus for any further actions that need to be taken. More trade means more possibilities for disputes to arise. to settle their trade disputes. But in reality.World Trade Organization 10th FEB 2009 2. some could have led to more serious political conflict. Countries in dispute always aim to conform to the agreements There could be a down side to trade liberalization and expansion. The WTO system helps resolve these disputes peacefully and constructively. those disputes could lead to serious conflict. it reflects the closer economic ties throughout the world. but they always aim to conform to the agreements and commitments that they themselves negotiated.

This makes life easier for all. 23 . Smaller countries would have to deal with each of the major economic powers individually. In addition. But it does reduce some inequalities. Smaller countries can enjoy some increased bargaining power.World Trade Organization 10th FEB 2009 3. The WTO agreements were negotiated by all members. and would be much less able to resist unwanted pressure. Smaller countries enjoy more bargaining power. The agreements apply to everyone. were approved by consensus and were ratified in all members‘ parliaments. and at the same time freeing the major powers from the complexity of having to negotiate trade agreements with each of their numerous trading partners. The major economic powers can use the single forum of the WTO to negotiate with all or most of their trading partners at the same time. And these agreed rules give governments a clearer view of which trade policies are acceptable. Without a multilateral regime such as the WTO‘s system. and life is simpler for bigger countries Decisions in the WTO are made by consensus. the more powerful countries would be freer to impose their will unilaterally on their smaller trading partners. Several are already doing this. giving smaller countries more voice. A system based on rules rather than power makes life easier for all The WTO cannot claim to make all countries equal. There are matching benefits for larger countries. The fact that there is a single set of rules applying to all members greatly simplifies the entire trade regime. Rich and poor countries alike have an equal right to challenge each other in the WTO‘s dispute settlement procedures. smaller countries can perform more effectively if they make use of the opportunities to form alliances and to pool resources. in several different ways. The principle of non-discrimination built into the WTO agreements avoids that complexity.

The result is reduced costs of production because imports used in production are cheaper and reduced prices of finished goods and services. movies. consumers and governments in rich countries pay $350 billion per year supporting agriculture — enough to fly their 41 million dairy cows first class around the world one and a half times. it raises prices. and a broader range of qualities to choose from Think of all the things we can now have because we can import them: fruits and vegetables out of season. and a wider range of qualities. Look around and consider all the things that would disappear if all our imports were taken away from us. Life with . Imports allow us more choice — both more goods and services to choose from. According to one calculation.... clothing and other products that used to be considered exotic.. Imports are used as materials. all sorts of household goods. and everything else in between. books. are affected by trade policies. and without imports Think also of the things people in other countries can have because they buy exports from us and elsewhere.World Trade Organization 10th FEB 2009 4. foods. 5. music. and so on. Even the quality of locallyproduced goods can improve because of the competition from imports. our necessities and luxuries.. Freer trade cuts the cost of living We all are consumers. The prices we pay for our food and clothing. The wider choice isn‘t simply a question of consumers buying foreign finished products. Protectionism is expensive. components and equipment for 24 . and ultimately a lower cost of living. The WTO‘s global system lowers trade barriers through negotiation and applies the principle of non-discrimination. It gives consumers more choice. cut flowers from any part of the world.

When mobile telephone equipment became available. But some adjustment is necessary. it also allows others to buy more of our exports. It increases our incomes. This expands the range of final products and services that are made by domestic producers. which adds to incomes — national incomes and personal incomes. the success of an imported product or service on the domestic market can also encourage new local producers to compete. and it increases the range of technologies they can use.1–1.World Trade Organization 10th FEB 2009 local production. Economists estimate that cutting trade barriers in agriculture. Trade raises incomes Lowering trade barriers allows trade to increase. More recent research has produced similar figures. 6. In Europe. If trade allows us to import more. 25 . The WTO‘s own estimates for the impact of the 1994 Uruguay Round trade deal were between $109 billion and $510 billion added to world income (depending on the assumptions of the calculations and allowing for margins of error).5% more than they would have done without the Single Market. increasing the choice of brands available to consumers as well as increasing the range of goods and services produced locally. The fact that there is additional income means that resources are available for governments to redistribute. the EU Commission calculates that over 1989–93 EU incomes increased by 1. Sometimes. services sprang up even in the countries that did not make the equipment. providing us with the means of enjoying the increased choice. manufacturing and services by one third would boost the world economy by $613 billion — equivalent to adding an economy the size of Canada to the world economy.

technological advance has also had a strong impact on employment and productivity. The average length of time a worker takes to find a new job can be much longer in one country than for a similar worker in another country experiencing similar conditions. But the picture is complicated by a number of factors. hurting others. and that economic growth means more jobs. But the fact that there is additional income means that resources are available for governments to redistribute the benefits from those who gain the most — for example to help companies and workers adapt by becoming more productive and competitive in what they were already doing. Careful policy-making harnesses the job-creation powers of freer trade This is a difficult subject to tackle in simple terms. Nevertheless. 26 . Second. There is strong evidence that trade boosts economic growth. Trade stimulates economic growth. and that can be good news for employment Trade clearly has the potential to create jobs. For example. Trade also poses challenges as domestic producers face competition from imports. while trade clearly boosts national income (and prosperity). there are other factors at play. or by switching to new activities. But a reliable analysis of this poses at least two problems. the alternative — protectionism — is not the way to tackle employment problems. this is not always translated into new employment for workers who lost their jobs as a result of competition from imports. The picture is not the same all over the world. First.World Trade Organization 10th FEB 2009 So trade clearly boosts incomes. In practice there is often factual evidence that lower trade barriers have been good for employment. 7. benefiting some jobs. It is also true that some jobs are lost even when trade is expanding.

. but they are still important. Imagine now that the government announces it will charge the same duty rates on imports from all countries. Even when a country has difficulty making adjustments. and they make life simpler for the enterprises directly involved in trade and for the producers of goods and services. the alternative of protectionism would simply make matters worse. an attempt to tackle a problem in the short term by restricting trade turned into a bigger problem in the longer term. 8.World Trade Organization 10th FEB 2009 In other words. Often.e. Non-discrimination is just one of the key principles of the WTO‘s trading system. and they cut costs Many of the benefits of the trading system are more difficult to summarize in numbers. clear information about policies. rules and regulations). Sourcing components would become more efficient and would cost less. The facts also show how protectionism hurts employment. It helps to increase efficiency and to cut costs even more because of important principles enshrined in the system. This is partly because some countries have more effective adjustment policies. increased certainty about trading conditions 27 . no matter where they come from. In other words. Discrimination complicates trade Trade allows a division of labour between countries. Life for the company would be much simpler. and it will use the same regulations for all products. But the WTO‘s trading system offers more than that. Those without effective policies are missing an opportunity. whether imported or locally produced. job prospects are better in companies involved in trade. The basic principles make the system economically more efficient. some countries are better at making the adjustment than others. Others include:   transparency i. They are the result of essential principles at the heart of the system. It allows resources to be used more appropriately and effectively for production.

Even the sectors demanding protection ended up losing. they make trading simpler. everyone else has to pay for more expensive clothes. if during a GATT-WTO trade negotiation one pressure group lobbies its government to be considered as a special case in need of protection. The GATT-WTO system covers a wide range of sectors. The result was increasingly restrictive policy which turned into a trade war that no one won and everyone lost. Together. But it biases the economy against other sectors which shouldn‘t be penalized — if you protect your clothing industry.World Trade Organization  10th FEB 2009 simplification and standardization of customs procedure. removal of red tape. Governments need to be armed against pressure from narrow interest groups. the government can reject the 28 . and other measures designed to simplify trade that come under the heading ―trade facilitation”. Protectionism can also escalate as other countries retaliate by raising their own trade barriers. 9. restricting imports looks like an effective way of supporting an economic sector. and the WTO system can help. Superficially. So. centralized databases of information. Governments are betterplaced to defend themselves against lobbying from narrow interest groups by focusing on trade-offs that are made in the interests of everyone in the economy. which puts pressure on wages in all sectors. That in turn also means more jobs and better goods and services for consumers. Governments are better placed to ward off powerful lobbies One of the lessons of the protectionism that dominated the early decades of the 20th Century was the damage that can be caused if narrow sectoral interests gain an unbalanced share of political influence. cutting companies‘ costs and increasing confidence in the future. The system shields governments from narrow interests The GATT-WTO system which evolved in the second half of the 20th Century helps governments take a more balanced view of trade policy. That‘s exactly what happened in the 1920s and 30s with disastrous effects.

But they are controlled by WTO agreements and there are commitments to reduce or eliminate many of them. quotas are a particularly bad way of restricting trade. The rules reduce opportunities for corruption The rules include commitments not to backslide into unwise policies. that means greater certainty and clarity about trading conditions. quotas of various types remain in use in most countries. as we have already seen. and nondiscrimination also help by reducing the scope for arbitrary decision-making and cheating. Transparency. There are plenty of cases where that has happened around the world. The system encourages good government Under WTO rules. For businesses. Protectionism in general is unwise because of the damage it causes domestically and internationally. governments use the WTO as a welcome external constraint on their policies: ―we can‘t do this because it would violate the WTO agreements‖. 10. once a commitment has been made to liberalize a sector of trade. Many other areas of the WTO‘s agreements can also help reduce corruption and bad government. That profit can be used to influence policies because more money is available for lobbying. other aspects of ―trade facilitation‖. Governments have agreed through the WTO‘s rules that their use should be discouraged. The rules also discourage a range of unwise policies. Nevertheless. particularly in textiles.World Trade Organization 10th FEB 2009 protectionist pressure by arguing that it needs a broad-ranging agreement that will benefit all sectors of the economy. regularly. In other words. Quite often. creating abnormally large profits economists talk about ―quota rent‖. It can also provide opportunities for corruption. 29 . it is difficult to reverse. For governments it can often mean good discipline. and governments argue strongly that they are needed. Because quotas limit supply. Particular types of trade barriers cause additional damage because they provide opportunities for corruption and other forms of bad government. One kind of trade barrier that the WTO‘s rules try to tackle is the quota . Governments do just that. clearer criteria for regulations dealing with the safety and standards of products. they artificially raise prices. in the allocation of quotas among traders.

World Trade Organization 10th FEB 2009 COMMON MISUNDERSTANDINGS ABOUT WTO 1. The WTO is member-driven That means: the rules of the WTO system are agreements resulting from negotiations among member governments. Rather. it simply provides administrative and technical support for the WTO and its members.  30 . and  decisions taken in the WTO are virtually all made by consensus among all members. the WTO does not dictate to governments to adopt or drop certain policies. In other words.  the rules are ratified by members‘ parliaments. Normally the Dispute Settlement Body makes a ruling by adopting the findings of a panel of experts or an appeal report. Even then. The only occasion when a WTO body can have a direct impact on a government‘s policies is when a dispute is brought to the WTO and if that leads to a ruling by the Dispute Settlement Body which consists of all members. If a government has broken a commitment it has to conform. the scope of the ruling is narrow: it is simply a judgement or interpretation of whether a government has broken one of the WTO‘s agreements—agreements that the infringing government had itself accepted. decisions taken in the WTO are negotiated. In fact. it‘s a ―member-driven‖ organization. accountable and democratic. it‘s the governments who dictate to the WTO. In all other respects. The WTO does NOT tell governments what to do The WTO does not tell governments how to conduct their trade policies. As for the WTO Secretariat.

It also provides the rules for how liberalization can take place. They have special provisions that take into account the situations that developing countries face. countries benefit from the increased trade that results from lower trade barriers. Yes. of give and take. The WTO is NOT for free trade at any cost It‘s really a question of what countries are willing to bargain with each other. request and offer. Here. for example from imports that are considered to have unfairly low prices because of subsidies or ―dumping‖. They also spell out when and how governments can protect their domestic producers. But just how low those barriers should go is something member countries bargain with each other.World Trade Organization 10th FEB 2009 2. 31 . After all. Just as important as freer trade — perhaps more important — are other principles of the WTO system. predictable and transparent. one of the principles of the WTO system is for countries to lower their trade barriers and to allow trade to flow more freely. For example: non-discrimination and making sure the conditions for trade are stable. The rules written into the agreements allow barriers to be lowered gradually so that domestic producers can adjust. The WTO‘s role is to provide the forum for negotiating liberalization. It all depends on what countries want to bargain. the objective is fair trade.

Among the most important are umbrella clauses such as Article 20 of the GATT which allow countries to take actions to protect human. whether or not developing countries gain enough from the system is a subject of continuing debate in the WTO. At the same time.World Trade Organization 10th FEB 2009 3. Developing countries are allowed more time to apply numerous provisions of the WTO agreements. specific agreements on specific subjects also take environmental concerns into account. optimal use of the world‘s resources. In the WTO. In that sense. Sustainable development is a principal objective Underlying the WTO‘s trading system is the fact that freer trade boosts economic growth and supports development. Subsidies are permitted for environmental protection. The preamble of the Marrakesh Agreement Establishing the World Trade Organization includes among its objectives. The WTO is NOT only concerned about commercial interests. commercial interests do NOT take priority over environmental protection Many provisions take environmental concerns specifically into account. including exemption from many provisions. 4. But that does not mean to say the system offers nothing for these countries. The needs of development can also be used to justify actions that might not normally be allowed under the agreements. This is backed up in concrete terms by a range of provisions in the WTO‘s rules. animal or plant life or health. and to conserve exhaustible natural resources. Beyond the broad principles. Environmental objectives are recognized specifically in 32 . The agreements include many important provisions that specifically take developing countries‘ interests into account. This does NOT take priority over development The WTO agreements are full of provisions taking the interests of development into account. for example governments giving certain subsidies. Least-developed countries receive special treatment. sustainable development and environmental protection. commerce and development are good for each other.

etc. Key clauses in the agreements such as GATT Art. At the same time. This point was also reinforced in the recent dispute ruling on shrimps and turtles. 20 specifically allow governments to take actions to protect human. and therefore the agreements reflect their concerns. But these actions are disciplined. Safety concerns are built into the WTO agreements. That‘s the task of the envir onmental agencies and conventions. the agreements are also designed to prevent governments setting regulations arbitrarily in a way that discriminates against foreign goods and services. intellectual property protection.World Trade Organization 10th FEB 2009 the WTO agreements dealing with product standards. and human health and safety. They must be based on scientific evidence or on internationally recognized standards. food safety. Nor can you discriminate between different trading partners. Also important is the fact that it‘s not the WTO‘s job to set the international rules for environmental protection. 5. In addition. animal or plant life or health. The WTO does NOT dictate to governments on issues such as food safety. So far there has been no conflict between the WTO‘s agreements and the international environmental agree ments. 33 . they must not discriminate. and with health and safety for food and other products made from animals and plants. An overlap does exist between environmental agreements and the WTO — on trade actions taken to enforce an agreement. The purpose is to defend governments‘ rights to ensure the safety of their citizens. Some of the agreements deal in greater detail with product standards. and an earlier one on gasoline. for example to prevent them being used as an excuse for protecting domestic producers — protectionism in disguise. Safety regulations must not be protectionism in disguise. Again commercial interests do NOT override The agreements were negotiated by WTO member governments. the system and its rules can help countries allocate scarce resources more efficiently and less wastefully. What‘s important in the WTO‘s rules is that measures taken to protect the environment must not be unfair. For example.

workers in export sectors enjoy higher pay and greater job security. Some survive by becoming more competitive. The biggest beneficiary is the country that lowers its own trade barriers. some countries are better at making the adjustments than others. and do not discriminate. The countries exporting to it also gain. The relationship between trade and employment is complex. 34 . It has the potential to create jobs. 6. Others don‘t. So is the relationship between trade and equality. Governments are free to set their own standards provided they are consistent in the way they try to avoid risks over the full range of products. which sets recommended standards for food safety and comes under the UN Food and Agriculture Organization (FAO) and World Health Organization (WHO). the WTO does not set the standards itself. the alternative of protectionism is not the solution. but not as much. However. are not arbitrary. In many cases.World Trade Organization 10th FEB 2009 Again. Often it does just that. Freer-flowing and more stable trade boosts economic growth. One example is Codex Alimentarius. and frequently it does both. In any case. and here the picture is complicated. Sometimes adjustments are necessary to deal with job losses. This is partly because they have more effective adjustment policies. producers and their workers who were previously protected clearly face new competition when trade barriers are lowered. In particular. But there is no compulsion to comply even with internationally negotiated standards such as those of Codex Alimentarius. Trade can be a powerful force for creating jobs and reducing poverty. it can help to reduce poverty. In some cases other international agreements are identified in the WTO‘s agreements. Those without effective policies are missing an opportunity because the boost that trade gives to the economy creates the resources that help adjustments to be made more easily. The WTO does NOT destroy jobs or widen the gap between rich and poor The accusation is inaccurate and simplistic.

There are also many other factors outside the WTO‘s responsibility that are behind recent changes in wage levels. these smaller countries would have been powerless to act against their more powerful trading partners. 7. The research has also shown that it is untrue to say that liberalization has increased inequality.15 billion people are still in poverty. Small countries are NOT powerless in the WTO Small countries would be weaker without the WTO. allowing countries time to make the necessary adjustments. Without the WTO. and working actively on the ministerial declarations and decisions issued in Doha. such as by the World Bank. They expressed satisfaction with the process leading to the Doha declarations. they can and do resist demands to open the relevant sections of their markets. while about 1.World Trade Organization 10th FEB 2009 The WTO tackles these problems in a number of ways. Provisions in the agreements also allow countries to take contingency actions against imports that are particularly damaging. When countries feel the necessary adjustments cannot be made. The WTO increases their bargaining power. developing countries have successfully challenged some actions taken by developed countries. Qatar. has shown that trade liberalization since World War II has contributed to lifting billions of people out of poverty. 35 . As a result. Everyone has to follow the same rules In recent years. At the same time. submitting an unprecedented number of proposals in the agriculture talks. liberalization under the WTO is the result of negotiations. liberalization is gradual. In the WTO trading system. in November 2001. Finally. developing countries have become considerably more active in WTO negotiations. but under strict disciplines. everyone has to follow the same rules. All of this bears testimony to their confidence in the system. in the WTO‘s dispute settlement procedure. In the WTO. research.

They lie in the WTO‘s key principles. This is a natural result of the ―rounds‖ type of negotiation i. even a small country automatically enjoys the benefits that all WTO members grant to each other. governments would need more resources. small countries 36 . The reasons are positive rather than negative. negotiations that encompass a broad range of sectors. The alternative would be to negotiate bilateral trade agreements with each trading partner. 9. Governments can find it easier to reject pressure from particular lobbying groups by arguing that it had to accept the overall package in the interests of the country as a whole. The private sector. That‘s why the list of countries negotiating membership includes both large and small trading nations. such as non-discrimination and transparency. They can only exert their influence on WTO decisions through their governments. That could even include regularly negotiating the renewal of commitments to treat trading partners as equals. The outcome of a trade round has to be a balance of interests. By joining the WTO. non-governmental organizations and other lobbying groups do not participate in WTO activities except in special events such as seminars and symposiums. Governments can use the WTO to resist lobbying. a serious problem for small countries. For this. And small countries have won dispute cases against rich countries — they would not have been able to do so outside the WTO. And in bilateral negotiations smaller countries are weaker. The WTO is NOT the tool of powerful lobbies 10th FEB 2009 The WTO system offers governments a means to reduce the influence of narrow vested interests. A related misunderstanding is about the WTO‘s membership. By joining the WTO.e. they are NOT forced to join the WTO Most countries do feel that it‘s better to be in the WTO system than to be outside it. Countries willingly want to join. The WTO is an organization of governments. Weaker countries do have a choice.World Trade Organization 8.

were negotiated by member governments and ratified in members‘ parliaments. Decisions are by consensus. What is more. that‘s even more democratic than majority rule because no decision is taken until everyone agrees. and every country has to be convinced before it joins a consensus. 37 .World Trade Organization 10th FEB 2009 can also increase their bargaining power by forming alliances with other countries that have common interests. The WTO is NOT undemocratic Decisions in the WTO are generally by consensus. There are no dissenters. the WTO‘s trade rules. Nevertheless. In principle. Agreements are ratified in parliaments. the consensus rule means every country has a voice. It would be wrong to suggest that every country has the same bargaining power. resulting from th e Uruguay Round trade talks. Quite often reluctant countries are persuaded by being offered something in return. Consensus also means every country accepts the decisions. 10.

it must grant the same privilege to all GATT members. whose charter was negotiated in the mid1940s. was to have a broad regulatory mandate. some former communist countries. health. employment rules. Negotiators from member nations revised GATT rules and liberalized world trade several times in multi-year conferences called ―Rounds. Business.‖ The GATT‘s (and now the WTO‘s) approach to reducing trade barriers was based on the ―most favored nation‖ principle. and a number of small nations) and WTO rules apply to over 90 percent of international trade. academic. Senate killed the organization by refusing to ratify it. leaving the more narrowly focused GATT to evolve on its own. However. the result of eight years of GATT negotiations. Originally. GATT functions were intended to be part of a broader International Trade Organization (ITO). the WTO has become increasingly controversial as it has expanded the scope of its work from its original narrow GATT focus on reducing tariffs on manufactured goods.S. sovereignty. largely due to pressure from the business community and concerns about the ITO threatening U. The 1995 replacement of GATT by the WTO heightened concern among critics because its stronger enforcement powers represent a further shift in power from citizens and national governments to a global authority run by unelected bureaucrats.S. Although still a little-known and little-understood institution. and business practices. 38 . the U. Today. the GATT was replaced by a stronger World Trade Organization (WTO).World Trade Organization 10th FEB 2009 The General Agreement on Tariffs and Trade (GATT) was an international organization created in 1947 to reduce trade barriers through multilateral negotiations. In January 1995. which would have been under the aegis of the UN. which requires that when a nation grants a trade privilege to one country. and other regulations that may serve legitimate social goals but may be regarded as impediments to international trade. and government supporters applaud the WTO as a more muscular sheriff of the world trading system. member countries number 125 (nearly the whole world except China. The ITO. covering trade. The WTO now also works to eliminate nontariff barriers. and can be used to challenge environmental.

World Trade Organization 10th FEB 2009 Another guiding principle is that of ―national treatment. WTO panel decisions are binding. average tariff rates just after World War II were 40 percent. The most controversial outcome of the Uruguay Round was the establishment of much stronger enforcement mechanisms in the WTO. Thus. If the country fails to comply. 39 . concluded in 1993 and received U. and Japan. backed by the U.S. reducing average tariffs worldwide from 6.‖ the same concept of nondiscrimination that is already applied to trade. In comparison. corporations could invest without restrictions in any WTO member nation. the WTO can make that nation bring the law into compliance with the WTO standard (with minor exceptions). Although GATT always had a dispute resolution process. pushed for talks on a proposed Multilateral Investment Agreement (MIA). but deadlocked negotiators had to extend the deadline for new rules in this area. Unlike GATT.9 percent. member nations often ignored its rulings since they lacked serious enforcement power. the Uruguay Round. the WTO can authorize the complainant nation to impose trade sanctions. The most recent GATT Round. If the MIA were adopted. If one nation makes a complaint to the WTO that another nation‘s law or regulation is protectionist and in violation of WTO rules.‖ which requires nations to give equal treatment to foreign imports of goods or services as to domestic goods or services. congressional approval in November 1994. European nations.3 percent to 3.S. Liberalization of investment was another goal of the Uruguay Round. It is slated to result in average tariff reductions of 38 percent for developed economies. The MIA would force national governments to grant foreign investors ―national treatment. at the WTO ministerial meeting in Singapore in December 1996.

co.htm 40 .org/briefs/vol2/ http://www.html http://www.html http://www.wikipedia.World Trade Organization 10th FEB 2009 BIBLIOGRAPHY www.wto.

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