The World Trade Organization ( Wto ) Essay

1390 Words May 10th, 2016 6 Pages
Each country has their own legal framework for internal trade. Goods that we use everyday, have levels as made in China or Thailand or somewhere on this globe, so how do they end up in America? This has been made possible through the WTO. The World Trade Organization (WTO) is the main institute which manages the international trade. It is created to reduce trade barriers across international borders to contribute to economic growth and development. It’s main purpose is to increase the well-being and standards of living of the citizens. It is mainly conducted by WTO agreements. The WTO has law and regulation for implementation and monitoring the agreements between countries. Legal documents are signed between trading nations act as contract. Group called Ministerial Conference solves disagreements between WTO members, “ There are several groups within the WTO, with the highest decision-making authority going to a group known as the Ministerial Conference, which can make decisions on all matters and trade disputes among members.” (The World Trade Organization: Definition, History, Purpose & Members) In 1948, few years after second world war General Agreement on Tariffs and Trade (GATT) was created to provide a stable international trade and international economic unity.
GAAT was created to lower the trade barriers and Tariff. Members of GATT wanted to make something like world-wide trade body like WTO due to few barriers in GATT. First, GATT was only involved in…

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