At the heart of the World Trade Organisation (WTO) is a range of agreements covering trade in goods (GATT), services (GATS), intellectual property (TRIPS) and agriculture. These rules are bound together by the principles of non-discrimination, meaning that similar products from different countries must be treated the same.
WTO dispute settlement mechanism: This is done in the first instance through a consultation between the parties involved and, failing that, by recourse to an independent Panel. Ultimately an appeal can be made. This mechanism ensures that trade rules are enforced fairly and impartially, lending strength and credibility to the WTO. Without it, disputes are more likely to be settled according to the economic “clout” of those involved.
For further information on the WTO, you should visit their website at www.wto.org
Details of UK trade policies and other issues can be found at www.dti.gov.uk/intrade/index.htm
The USA and the EU has done much to liberalise world trade and bring down many barriers to free trade between all countries, e.g. in China, India, Russia, etc
The WTO Agreement means that similar trading agreements have to be provided to all countries, so that there is no discrimination towards different countries. This will help all countries in the world to have similar trading arrangements with China, India, Russia, etc. By way of example, this means that Indian companies can trade on similar terms with European companies as with North American companies or companies in Pakistan or in China; this will help to increase free trade between companies in Indian Panjab and those in Pakistan Panjab.
7 February 2001