GATT and WTO a two terms signifying international trade, agreements and contracts, as well as negotiations and disputes. These two terms stand for two complex organizations whose major aims and principles target to support world trade. But how exactly do they do that? How do GATT and WTO strengthen our world trade and what problems or criticism do they eventually have to face? The following text is trying to find an answer to this question. First of all, it is important to know exactly, what the terms of GATT, WTO and world trade mean and how they function. The General Agreement on Tariffs and Trade (GATT) describes the fundamental law of international trade in goods; ratified by all of the economically powerful nations in the world. The World Trade Organization (WTO) is responsible for the correct implementation and the enforcement of the trading rules set out by the GATT and other agreements, such as the General Agreement on Trade in Services or the Agreement on Trade-Related Aspects on Intellectual Property Rights. The term of world trade or international trade describes any economic interaction between two or more nations, particularly the exchange of goods and services. The fundamental law for international trade (GATT) and its enforcement body (WTO) obviously support the economic interaction between countries, but what kind of measures and steps are taken in detail? In the following, I will firstly introduce to the backgrounds, structures and aims of GATT and WTO, as well as the problems and the criticism they have to face today. Furthermore, the pros and cons of these two organizations concerning the support of world trade with weighting in terms of current and future problems will be listed and analyzed. In the end, a final answer to the central question and a conclusion will be found.But how exactly do they do that? How do GATT and WTO strengthen our world trade and what problems or criticism do they eventually have to face? The following text is trying to find an answer to this question.
|Publisher||:||GRIN Verlag - 2012-02-23|