The World Trade Organization (WTO), established in 1995, replaced the General Agreement on Tariffs and Trade (GATT) as the only international body dealing with global rules of trade between States. It is not a specialized agency, but it has mechanisms and practices of cooperation with the United Nations.
The objectives of the WTO are to assist in streamlining the trade process within a system based on certain rules; objective settlement of trade disputes between governments; organization of trade negotiations. This activity is based on 60 WTO agreements — the main legal norms of international commerce and trade policy. The principles on which these agreements are based include non-discrimination (most favoured nation treatment and national treatment provision), freer terms of trade, promotion of competition and additional provisions for least developed countries. One of the goals of the WTO is the fight against protectionism.
Since its inception, the WTO has served as a forum for successful negotiations on the opening of markets in the field of telecommunications, information technology equipment and financial services. It has participated in the settlement of more than 200 trade disputes and continues to monitor the implementation of agreements reached during the Uruguay Round of the 1986-1994 World Trade Negotiations. In 2001 in Doha (Qatar) The WTO has launched a new round of multilateral trade negotiations, known as the Doha Development Agenda.
With the growth of trade volumes, the expansion of the range of goods, as well as an increase in the number of countries and trading companies, there is a certain probability that disputes will still arise. The WTO system helps resolve disputes in a peaceful and constructive way.
The countries involved in disputes always strive to act within the framework of existing agreements.
However, there is also a downside to the processes of trade liberalization and expansion. The expansion of trade flows means a greater likelihood of disputes. Let loose, these disputes can lead to a serious conflict. But in fact, escalation of tensions in the field of international trade can be avoided because countries can turn to various organizations, in particular the WTO, to settle their trade disputes.
When "debaters" turn to the WTO, WTO procedures focus their attention on the rules. After a decision is made, countries try to focus on compliance with the rules and, possibly, the subsequent revision of the rules, rather than declaring war on each other.