The Establishment Of Rules By The World Trade Organization Is An Umbrella Agreement Called The
The WTO itself claims to be “a rules-based, member-oriented organisation – all decisions are taken by member state governments, and the rules are the result of negotiations between members.”  The WTO agreement provides for votes that do not achieve consensus, but the practice of consensus dominates the decision-making process.  The WTO has 164 members, or 98% of world trade. A total of 22 countries are negotiating accession. A 2017 study states that “political links, not functional gains in spending, determine who adheres” and shows “how geopolitical orientation shapes the application and offer pages of membership.”  The “results call into question the view that states first liberalize trade in order to join the GATT/WTO. Instead, democracy and foreign policy resemblance encourage states to join.  Studies show that the WTO has stimulated trade and that without the WTO, trade barriers would be higher.  The WTO has strongly influenced the text of trade agreements, as “almost all recent preferential trade agreements (EEAs) explicitly refer to the WTO, often dozens of times in several chapters… In many of these EDPs, we find that essential parts of the language of the treaty – the majority of a chapter at a given time – are literally copied from a WTO agreement.  In the UN`s Goal 10, WTO agreements have also been cited as instruments for reducing inequality.  The WTO monitors some 60 different agreements that have the status of international legal texts.
Member States must sign and ratify all WTO accession agreements.  A discussion ensued on some of the major agreements. This was the largest negotiating mandate ever agreed: discussions aimed to extend the trading system to several new areas, including trade in services and intellectual property, and to reform trade in sensitive sectors of agriculture and the textile industry; all the original GATT articles were discussed  The final act relating to the conclusion of the Uruguay Round and the formal introduction of the WTO regime was signed on 15 April 1994 at the ministerial meeting in Marrakech(Morocco) and is therefore known as the Marrakesh Agreement.  The core of this system, known as the multilateral trading system, is the WTOs agreements, negotiated and signed by a large majority of world trade economies and ratified by their parliaments. The WTO dispute settlement system “is the result of changes in rules, procedures and practices that developed over nearly half a century under the 1947 GATT.”  In 1994, WTO members agreed to the Agreement on Dispute Settlement Rules and Procedures (DSU), attached to the final act signed in Marrakech in 1994.  Dispute settlement is seen by the WTO as a central pillar of the multilateral trading system and a “unique contribution to the stability of the global economy.”  WTO members agreed that if they believe their colleagues are breaking trade rules, they will use the multilateral system to settle disputes instead of acting unilaterally.  The WTO`s Trade Policy Review Mechanism aims to improve transparency, improve understanding of trade policies followed by WTO members and assess their impact.