The World Trade Organization (WTO) is an international organization that aims to promote free trade among its member countries. The WTO has a set of agreements that govern international trade, which are known as WTO agreements. These agreements cover a wide range of issues, including trade in goods, services, and intellectual property.
The WTO agreements are the result of negotiations between member countries. They are designed to ensure that trade among member countries is conducted fairly and transparently. These agreements also provide a framework for resolving trade disputes between member countries.
The WTO agreements are divided into three main categories: the General Agreement on Tariffs and Trade (GATT), the General Agreement on Trade in Services (GATS), and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).
The GATT is the oldest and most important of the WTO agreements. It was created in 1947 and has been updated several times since then. The GATT covers trade in goods and sets out rules for reducing tariffs and other trade barriers. It also includes provisions for dispute settlement between member countries.
The GATS was created in 1995 and covers trade in services. It sets out rules for reducing barriers to trade in services, such as financial services, telecommunications, and transportation. The GATS also provides a framework for resolving disputes between member countries.
The TRIPS agreement was also created in 1995 and covers intellectual property rights. It sets out rules for protecting intellectual property, such as patents, trademarks, and copyrights. The TRIPS also provides a framework for resolving disputes between member countries.
In addition to these three main agreements, the WTO also has a number of other agreements that cover specific issues, such as agriculture, sanitary and phytosanitary measures, and technical barriers to trade.
Overall, the WTO agreements are designed to promote free and fair trade among member countries. They provide a framework for resolving trade disputes and ensure that trade is conducted transparently and in accordance with established rules. As such, they are an important tool for promoting economic growth and development around the world.