"A broad description/analsys of the WTO process until this day and the future of the WTO"
We have chosen to write our topical memo on "A broad description /analysis of the WTO process until this day and the future of the WTO". The Operative words here are " A broad". We have therefore not gone into deapth with regard to this paper. Our goal with this paper is to give the reader a broad understanding of how the WTO was started, its significant milestones, and what the future brings for the WTO.
The General Agreement on Tariffs and Trade
The general agreement on tariffs and trade (GATT) was formed after the secound world war in 1947. It was singed by 23 countries. This purpose of GATT was to dismantle the high protectionist barriers that were then in existence and had incresed since the war (Gillingham 2002).
The main objectives of GATT included the elimination of quotas, the gradual reduction of tariffs, the elimination of non-tariff trade barriers and equality between member countries.
GATT was mostly numerous series of negotiations rounds. These mainly focused on the reduction of tariffs. Here the GATT was very successful, in only eight negotiation rounds it was able to reduce tariffs from 40% to below 4%. The later negotiations focused also on anti-dumping and non-tariff measures.
The negotiations round in Punta del Este in Uruguay 1986 was to become the starting block for The World Trade Organisation (WTO), it later became known as the Uruguay round. These negotiations however lasted between 1986 to 1994. Until it was officially announced on January the 1st 1995 the founding of the WTO, with its headquarters in Geneva (Nielson, Taglioni 2003).
In the beginning of the WTO, there were 123 member countries, and a long list of potential candidates...