In this post I will try to briefly explain what WTO does as well as its importance in shaping and regulating international commercial law. As I started to write a post, about the current situation of WTO and its fight against the rising state protectionism, I realised that first we need to look at what is the WTO to illuminate the issue at hand. To sum up, this post is sort of an introduction to my next one.
A brief history of General Agreement on Tariffs and Trade (GATT)1 and the birth of WTO2
The GATT, was created in 19473 as a result of failed United Nations convention to create a world trade organisation for the advancement and regulation of an international trade legal framework. As the name suggests its main function is regulating the tariffs in international trade, with subsequent conventions adding more pivotal rules such as, the laws of antidumping4 in 1964, international, intellectual property rules in 19865 etc. In 1993 the final amendment of pre WTO-GATT called for the creation of a world trade organisation and thus WTO was born.
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| WTO membership map |
The WTO, officially established under GATT 19946, is an international institution to facilitate and regulate international trade agreements using the amended GATT as a foundational authority in the judicial evolution that followed. WTO had quite a wider range of jurisdiction as it now also drafted treaties and agreements on services, goods, international investment regulation, even creating its own international, commercial dispute resolution tribunal. Also worth of mention, is the establishment of a reviewing body on state trade policies and regulations. WTO is ruled by a ministerial conference7, where the GATT ratifying member states meet to discuss amendments and new agreements usually every two-three years. Finally it should also be noted that from the creation of GATT, up till today there is a chronological arrangement of amendments and treaty ratifications separated in negotiating rounds8.
As a conclusion, I can only stress the fact that WTO is the only "pure" international body competent of creating and regulating an international commercial law framework with most of the countries of the world on board. Thus one of the most important authorities when in assessing the current situation of international trade and its governing laws.
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ps. stay tuned for my next post on the current situation of the WTO framework and the rising trend of state protectionism in the international commercial market...
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