Agreement Establishing The World Trade Organisation


Determined to develop an integrated, more viable and sustainable multilateral trading system, including the General Agreement on Tariffs and Trade, the results of previous trade liberalization efforts and all the results of the Uruguay Round of multilateral trade negotiations, the General Agreement on Trade in Services was established to extend the multilateral trading system to the services sector, in the same way as the General Z The Trade Agreement (GATT) provides for such a system of trade in goods. The agreement entered into force in January 1995. The WTO generates most of the revenue in its annual budget from contributions from its members. These are defined according to a formula based on their share in international trade. There is a Council on Trade in Goods, a Council for Trade in Services and an Advisory Council on Trade-Related Aspects of Intellectual Property Rights (hereinafter referred to as the “TRIPS Council”) acting under the general guidance of the General Council. The Council for Trade in Goods monitors the operation of the multilateral trade agreements listed in Annex 1A. The Council for Trade in Services shall supervise the operation of the General Agreement on Trade in Services (`GATS`). The TRIPS Council shall monitor the operation of the Agreement on Trade-Related Aspects of Intellectual Property Rights (`the TRIPS Agreement`). These councils shall exercise the functions entrusted to them by their respective agreements and by the General Council. They agree with the General Council. Membership in these councils is open to representatives of all members. This advice is necessary for the accomplishment of their tasks.

Accession decisions are taken by the Ministerial Conference. The Ministerial Conference approves the agreement on the conditions of accession by a two-thirds majority of wto members. The provisions of Articles XXII and XXIII of GATT 1994, as elaborated and applied in the Dispute Settlement Agreement, may be invoked in all matters arising from the application of the provisions of Article XXIV relating to unions, free trade areas or interim agreements leading to the establishment of a customs union or free trade area. Convinced also of the need to enhance the effectiveness of the Council`s role in trade in goods in the review of agreements notified under Article XXIV, by laying down the criteria and procedures for evaluating new or expanded agreements and by improving the transparency of all agreements referred to in Article XXIV; In 2007, WTO member States accounted for 96.4 per cent of world trade and 96.7 per cent of world GDP. [107] Iran, followed by Algeria, is the economy with the largest GDP and trade outside the WTO, with data from 2005. [108] [109] With the exception of the Holy See, observers must begin accession negotiations within five years of their admission as observers. A number of international intergovernmental organizations have also been granted observer status in WTO bodies. [110] 12 UN member states are not officially members of the WTO. [Citation required] The final stage of accession includes bilateral negotiations between the candidate country and other members of the Working Party on Concessions and Obligations relating to Tariffs and Market Access for Goods and Services.

The obligations of the new member should apply equally to all WTO members, in accordance with normal rules of non-discrimination, even if they are negotiated bilaterally. [95] For example, following its accession to the WTO, Armenia proposed a maximum tariff rate of 15% for access to its market for goods. . . .

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