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Intro the need for international trade regulation, what is GATT, WTO, restrictions faced by GATT, the need for another body to cover the shortcomings. What can WTO do that GATT couldn't, particular case where WTO made a difference while GATT was helpless.
Why Did Wto Replace Gatt
Length: 6 pages (1650 Words)
International trade regulation is a mechanism of determining the way international trade is conducted, that is, how imports and exports are traded. It is a mechanism of bringing traders together in a uniform trading environment with rules and regulations, as well as dispute resolution mechanisms. It is the work of a higher authority to determine the conduct of the international market participants. International trade is the transfer of goods and services from one country to the other in exchange for foreign money. In simple terms, it is an extended market for locally produced goods for every country. International trade regulations take place under special authorities formed within the framework of United Nations among other international authorities,
In every market, there is a need for regulation and presence of rules, and international trade in not an exceptional. Participants of international market are driven by the demand and supply that exists, and absence of rules and regulations, there can be unnecessary trade and exchange of goods and services with ill motives. However, market regulations are not just rules set by an external independent authority; to disturb the way businesses are conducted, rather, they are also a source of guidance on how to do meaningful and helpful business in the international market.
Profitability and attractiveness of every market is brought about, by the way that the market is organized. For this reason, there is a great need for an authority which will be responsible for organizing the market. Rules are set for the market; to be organized business to be conducted through ethics, price control, trade of only the authorized goods and services, and to ensure licensing of traders among others.