International Trade Laws MBA

1 Sources of WTO Laws, Basic rules and principles of WTO Law 
•The World Trade Organization (WTO) is like a global rulebook for international trade. Its main goal is to help trade flow smoothly, freely, fairly, and predictably. Here’s a simple breakdown of its laws, rules, and principles:

•Sources of WTO Laws

•Think of the WTO’s laws as coming from a few key places:

•The WTO Agreements themselves: These are the primary source. They are like a big set of contracts negotiated and signed by almost all the world’s trading nations, and then ratified by their parliaments. The most important ones include:

•Marrakesh Agreement Establishing the World Trade Organization: This is the “birth certificate” of the WTO, setting up the organization itself and including all the other agreements as annexes.

•GATT (General Agreement on Tariffs and Trade) 1994: This deals with trade in goods, focusing on reducing tariffs (taxes on imports) and other barriers. It’s an updated version of the original GATT from 1947.

•GATS (General Agreement on Trade in Services): This covers international trade in services, like banking, telecommunications, and tourism.

•TRIPS (Agreement on Trade-Related Aspects of Intellectual Property Rights): This sets rules for protecting intellectual property rights (like patents, copyrights, and trademarks) in trade.

•DSU (Understanding on Rules and Procedures Governing the Settlement of Disputes): This agreement outlines how trade disputes between WTO members are resolved.