Definition Of International Trade Agreements

One of the challenges of the WTO system has been the maintenance and expansion of the liberal global trading system in recent years. Multilateral negotiations on trade liberalization are progressing very slowly and the need for consensus among the many WTO members limits the scope of trade reform agreements. As Mike Moore, a new WTO Director General, said, the organization is like a car with an accelerator pedal and 140 hand brakes. While multilateral efforts have reduced tariffs on industrial products, they have been much less successful in liberalizing trade in agriculture, textiles and clothing, as well as in other sectors of international trade. Recent negotiations, such as the Doha Development Round, have been difficult and their ultimate success is uncertain. However, it is unlikely that trade in financial markets is completely free in this day and age. There are many supranational regulatory bodies for global financial markets, including the Basel Committee on Banking Supervision, the International Organization of the Financial Markets Authority (IOSCO) and the Committee on Capital Movements and Invisible Transactions. As soon as the agreements go beyond the regional level, they need help. The World Trade Organization intervenes at this stage. This international body contributes to the negotiation and implementation of global trade agreements. If you go to a supermarket and find South American bananas, Brazilian coffee and a bottle of South African wine, you will discover the effects of international trade. The WTO continues to classify these agreements as follows: The International Monetary Fund (IMF) is an international organization established on 22 July 1944 at the Bretton Woods Conference and established on 27 December 1945, when 29 countries signed the IMF agreement. It originally had 45 members.

The IMF`s stated objective was to stabilize exchange rates and support the reconstruction of the global payment system after World War II. Through a quota system, countries introduce money into a pool from which countries with payment imbalances can temporarily borrow funds. Through these and other activities, such as monitoring the economies and policies of its members, the IMF is working to improve the economies of its member countries. The IMF sees itself as “an organization of 188 countries working to promote global monetary cooperation, ensure financial stability, facilitate international trade, promote high employment and promote sustainable economic growth and reduce poverty.” The World Bank is an international financial institution that provides loans to developing countries for capital programs. The World Bank`s official goal is to reduce poverty. According to World Bank articles (as of 16 February 1989), all its decisions must be based on the obligation to promote foreign investment, international trade and the facilitation of capital investment.