From GATT to WTO and WTO Membership

Vocabulary flashcards covering the transition from GATT to the WTO, substantive trade agreements, and the nature of WTO membership.

GATT (General Agreement on Tariffs and Trade)

A foundational international treaty established in 1947 aimed at promoting and facilitating global trade as a temporary framework to reduce trade barriers.

Non-tariff barriers

Trade impediments including quotas, subsidies, and import restrictions that discouraged free trade before the establishment of GATT.

Bilateral negotiations

Agreements between two individual member states specifying the trade terms between them.

Multilateral negotiations

Discussions held at the broader GATT level involving multiple countries working together to set common trade rules.

Round

A series of meetings where member states convene to discuss and adopt new trade rules, which can span several years due to complexity.

Uruguay Round

A significant trade negotiation round that took place between 1986 and 1994, culminating in the creation of the WTO.

World Trade Organization (WTO)

An international organization formally established in 1995 through the signing of the WTO Agreement.

Multilateral agreements

Agreements binding for all WTO member states that govern international trade, including GATT, GATS, and TRIPS.

GATS (General Agreement on Trade in Services)

An agreement establishing rules for trade in services such as banking, telecommunications, and transport.

TRIPS (Trade-Related Aspects of Intellectual Property Rights)

An agreement regulating intellectual property rights in trade, ensuring patents, trademarks, and copyrights are upheld.

Plurilateral agreements

WTO agreements that are not mandatory for all members; only states that choose to opt in are bound by their provisions.

Agreement on Government Procurement (GPA)

An example of a plurilateral agreement that sets rules for how governments purchase goods and services.

Article XI of the WTO Agreement

The specific article under which the European Union's participation as a non-state member of the WTO is permitted.

Exclusive competence

A division of power where the EU acts as a single entity regarding common commercial policy and all EU member states vote in a unified manner.