Settling Global Disputes
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The World Trade Organization (WTO), which was created in 1995, was formed to allow countries to find ways to settle global disputes related to business, labor laws, and trading. Review Antigua's claim against the United States concerning Internet gambling.
How should this case be decided? What would happen if the United States were to refuse to pay damages if it lost the case? Is there a way for the WTO to enforce the ruling?
Do you believe that the world will eventually establish comprehensive and uniform business laws that cover such areas as international trade and labor law?
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This solution discusses the topic of settling global disputes.
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The World Trade Organization (WTO) is the only international organization overseeing the rules of trade between independent nations. In this brief introduction, I will discuss the origins of the WTO, the goals and mission statement of the organization, and I will differentiate it from the United Nations.
I. Origins
The World Trade Organization was founded out of necessity for trade negotiations. In the wake of World War II, several international organization were formed, the World Bank and International Monetary Fund among them. An agency to be called the International Trade Organization (ITO) was intended to address trade barriers, employment practices, and commodities agreements. It was envisioned that this organization would exist under the guise of the United Nations. However, the ITO treaty was never fully ratified.
The 1986-1994 Uruguay Round negotiations and the 1948 negotiations under the General Agreement on Tariffs and Trade (GATT) form the bulk of the organization's current work. The GATT was the only multilateral agreement governing international trade from 1945 until the establishment of the WTO in 1995. Seven rounds of negotiations ...
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