Introduction to the WTO

Introduction to the WTO
Wednesday 2 April 2008 UNCTAD Elliott Paige, ITTC, WTO St. Petersburg/Moscow STUDY TOUR

1. The modern Multilateral Trading System
2. The GATT Years 3. The WTO 4. The GATT/WTO Basic Principles 5. Doha Development Agenda SCM: Système commercial multilatéral

1 Jan. 1948 Entry into force of the GATT (Provisional application) “Annecy Round” 1949 TARIFF “Torquay Round” 1951 TARIFF “Geneva Round” 1956 TARIFF “Dillon Round” - Geneva TARIFF “Kennedy Round” - Geneva NTMs - TARIFF GATT 1947 “Tokyo Round” - Geneva NTMs - TARIFF RULES (“Framework Agreements”) - CP Decisions “Enabling Clause” Declaration on BOP Measures (Art. XII, XVIII) Safeguards for development purposes (XVIII) Memorandum on Dispute Settlement (Art. XXIII) During 6 rounds of negotiations – GATT Rounds – the parties agreed to more and deepening tariff concessions. By the the time of the Kennedy Round, the tariff consessions were supplemented by additional regulations on subsidies and countervailing duties, TBT, Import licence procedures, public procurement and anti-dumping. Plurilateral Agreements (TOKYO CODES) Technical Barriers to Trade (TBT) Government Procurement “Subsidies Code” (Art. VI, XVI, XXIII) “Customs Valuation Code” (Art. VII) Import Licensing Procedures “Antidumping Code ” (Art. VI) Sectorial Agreements (pluri.) Bovine Meat Dairy Products Trade in Civil Aircraft

A V M T GATT 1947 Protocol GATT CP Decisions (1947-1994)
Accession Protocol to GATT PLURI TBT PLURI Government Procurement PLURI SCM PLURI Antidumping PLURI Import Licensing PLURI Civil Aircraft PLURI Dairy Products PLURI Bovine Meat Protocol Schedule of Tariff Concessions A Schedule of Tariff Concessions V Schedule of Tariff Concessions M Schedule of Tariff Concessions T

1 Jan. 1948 Entry into force of the GATT (Provisional application) “Annecy Round” 1949 TARIFF “Torquay Round” 1951 TARIFF “Geneva Round” 1956 TARIFF “Dillon Round” - Geneva TARIFF “Kennedy Round” - Geneva NTMs - TARIFF GATT 1947 “Tokyo Round” - Geneva NTMs - TARIFF First Attempt to expand GATT - Failure Nov. 1982 “Uruguay Round” Punta del Este Declaration (Uruguay) Sep. 1986 Mid-Term Review (Montreal) 1988 The seeds of the Uruguay Round were sown in November 1982 at a ministerial meeting of GATT members in Geneva. Although the ministers intended to launch a major new negotiation, the conference stalled on agriculture and was widely regarded as a failure. In fact, the work programme that the ministers agreed formed the basis for what was to become the Uruguay Round negotiating agenda. Nevertheless, it took four more years of exploring, clarifying issues and painstaking consensus-building, before ministers agreed to launch the new round. They did so in September 1986, in Punta del Este, Uruguay. They eventually accepted a negotiating agenda that covered virtually every outstanding trade policy issue. The talks were going to extend the trading system into several new areas, notably trade in services and intellectual property, and to reform trade in the sensitive sectors of agriculture and textiles. All the original GATT articles were up for review. It was the biggest negotiating mandate on trade ever agreed, and the ministers gave themselves four years to complete it. Two years later, in December 1988, ministers met again in Montreal, Canada, for what was supposed to be an assessment of progress at the round’s half-way point. The purpose was to clarify the agenda for the remaining two years, but the talks ended in a deadlock that was not resolved until officials met more quietly in Geneva the following April. Despite the difficulty, during the Montreal meeting, ministers did agree a package of early results. These included some concessions on market access for tropical products — aimed at assisting developing countries — as well as a streamlined dispute settlement system, and the Trade Policy Review Mechanism which provided for the first comprehensive, systematic and regular reviews of national trade policies and practices of GATT members. Brussels Conference Dec. 1990 Conclusion of the Round (Adoption of the FINAL ACT) Dec. 1993 Marrakesh Ministerial Conference Apr. 1994 Entry into force of the Marrakesh Agreement (WTO) 1 Jan. 1995 End of GATT 1947 31. Dec 1995

2. The GATT Years 3. The WTO The round was supposed to end when ministers met once more in Brussels, in December But they disagreed on how to reform agricultural trade and decided to extend the talks. The Uruguay Round entered its bleakest period. Despite the poor political outlook, a considerable amount of technical work continued, leading to the first draft of a final legal agreement. This draft “Final Act” was compiled by the then GATT director-general, Arthur Dunkel, who chaired the negotiations at officials’ level. It was put on the table in Geneva in December The text fulfilled every part of the Punta del Este mandate, with one exception — it did not contain the participating countries’ lists of commitments for cutting import duties and opening their services markets. The draft became the basis for the final agreement. Over the following two years, the negotiations lurched between impending failure, to predictions of imminent success. Several deadlines came and went. New points of major conflict emerged to join agriculture: services, market access, anti-dumping rules, and the proposed creation of a new institution. Differences between the United States and European Union became central to hopes for a final, successful conclusion. In November 1992, the US and EU settled most of their differences on agriculture in a deal known informally as the “Blair House accord”. By July 1993 the “Quad” (US, EU, Japan and Canada) announced significant progress in negotiations on tariffs and related subjects (“market access”). It took until 15 December 1993 for every issue to be finally resolved and for negotiations on market access for goods and services to be concluded (although some final touches were completed in talks on market access a few weeks later). On 15 April 1994, the deal was signed by ministers from most of the 123 participating governments at a meeting in Marrakesh, Morocco. The delay had some merits.

Marrakesh Agreement establishing the World Trade Organization
Marrakesh Agreement establishing the WTO Marrakesh Agreement establishing the World Trade Organization Signed in Marrakesh (April 1994) Ratified according to national procedures Entered into force in January 1995 Legally binding (engaging the responsibility of Governments)

Plurilateral Agreements Decisions, Declarations, etc
Dispute Settlement Understanding TRIPS Agreement Marrakesh Agreement establishing the WTO Trade Policy Review Mechanism General Agreement on Trade in Services List of specific commitments List of MFN Exemptions GATT 1994 Agriculture SPS Textiles and Clothing TBT TRIMs Antidumping (GATT VI) Customs valuation (VII) PSI Rules of Origin Import Licensing Subsidies & Couterv. M Safeguards Schedule of Tariff Concessions

Marrakesh Agreement establishing the WTO Marrakesh Agreement establishing the World Trade Organization international trade Goods (GATT ) Services (GATS) Intellectual Property (TRIPS)

Marrakesh Agreement establishing the WTO Marrakesh Agreement establishing the World Trade Organization Member Driven (151) Serviced by a permanent Secretariat (625 staff) Budget CHF 182’000’000.- (2007) + Trust Funds Headquarters in Geneva - Switzerland

Marrakesh Agreement OBJECTIVES Raising Standards of living
Marrakesh Agreement establishing the WTO Marrakesh Agreement OBJECTIVES Preamble WTO Agr. Raising Standards of living Ensuring full employment Ensuring large and steadily growing volume of real income and effective demand Expanding the production of and trade in goods and services, while allowing for the optimal use of the world’s resources (sustainable development) Preamble to the Agreements… “The Parties to this Agreement, …” … seeking both to protect and preserve the environment and to enhance the means for doing so in a a manner consistent with their (the Parties to the Agreement) respective needs and concerns at different levels of economic development.

Marrakesh Agreement FUNCTIONS (1)
Marrakesh Agreement establishing the WTO Marrakesh Agreement FUNCTIONS (1) Art. III WTO Agr. Framework to facilitate the implementation, administration and operation of WTO Agreements Forum for multilateral trade negotiations (new rules and disciplines) Article III – Functions of the WTO Framework to administer the Understanding on Rules and Procedures Governing the Settlement of Dispute (DSU)

Marrakesh Agreement FUNCTIONS (2)
Marrakesh Agreement establishing the WTO Marrakesh Agreement FUNCTIONS (2) Art. III WTO Agr. Framework to administer the Trade Policy Review Mechanism (TPRM) Co-operation with the IMF and the World Bank (coherence in global economic policy-making) Article III – Functions of the WTO

MINISTERIAL CONFERENCE
Marrakesh Agreement establishing the WTO WTO Secretariat STRUCTURE Art. IV WTO Agr. MINISTERIAL CONFERENCE Appellate Body GENERAL COUNCIL TPRB DSB Panel Goods Council Services Council TRIPS Council Committees Working Gr. Article IV of the Agreement dictates that the Ministerial Conference shall meet at least once every 2 years. It shall have authority to take decisions on all matters under any of the Multilateral Trade Agreements The General Council, composed of representatives of all Members, shall meet in the intervals between Ministerial Conferences. The General Council shall convene the TPR Body and the DSB Then there shall be 3 Councils (Trade in Goods – Annex 1A, Trade in Services, and TRIPS). Ther Council for Trade in Goods and for Services shall establish subsidiary bodies as required. The Ministerial Conference established the Committee on Trade and Development, Committee on Balance-of-Payments Restrictions, and a Committee on Budget, Finance and Administration. Committees Committees (WTO) Secretariat

How are decisions taken?
Marrakesh Agreement establishing the WTO Art. IX WTO Agr. by consensus …. Otherwise, decisions are taken by a majority of the votes cast and on the basis of “one Member, one vote”, but … amendments to the provisions of the agreements only take effect for those Members who accept them. Art. X WTO Agr. By “Concensus”: Silence gives consent. “if no Member, present at the meeting when the decision is taken, formally objects to the proposed decision”. Article 3 allows the Ministerial Conference to give a period of acceptance of amendments of the Agreements, after which the Member “which has not accepted...shall be free to withdraw from the WTO or to remain a Member with the consent of the MC”.

Dispute Settlement Marrakesh Agreement establishing the WTO Coverage: goods, services and intellectual property rights Procedures: strict time-limits Panel reports automatically adopted … unless consensus against adoption Parties can appeal to the Appellate Body In case of non application of recommendations compensation negotiated obligations suspended Annex 2 WTO Agr. Article 3.3 Recommendations or rulings made by the DSB shall be aimed at achieving a satisfactory settlement of the matter in accordance with the rights and obligations under this Understanding and under the covered agreements. Procedures include a time for consultations between the parties to resolve the matter “out-of-court”. Many disputes are resolved this way, but are confidential and as such not officially known. If consultations fail, the complaining party can request a panel in writing, which then invokes the case. Panel Decision can be appealed. Appellate Body can recommend the that the inconsistent Measures be brought into conformity. If they are not brought into conformity in time, then after an arbitration process, there can be awarded a level of suspension of concessions or other obligations authorised by the DSB which is equivalent to the level of the nullification or impairment.

Other provisions Accession (Art. XII)
Miscellaneous Provisions (Art. XVI) ensure conformity of national laws, regulations and administrative procedures ITC is the joint technical cooperation agency of the UN Conference on Trade and Development (UNCTAD) and WTO for business aspects of trade development. The 3 organizations play a complementary role in trade development, and cooperation - UNCTAD is the global forum for the integrated treatment of trade and development, investment, technology and sustainable development. WTO is the platform to negotiate multilateral trade rules, monitor their implementation and handle trade disputes. ITC handles strategic and operational aspects of trade development, focusing on exports. While UNCTAD and WTO work principally with governments, ITC works with the business community. Any State or separate customs territory possessing full autonomy in the conduct of its external commercial relations may accede to this Agreement Each Member shall ensure conformity of its laws, regulations and administrative procedures with its obligations as provided in the annexed Agreements.

Director-General Pascal Lamy (France) in place since 1 Sept. 2005 for 4 years Deputy DG Alejandro Jara (Chile) Deputy DG Valentine S. Rugwabiza (Rwanda) Deputy DG Harsha Vardhana Singh (India) Deputy DG Rufus H. Yerxa (USA)

Decisions, Declarations, etc Trade Negotiations Committee (TNC)
NEGOTIATING STRUCTURE DSB (SS) Trade Negotiations Committee (TNC) AG Cttee (SS) NG on MA NG on Rules GATS Council (SS) TRIPS Council (SS) CTE (SS) CTD (SS)

Marrakesh Agreement establishing the WTO
Entry into force of the Marrkesh Agreement (WTO) 1 Jan. 1995 Ministerial Conference - 1st Session (Singapore) Dec. 1996 (Singapore) Ministerial Declaration Ministerial Declaration for the expansion of trade in information technology products (ITA I) Conclusion of the negotiations concerning trade in financial services and in basic telecommunications 1997 Ministerial Conference - 2nd Session (Geneva) May 1998 (Geneva) Ministerial Declaration Declaration on electronic commerce Ministerial Conference - 3rd Session (Seattle) Nov. 1999 The Ministerial Declaration on Trade in Information Technology Products (ITA) was concluded by 29 participants at the Singapore Ministerial Conference in December The number of participants has grown to 70, representing about 97 per cent of world trade in information technology products. The ITA provides for participants to completely eliminate duties on IT products covered by the Agreement. Developing country participants have been granted extended periods for some products. Financial services is an area where further negotiations were scheduled to improve on the commitments included in the initial Uruguay Round schedules. Officially the first set of talks ended in July 1995, but the governments decided that more could be achieved if further talks could be held. These latest negotiations ended in December Commitments in telecommunications services were first made during the Uruguay Round ( ), mostly in value-added services. In extended negotiations thereafter ( ), Members negotiated on basic telecommunications services. Since then, new commitments have been made either by new Members, upon accession, or in a unilateral fashion by an existing Member. -- WTO members also agreed to continue their current practice of not imposing customs duties on electronic transmissions. The WTO Doha Ministerial Conference in November of 2001 adopted a declaration addressing this problem (Declaration on the TRIPS agreement and public health of 14 November 2001 – Doha Declaration). The Declaration calls attention to the flexible solutions provided by the TRIPS Agreement to fight diseases such as HIV/AIDS, tuberculosis and malaria and to assure that the necessary medicines are supplied. In particular, Member States of the TRIPS Agreement can grant compulsory licenses for the production of patent protected medicines. Negotiations on Services, Agriculture, etc (Build-in Agenda) Ministerial Conference - 4th Session (Doha) Nov. 2001 Ministerial Declaration (”Doha Development Agenda”) Declaration (TRIPS / Public Health)

Unlimited application Provisional application
Marrakesh Agreement establishing the WTO International agreement International agreement Unlimited application Provisional application Establishment of an Organization Rights and Obligations (goods) Rights and Obligations (goods) GATT 1947 Agriculture , etc... Rights and Obligations (services) Rights and Obligations (trade-related IPRs) “Single Undertaking” However, the medicines may only be used for the domestic market and not for export. In 2003, the WTO General Council decided to make access to patent protected medicines easier for countries with insufficient domestic manufacturing capacities in the pharmaceutical sector Voting procedure … but Decision by Consensus Decision by Consensus Strong Dispute Settlement Mechanism Weak Dispute Settlement Mechanism 151 Members in 2007 23 CP in 1948

2. The GATT Years 3. The WTO 4. The GATT/WTO Basic Principles 4.1 Basic Disciplines 4.2 Possibility to take “Adjustment measures” 4.3 Possibility to correct distortions 4.4 Special and Differential Treatment (S&D) 4.5 Horizontal Exceptions 4.6 Other Principles

2. The GATT Years 3. The WTO 4. The GATT/WTO Basic Principles 4.1 Basic Disciplines Most-Favoured Nation Principle (MFN) Binding Article I of GATT, Art 2 of GATS and Art 4 of TRIPS - Trade without discrimination. It suggests special treatment, but in the WTO it actually means non-discrimination — treating virtually everyone equally. This is what happens. Each member treats all the other members equally as “most-favoured” trading partners. If a country improves the benefits that it gives to one trading partner, it has to give the same “best” treatment to all the other WTO members so that they all remain “most-favoured”. Binding – Schedule of Concessions – Predictability through binding and transparency creating stable access to markets. Imagine trading with a partner who changes their port tariffs once they hear a shipment is coming from Russian Federation? Bound tariffs cannot be increased without compensation: art. XXVIII Article XI General Elimination of QRs – Essentially lowering all trade barriers to encourage trade. These could be customs duties, quotas that restrict quantities, other duties and charges, or just red tape and exchange rate policies (NTBs) Article III GATT, National Treatment – This applies once the product, service or item of intellectual property has entered the market. Imported and locally produced goods, services, and IP should be treated equally. Example, Russia’s export of Mammoth Ivory Successive negotiations ----> progressive reduction in protection General Prohibition of QRs National Treatment

2. The GATT Years 3. The WTO 4. The GATT/WTO Basic Principles 4.1 Basic Disciplines 4.2 Possibility to take “Adjustment measures” General Safeguard Measures Exceptions BOP-related Safeguard Measures Special Safeguards

2. The GATT Years 3. The WTO 4. The GATT/WTO Basic Principles 4.1 Basic Disciplines 4.2 Possibility to take “Adjustment measures” 4.3 Possibility to correct distortions Article XVII of the GATT 1994 is the principal Article dealing with state trading enterprises (referred to as "STEs") and their operations. It sets out that such enterprises – in their purchases or sales involving either imports or exports – are to act in accordance with the general principles of non-discrimination, and that commercial considerations only are to guide their decisions on imports and exports. It also instructs that Members are to notify their state trading enterprises to the WTO annually. Dumping and Antidumping Measures Subsidies and Countervailing Measures Subsidies and Remedies State Trading Enterprises

2. The GATT Years 3. The WTO 4. The GATT/WTO Basic Principles 4.1 Basic Disciplines 4.2 Possibility to take “Adjustment measures” 4.3 Possibility to correct distortions The special provisions include: longer time periods for implementing Agreements and commitments, measures to increase trading opportunities for these countries, provisions requiring all WTO members to safeguard the trade interests of developing countries, support to help developing countries build the infrastructure for WTO work, handle disputes, and implement technical standards, and provisions related to Least-Developed country (LDC) Members. 4.4 Special and Differential Treatment (S&D)

Developing Countries Part IV of GATT (1947) – increased trade opportunities “Enabling” Clause Technical Cooperation and Training UNCTAD/WTO International Trade Center (ITC) Least Developed Countries (Ministerial Decision) Part IV of GATT provides that developed countries should take steps to encourage the consumption of products of export interest to LDCs and introduce trade promotion measures for this purpose. There should be a system for collecting information on the relevant measures of the developed countries. LDCs should also demand that the specific measures taken in pursuance of this part of the GATT are regularly and rigorously monitored by the relevant body of the WTO. In 1979, as part of the Tokyo Round of the GATT, the enabling cause was adopted in order to provide a legal basis for extending the Generalized System of Preferences (GSP) beyond the original 10 years. In practice it gave a permanent validity to the GSP. The enabling clause permits developed countries to discriminate between different categories of trading partner (in particular, between developed, developing and least developed countries) which would otherwise violate Article I of the GATT which stipulates that no GATT contracting party must be treated worse than any other (this is known as Most Favoured Nation treatment). In effect, this allows developed countries to give preferential treatment to poorer countries, particularly to least developed countries. DIFFERENTIAL AND MORE FAVOURABLE TREATMENT RECIPROCITY AND FULLER PARTICIPATION OF DEVELOPING COUNTRIES - Decision of 28 November 1979 (L/4903) LDC Decision on 15 December 1993 ITC is the joint technical cooperation agency of the UN Conference on Trade and Development (UNCTAD) and WTO for business aspects of trade development. The 3 organizations play a complementary role in trade development, and cooperation - UNCTAD is the global forum for the integrated treatment of trade and development, investment, technology and sustainable development. WTO is the platform to negotiate multilateral trade rules, monitor their implementation and handle trade disputes. ITC handles strategic and operational aspects of trade development, focusing on exports. While UNCTAD and WTO work principally with governments, ITC works with the business community.

2. The GATT Years 3. The WTO 4. The GATT/WTO Basic Principles 4.1 Basic Disciplines 4.2 Possibility to take “Adjustment measures” 4.3 Possibility to correct distortions 4.4 Special and Differential Treatment (S&D) 4.5 Horizontal Exceptions General Exceptions Security Exceptions Waivers

4. The GATT/WTO Basic Principles
….. 4.6 Other Principles Transparency “Single Undertaking” WTO Rules and Disciplines: an element of the international public Law Panels and Appellate Body: a delegated and limited jurisdiction

Dec 13-18 2005 - Hong Kong Ministerial Conference
The work programme lists 21 subjects. The original deadline of 1 January 2005 was missed. So was the next unofficial target of the end of September 2003, Cancun, Mexico, Ministerial Conference ended in discord Dec Hong Kong Ministerial Conference July , - Ministers gathered in Geneva – Talks stalled - Pascal Lamy formally suspends the negotiations. Cancun - meeting was soured by discord on agricultural issues, including cotton, and ended in deadlock on the “Singapore issues”

October The US and Russia reach agreement in principle on a bilateral market access deal in the context of Russia's efforts to join the WTO! Efforts now focused on trying to achieve a breakthrough in the DDA before late 2008… Two main areas of concern are Agriculture and Non-agricultural Market Access (NAMA)

Tier Threshold (US$ billion) Cuts
NAMA and Agriculture Chairs Circulated their blueprints for an Agreement (Feb ) Agriculture Domestic Support Market Access Sensitive Products –Special Products Export Competition Next Room E meeting 31 March (Cancelled) Agriculture negotiations chairperson Ambassador Crawford Falconer and non-agricultural market access (NAMA) chairperson Don Stephenson circulated their latest draft “modalities” on 8 February “substantial reductions in trade-distorting domestic support …” Tier Threshold (US$ billion) Cuts 1 > 60 (EC) [75] [85]% (US and Japan) [66] [73]% < 10 (all other DDC) [50] [60]% “… reductions of, with a view to phasing out, all forms of export subsidies …” Export subsidies, Export credits, insurance and guarantees Food aid, Exporting STEs, Export restrictions and taxes 2013 Although it is widely considered that the revised text provides a comprehensive basis to move forward on all outstanding issues, technical discussions in Geneva have been difficult, with no major breakthroughs. The market access pillar remains the least developed, with further work required on flexibility issues such as Sensitive Products, Special Products and the Special Safeguard Mechanism. The two documents are revisions of drafts previously circulated in July 2007 and are based on WTO member governments’ latest positions in the discussions since September, one of the most intensive periods of negotiations since the Doha Round talks began in MA: Current Disciplines, Tariffication and Tariffs, Tariff Quotas, Special Safeguard, The Negotiations, Tariff Reduction Commitments Flexibilities: - Sensitive Products, - Special Products, Other Elements e.g. - Special Safeguard Mechanism, - Preference Erosion, Tropical Products,

NAMA Services Swiss Formula Flexibilities , SVEs, RAMS, Paragraph 6
WPDR Market Access Safeguards Signalling Conference?? Next move would be a period for a 'horizontal' negotiation process of cross-sectoral tradeoffs between agriculture and manufacturing trade... Formula Agreed (Swiss formula) The following formula shall apply on a line-by-line basis: t1={(a to b)Xt0}/{(a to b)+t0}, where a=8-9, b= No concensus on coefficients.

Trade Facilitation clarify and improve GATT
Article V (Freedom of Transit), Article VIII (Fees and Formalities connected with Importation and Exportation), and Article X (Publication and Administration of Trade Regulations). Formula Agreed (Swiss formula) The following formula shall apply on a line-by-line basis: t1={(a to b)Xt0}/{(a to b)+t0}, where a=8-9, b= No concensus on coefficients. WTO Members formally agreed to launch negotiations on trade facilitation in July 2004, on the basis of modalities contained in Annex D of the so-called “July package”. Under this mandate, Members are directed to clarify and improve GATT Article V (Freedom of Transit), Article VIII (Fees and Formalities connected with Importation and Exportation), and Article X (Publication and Administration of Trade Regulations). The negotiations also aim to enhance technical assistance and capacity building in this area and to improve effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.

Rules Agreement on Implementation of Article VI of GATT 1994 (better known as the Anti-dumping Agreement); Agreement on Subsidies and Countervailing Measures WTO disciplines on fisheries subsidies; and WTO provisions applying to regional trade agreements WTO Members agreed at the Doha Ministerial Conference to launch negotiations in the area of “WTO Rules”. These negotiations relate to the following subject matter: the Agreement on Implementation of Article VI of GATT 1994 (better known as the Anti-dumping Agreement); the Agreement on Subsidies and Countervailing Measures and, in this context, WTO disciplines on fisheries subsidies; and WTO provisions applying to regional trade agreements. The chair of the Negotiating Group on Rules, Amb. Guillermo Valles Galmés of Uruguay, today (30 November 2007) circulated to members his draft consolidated texts on anti-dumping and subsidies and countervailing measures, including fisheries subsidies.

Summary Multilateral Framework of Rules
Rules negotiated and accepted by all Members under the consensus decision-making process Maintaining a basic balance/equilibrium, between open and expanding markets; and needs and requirements of domestic economic policy: making domestic industries more competitive; protecting environment and consumers; operating an efficient economy; contribute to economic development and growth

Introduction to the WTO

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