International Trade Organization And Trade Agreements

International trade has been present in society for centuries; however, today s interconnected economies and growing globalization has to lead to an increase in trading regulations and the creation of trading blocs which aim to implement easier and cheaper trade within global economies. In 1995, 164 countries came together to create the world trade organization. This organization deals with trading rules and agreements within nations. This report will assess the benefits and challenges which occur through international trade agreements. As well as aiming to provide an overview of trade policy issues and how the international trading system operates. 1.The role of the world trade organization in the regulation of international trade†¦show more content†¦To protect business growth and ensure no business can steal the assets of another the WTO created the controversial trade-related aspects of international property rights(TRIPS) agreement. Innovative activity has been the s ingle, most important component of long-term economic growth3 and because â€Å"IPRs stimulate inventive and creative activities† 4 because the trips agreement is implemented to protect innovation, it can be inferred that this agreement is crucial in generating economic growth. The WTO has not only enhanced the value and quantity of trade but has also assisted in eradicated trade and non-trade barriers. WTO has also broadened the trade governance scope to trade in investment, services and intellectual property. It has emerged as a greater organization than GATT and expanded the agenda by including developmental policies which further helped in settlement of disputes and improved monitoring by introducing the Trade Policy Review and the World Trade Report as well as increased transparency by removing green room negotiations. 1.1 The two different types of trade: Trade is divided into two types. 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