General Agreement on Tariffs and Trade (GATT) was made in the year 1947 that aimed at initiating an international trade, by liberalizing policies and removing tariffs. GATT is a multilateral agreement, between several nations of the world that regulates international trade. Its primary objective is to reduce tariffs to a substantial amount along with abolishing other trade barriers. But,……...

Structure and Functions of World Trade Organisation (WTO) | Overview Ministerial Conference General Council Trade Councils Trade Committees Secretariat Dispute Settlement Body Functions of the World Trade Organisation Structure of the World Trade Organisation: Ministerial Conference WTO is headed by the Ministerial Conference who enjoys absolute authority over the institution. It not only carries out functions of the……...

Cost, Insurance and Freight (CIF) and Free on Board (FOB) are international shipping agreements used in the transportation of goods between a buyer and a seller. They are among the most common of the 12 international commerce terms (INCOTERMS) established by the International Chamber of Commerce (ICC) in 1936. The specific definitions vary somewhat in every country, but……...

WTO Agreements cover goods, services, and intellectual property. The three agreements establishing the WTO are GATT, GATS, and TRIPS.  WTO Agreements – GATT, GATS, and TRIPS General Agreement on Tariffs and Trade was established in 1947. In 1995, GATT was replaced by the World Trade Organisation (WTO). As far as the old system or GATT was concerned, there were two……...

The task of ensuring that all Members live up to their commitments and that there is a common understanding of the nature of those commitments is a central part of the work of the WTO. WTO’s procedure is a mechanism which is used to settle trade dispute under the Dispute Settlement Understanding (DSU). A dispute arises when a……...