Category Archives: International Trade Law

International Trade Law

Differences between GATT and WTO

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,… Read More »

Structure and Functions of World Trade Organisation (WTO)

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 WTO but also takes appropriate measures to administer the new global trade rules. It is integrated by representatives of all WTO Members and shall meet at least once… Read More »

Cost, Insurance and Freight (CIF) and Free on Board (FOB) | CIF and FOB Contracts

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… Read More »

WTO Agreements – GATT, GATS, and TRIPS

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… Read More »