Nafta Vs Eu Essay

2487 words - 10 pages

The World Trade Organization (WTO) is the global international organization dealing with the trading rules between nations. The WTO agreements, negotiated and signed by the world’s trading nations.It provides a forum for governments to negotiate trade agreements and settle disputes. WTO agreements which are negotiated and signed by the world’s trading nations, provide the legal ground rules for international commerce. They are essentially contracts, binding governments to keep their trade policies within agreed limits. The goal is to help producers, exporters, and importers conduct their business fairly, while allowing governments to meet social and environmental objectives ,at the same time.Trade relations often involve conflicting interests and hence needs certain guidelines written in WTO agreements for the settlement and to ensure that trade flows as smoothly, predictably and freely as possible.
The most common trade agreements are concluded in order to reduce tariffs, quotas and other trade restrictions. Various trade agreements are classified on the basis of number and type of signatories i.e. bilateral and multi-lateral , by sophistication i.e. (EU) and North American Free Trade Agreement (NAFTA) , All agreements concluded outside of the WTO framework are called preferential . These are also known as regional trade agreements (RTA).
The WTO also provides a legal and institutional framework for the implementation and monitoring of these agreements, as well as for settling disputes arising from their application.
The two main functions of WTO are : it oversees the implementation, administration and operation of the covered agreements ; and It provides a forum for negotiations and for settling disputes. Reviewing and propagating the national trade policies, and ensuring the coherence and transparency of trade policies through surveillance in global economic policy-making is also the duty of WTO. Another priority of the WTO is the assistance of developing, least-developed and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and training.
Free trade is a policy by which governments do not discriminate against imports or exports. Free trade is exemplified by North American Free Trade Agreement, which have established open markets with very few restrictions to trade
Free Trade Agreements : The establishment of free trade agreements (FTAs) eliminate import tariffs as well as import quotas between partner countries. . It also helps in resolving trade disputes . The North American Free Trade Agreement (NAFTA) is an example of such an arrangement. In order for an FTA to function properly, member countries must establish rules of for all third-party goods entering the free trade area. Goods produced within the free trade area, may cross borders tariff-free, but requirements must be met to prove that the good was produced in the exporting country.
Customs Unions : Free trade acts as the...

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