The World Trade Organization, abbreviated as WTO, is an international organization that regulates and promotes trade between member countries across the globe. As a class 11 student, it is essential to understand the three major agreements of WTO that have a significant impact on international trade and commerce. In this article, we will explain these agreements and their importance.
Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)
The TRIPS agreement is one of the most crucial agreements signed by the WTO. It aims to protect the intellectual property rights of individuals and companies on a global scale. The agreement sets out minimum standards for the protection and enforcement of intellectual property rights, including patents, trademarks, and copyrights.
The agreement also provides for rules on trade in counterfeit goods, the transfer of technology, and the protection of confidential information. TRIPS serves to promote innovation, creativity, and technological progress, but it has also been criticized for the imbalance of power it creates between developed and developing countries.
Agreement on Agriculture
The Agreement on Agriculture (AoA) entered into force in 1995 with the aim of reforming the global agricultural trade system. The AoA sets out rules on how member countries should conduct their agricultural trade, including rules on market access, domestic support, and export subsidies.
Under the AoA, members are required to reduce trade barriers and substantially decrease their agricultural subsidies. The agreement also encourages the sustainable use of natural resources and the promotion of food security.
Agreement on Technical Barriers to Trade (TBT)
The Agreement on Technical Barriers to Trade aims to ensure that technical regulations and standards do not create unnecessary barriers to trade. The agreement seeks to harmonize regulations and standards between member countries to promote trade and reduce the costs of compliance.
The TBT agreement requires member countries to notify each other of any proposed technical regulations or standards that could affect trade. The agreement also provides for the establishment of committees to resolve any disputes that may arise.
In conclusion, the WTO has played a vital role in promoting global trade and economic growth. The TRIPS Agreement aims to protect and enforce intellectual property rights, while the Agreement on Agriculture seeks to reform the global agricultural trade system. The TBT agreement promotes harmonization of technical regulations and standards to reduce trade barriers. As a class 11 student, understanding these agreements will provide a foundation for further study of international trade and commerce.