Strengthening the Global Trading System
Edited by Kym Anderson
Forthcoming
Republished by the University of Adelaide Press 2009
Synopsis
The World Trade Organisation (WTP) came into being in 1995. But it replaces
and continues the work of an almost 50-year ‘interim’ institution
commonly know as the GATT (General Agreement on Tarriffs and Trade). The fundamental
purpose of both organisations is to boost international economic cooperation
to strengthen the global economy through bringing greater stability and predictability
to trade, thereby boosting investment, employment and sustainable growth in incomes.
In seeking to address the question of why the world needs a GATT or WTO, it
is helpful to examine the historical events leading up to the GATT’s creation,
its objectives and coverage, the reason for trade rules,for negotiating freer
trade, for having the WTO monitor policies and provide information as means for
achieving those objectives, and finally the new and emerging issues that made
it sensible to convert the GATT into a permanent and broader-based WTO.
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