Have you ever wondered how many WTO agreements are in place? The World Trade Organization (WTO) is an international organization that regulates and promotes international trade. It was established in 1995 and it currently has 164 member countries. One of the main functions of the WTO is to create and administer trade agreements between member countries. So, how many WTO agreements are in place?
To answer this question, it is important to understand the different types of WTO agreements. There are four main types of agreements:
1. The Agreement Establishing the WTO – This is the founding document of the WTO, which outlines the organization`s objectives, structure, and principles.
2. Multilateral Agreements – These are agreements between all member countries of the WTO. The most well-known multilateral agreement is the General Agreement on Tariffs and Trade (GATT), which was signed in 1947 and is the basis for the current WTO.
3. Plurilateral Agreements – These are agreements between a select group of WTO member countries. Examples of plurilateral agreements include the Agreement on Government Procurement and the Information Technology Agreement.
4. Bilateral Agreements – These are agreements between two WTO member countries. Bilateral agreements can cover a wide range of issues, such as trade in goods, services, and investment.
So, how many WTO agreements are there? The answer depends on how you define an agreement. If you count all of the multilateral, plurilateral, and bilateral agreements, there are hundreds of agreements in place. However, if you only count the main agreements – the Agreement Establishing the WTO, the GATT, and the plurilateral agreements – there are only a handful of agreements.
In conclusion, the number of WTO agreements in place depends on how you define an agreement. However, it is important to note that all of these agreements play a critical role in promoting and regulating international trade. As the global economy continues to evolve, it is likely that new agreements will be negotiated and added to the list.